Form 8-K

8-K — Vestis Corp

Accession: 0001628280-26-033869

Filed: 2026-05-12

Period: 2026-05-12

CIK: 0001967649

SIC: 5190 (WHOLESALE-MISCELLANEOUS NONDURABLE GOODS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — vsts-20260512.htm (Primary)

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8-K

8-K (Primary)

Filename: vsts-20260512.htm · Sequence: 1

vsts-20260512

0001967649FALSE00019676492026-05-122026-05-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 8-K

___________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

May 12, 2026

Date of Report (Date of earliest event reported)

___________________________

Vestis Corporation

(Exact name of Registrant as Specified in its Charter)

___________________________

Delaware

001-41783

92-2573927

(State or other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1035 Alpharetta Street,Suite 2100,

Roswell, Georgia

30075

(Address of Principal Executive Offices)

(Zip Code)

(470) 226-3655

(Registrant's Telephone Number, Including Area Code)

___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on which Registered

Common Stock, par value $0.01 per share

VSTS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02.    Results of Operations and Financial Condition.

On May 12, 2026, the Company issued a press release announcing the results of the Company’s operations for the quarter ended April 3, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in this Item 2.02.

The information set forth under this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits.

(d)Exhibits

Exhibit

No.

Description

99.1

Press release of Vestis Corporation, dated May 12, 2026, announcing results for the quarter ended April 3, 2026.

99.2

Supplementary materials to be used during webcast conference call on May 12, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Vestis Corporation

Date: May 12, 2026 By: /s/ Adam K. Bowen

Name: ADAM K. BOWEN

Title: Interim Chief Financial Officer

(Principal Financial Officer)

EX-99.1

EX-99.1

Filename: vstsq2fy26earningsrelease-.htm · Sequence: 2

Document

Vestis Reports Second Quarter 2026 Results and Increases Full Year 2026 Outlook

ATLANTA, GA, May 12, 2026 – Vestis Corporation (NYSE: VSTS), a leading provider of uniforms and workplace supplies, today announced its financial results for the fiscal second quarter ended April 3, 2026.

Second Quarter 2026 Highlights

•Revenue of $659.4 million

•Net Income of $2.6 million or $0.02 per diluted share

•Adjusted Net Income* of $21.8 million or $0.16 per diluted share

•Adjusted EBITDA* of $74.5 million

•Cash Flow Provided by Operating Activities of $58.3 million, Free Cash Flow* of $45.6 million, and Adjusted Free Cash Flow* of $56.6 million

•Repaid $34 million of debt

•Available liquidity of $344.5 million, including $50.3 million Cash and Cash Equivalents on hand, at the end of the quarter

•Increased outlook for full year 2026 Adjusted EBITDA* by $10 million, or 3%, at the midpoint, and Free Cash Flow* by $80 million, or 145%, at the midpoint

Management Commentary

“During the second quarter, Vestis continued to advance its strategic transformation through targeted initiatives aimed at enhancing operating leverage* and profitability,” said Jim Barber, President and CEO. “We realized the early benefits of these actions, with Adjusted EBITDA* increasing year-over-year, supported by the first quarter of improved operating leverage* since becoming a standalone public company. Our focus on service, operating performance, and cost discipline is delivering results, culminating in a return to profitable growth. Given this momentum, we are raising our full‑year fiscal 2026 Adjusted EBITDA* and Free Cash Flow* guidance, and reaffirming our expectations for sequential improvements in Adjusted EBITDA* as we move through the year.”

“We generated strong cash flow during the second quarter, further strengthening our financial flexibility and supporting our deleveraging priorities,” continued Barber. “Measurable improvements in our service quality, productivity, and on‑time delivery are creating a new standard of excellence for our customers. At a strategic level, we are allocating capital toward the highest return, highest impact areas of our business, while continuing to reduce debt in support of improved balance sheet optionality, focusing on fundamentals that drive long‑term value creation. Our business is one where small but meaningful improvements quarter over quarter are expected to compound as we build a stronger Vestis, over time,” concluded Barber.

Strategic Business Transformation

During its fiscal first quarter of 2026, the Company launched a strategic business transformation plan (“the Plan”) designed to make the Company more customer focused, agile and efficient – while positioning it for long-term profitable growth. Once fully implemented, the Plan is expected to generate annual operating cost savings of at least $75 million by the end of fiscal 2026 and to enhance revenue. The Company previously estimated approximately $40 million of in-year benefit to fiscal 2026 from the Plan, but the

*A non-GAAP measure, see accompanying non-GAAP measure explanations and reconciliations later in this release.

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Company now estimates approximately $50 million of in-year benefit to fiscal 2026, with roughly $15 million already realized, as expected, through the fiscal second quarter. The Plan is structured around three strategic priorities: Operational Excellence, Commercial Excellence and Asset & Network Optimization.

•Operational Excellence: During the fiscal second quarter, the Company continued to reduce costs in its operations while improving service quality. These efforts resulted in a year-over-year improvement in cost per pound* while improving plant productivity by 11%. Operational excellence initiatives also delivered notable improvements in customer experience, resulting in a 270 bps improvement in on-time deliveries and a 4% reduction in customer complaints during the same period. Additionally, the Company realized $12 million in cash flow benefit during the fiscal second quarter 2026 from lower rental merchandise in service resulting from enhancements within its supply chain.

•Commercial Excellence: During the fiscal second quarter, the Company made further progress in its implementation of critical decision support tools which have begun to enable stronger strategic pricing execution. Through expanded customer segmentation and product profitability insights, the Company has modified its pricing parameters and approval processes specifically in the areas of national accounts, new field sales and direct sales, which the Company anticipates will ensure that revenue growth creates consistent operating leverage* and Adjusted EBITDA* expansion. This effort directly supports early improvements in both product mix and revenue per pound in the fiscal second quarter of 2026. For the first time in Vestis public company history, revenue per pound has not declined on a year-over-year basis.

•Asset & Network Optimization: During the fiscal second quarter, the Company divested two non-operating properties for total proceeds of $6.5 million which were used to reduce outstanding indebtedness. Vestis is actively marketing several additional non-operating properties for sale to optimize its asset footprint and service network. The Company continues to assess its network positioning across key markets, leveraging its meaningful available capacity to identify optimization and growth opportunities and position the business to capitalize on evolving competitive dynamics within the market landscape to deliver superior service to new and existing customers alike.

Second Quarter 2026 Financial Performance

Revenue for the fiscal second quarter was $659.4 million, as compared to $665.2 million in the prior year, a decline of $5.8 million or 0.9%. Volume in pounds processed declined 1.2% during the quarter when compared to the prior year, the impact of which was partly offset by improvements in strategic pricing and sales product mix.

Net income for the fiscal second quarter increased by $30.4 million to $2.6 million or $0.02 per diluted share, compared to a net loss of $(27.8) million, or $(0.21) per diluted share. Net income/loss as a percentage of revenue was 0.4% during the fiscal second quarter of 2026, compared to (4.2)% in the prior year period.

Adjusted EBITDA* for the fiscal second quarter was $74.5 million and Adjusted EBITDA Margin* was 11.3%, compared to Adjusted EBITDA* of $47.6 million and Adjusted EBITDA Margin* of 7.2% for the fiscal second quarter of 2025. Adjusted EBITDA* for the fiscal second quarter of 2025 included an adjustment of $15 million for bad debt expenses which the Company was able to exclude solely for financial covenant purposes under the credit agreement. Excluding the bad debt expense adjustment, Covenant Adjusted EBITDA* was $62.6 million and Covenant Adjusted EBITDA Margin* was 9.4% in the fiscal second quarter of 2025, resulting in an increase of $11.9 million or 19% year-over-year. The increase is primarily attributable to improvements in cost per pound* supported by the successful execution of the Plan.

*A non-GAAP measure, see accompanying non-GAAP measure explanations and reconciliations later in this release.

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When compared to the fiscal first quarter of 2026, Adjusted EBITDA* improved by $4.2 million or 5.9%, in line with the Company’s guidance. Additionally, Adjusted EBITDA Margin* expanded from 10.6% to 11.3% between the fiscal first and second quarters of 2026.

Cash Flow and Balance Sheet

Net cash provided by operating activities during the fiscal second quarter of 2026 was $58.3 million and Free Cash Flow* was $45.6 million. Net cash provided by operating activities during the fiscal second quarter of 2026 includes $11.1 million in non-recurring cash payments associated with the Plan. Excluding the impact of these payments, Adjusted Free Cash Flow* improved by $63.5 million to $56.6 million, when compared to the fiscal second quarter of 2025. The increase in cash provided by operating activities reflects an $11.9 million improvement in cash generated from working capital in the fiscal second quarter of 2026 and an $11.0 million improvement in rental merchandise in service during the same period.

During the fiscal second quarter of 2026, the Company’s Investments in Capital Assets* were $24.7 million, which included $12.7 million in cash expenditures for property and equipment investments in plant operations and technological infrastructure, as well as $12.0 million in new finance leases for vehicles in our delivery fleet, supporting the Company’s transformation initiatives. For the first half of fiscal 2026, the Company’s Investments in Capital Assets* were $39.5 million, including $22.1 million in cash investments combined with $17.4 million in new finance leases.

During the fiscal second quarter, the Company utilized Free Cash Flow* and proceeds from the sale of non-operating properties to repay $34.0 million of debt, including $19.0 million on its revolving credit facility and $15.0 million of principal on its term loans. As of April 3, 2026, Vestis had total available liquidity of $344.5 million, including $50.3 million of cash and cash equivalents on hand.

Updated Fiscal Year 2026 Outlook

Today, the Company is updating its outlook for fiscal 2026. The Company now expects fiscal 2026 Adjusted EBITDA* to be in the range of $295 million to $325 million and fiscal 2026 Free Cash Flow* to be in the range of $120 million to $150 million. The Company continues to expect fiscal 2026 revenue to be between flat to down 2% as compared to normalized fiscal 2025 revenue excluding the impact of the additional operating week.

For the remainder of fiscal 2026, the Company expects that Adjusted EBITDA* will sequentially improve approximately 5% for its fiscal third quarter and between 5% and 10% for its fiscal fourth quarter, driven by the Company’s business transformation efforts and ongoing improvements in operating leverage per pound*.

FY 2025 Previous - FY 2026 Outlook Current - FY 2026 Outlook

(In Millions) Actual Low Mid High Low Mid High

Revenue Growth (4.4)% (2.0)% (1.0)% Flat (2.0)% (1.0)% Flat

Adjusted EBITDA* $272.6 $285 $300 $315 $295 $310 $325

Free Cash Flow* $5.9 $50 $55 $60 $120 $135 $150

*A non-GAAP measure, see accompanying non-GAAP measure explanations and reconciliations later in this release.

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Second Quarter 2026 Results Conference Call & Webcast

Vestis will host a conference call today Tuesday, May 12, 2026, at 8:30 a.m. Eastern Time to discuss its fiscal second quarter 2026 results.

For a live webcast of the conference call and to access the accompanying investor presentation, please visit the investor relations section of the Company’s website at www.vestis.com.

To participate in the live teleconference:

United States Live: 800-267-6316

International Live: 203-518-9783

Access Code: VSTSQ226

A replay of the live event will also be available on the Company’s website shortly after the conclusion of the call.

About Vestis™

Vestis is a leader in the B2B uniform and workplace supplies category. Vestis provides uniform services and workplace supplies to a broad range of North American customers from Fortune 500 companies to locally owned small businesses across a broad set of end sectors. The Company’s comprehensive service offering primarily includes a full-service uniform rental program, floor mats, towels, linens, managed restroom services, first aid supplies, and cleanroom and other specialty garment processing.

Investor Contact

Stefan Neely or Noel Ryan

Vallum Advisors

615-844-6248

ir@vestis.com

Media

Danielle Holcomb

470-716-0917

danielle.holcomb@vestis.com

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the securities laws. All statements that reflect our expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts relating to discussions of future operations and financial performance and statements regarding our strategy for growth, future product development, regulatory approvals, competitive position and expenditures. In some cases, forward-looking statements can be identified by words such as “potential,” “outlook,” “guidance,” “anticipate,” “continue,” “estimate,” “expect,” “will,” and “believe,” and other words and terms of similar meaning or the negative versions of such words. Examples of forward-looking statements in this release include, but are not limited to, statements regarding: the potential effects of our comprehensive actions to enhance both our commercial and operational processes, and our expectations regarding our updated fiscal year 2026 performance outlook. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict including, but not limited to: unfavorable macroeconomic conditions and geopolitical instability, including as a result of the military conflict among the United States, Israel and Iran, government shutdowns, inflationary pressures and higher interest rates; the failure to retain current customers, renew existing customer contracts and obtain new customer contracts, which could result in continued stock volatility and potential future goodwill impairment charges; competition in our industry; our ability to comply with certain financial ratios, tests and covenants in our credit agreement, including the Net Leverage Ratio; our significant indebtedness and ability to meet debt obligations and our reliance on an accounts receivable securitization facility; our ability to successfully execute or achieve the expected benefits of our business transformation and restructuring plan and other measures we may take in the future; increases in fuel and energy costs and other supply chain challenges and disruptions, including as a result of disruptions in international shipping through the Strait of Hormuz and the military conflicts in the Middle East and Ukraine; implementation of new or increased tariffs and ongoing changes in U.S. and foreign government trade policies, including potential modifications to existing trade agreements and retaliatory measures by foreign governments; increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our support services contracts; a determination by our customers to reduce their outsourcing or use of preferred vendors; the outcome of legal proceedings to which we are or may become subject, including securities litigation claims that could result in significant legal expenses and settlement and damage awards; risks associated with suppliers from whom our products are sourced; challenge of contracts by our customers; currency risks and other risks associated with international operations, including compliance with a broad range of laws and regulations, including the United States Foreign Corrupt Practices Act; increases in labor costs or inability to hire and retain key or sufficient qualified personnel; continued or further unionization of our workforce; our expansion strategy and our ability to successfully integrate the businesses we acquire and costs and timing related thereto; natural disasters, global calamities, climate change, civil or political unrest, terrorist attacks, pandemics or other public health crises, and other adverse incidents; liability resulting from our participation in multiemployer-defined benefit pension plans; liability associated with noncompliance with applicable law or other governmental regulations; laws and governmental regulations including those relating to the environment, wage and hour and government contracting; unanticipated changes in tax law; new interpretations of or changes in the enforcement of the government regulatory framework; a cybersecurity incident or other disruptions in the availability of our computer systems or privacy breaches; stakeholder expectations relating to environmental, social and

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governance (“ESG”) considerations which may expose us to liabilities and other adverse effects on our business; any failure by Aramark to perform its obligations under the various separation agreements entered into in connection with the separation; and a determination by the IRS that the distribution or certain related transactions are taxable. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the Company’s filings with the Securities and Exchange Commission (“SEC”), including “Item 1A-Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in “Item 1A-Risk Factors” of Part II in subsequently-filed Quarterly Reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

Vestis reports its financial results in accordance with U.S. GAAP, but in this release and the non-GAAP reconciliations that follow, Vestis also uses the following non-GAAP measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Basic Earnings Per Share (“EPS”), Adjusted Diluted EPS, Free Cash Flow, Adjusted Free Cash Flow, Net Debt, Net Leverage Ratio, Covenant Adjusted EBITDA, Covenant Adjusted EBITDA Margin, Trailing Twelve Months Covenant Adjusted EBITDA, Adjusted Operating Expenses (presented solely in the calculations of Cost Per Pound and Operating Leverage), and Investments in Capital Assets. Vestis believes that non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measure, provide useful supplemental information to investors. Certain adjustment-based measures exclude items that management believes may not be indicative of or are unrelated to Vestis’ core operating results. Vestis uses these non-GAAP financial measures with U.S. GAAP financial measures and other operating data to assist in the evaluation of its operating performance. Vestis believes that presentation of these measures also helps investors because the measures enable better comparisons of Vestis’ historical results and allow investors to evaluate Vestis’ performance based on the same metrics that Vestis uses to evaluate its performance and trends in its results. However, these measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Vestis’ results as reported under U.S. GAAP. Specifically, you should not consider these measures as alternatives to revenue, operating income, operating expenses, operating income margin, net income, net income margin or net cash provided by operating activities determined in accordance with U.S. GAAP. These non-GAAP financial measures also should not be considered as measures of cash available to Vestis to invest in the growth of Vestis’ business or cash that will be available to Vestis to meet its obligations. Non-GAAP financial measures as presented by Vestis may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations. Reconciliations of non-GAAP financial measures to the most directly comparable U.S. GAAP measures are provided in the tables at the end of this release.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA represents net income adjusted for provision for income taxes; interest expense, net; and depreciation and amortization (EBITDA), further adjusted for share-based compensation expense; severance; business transformation costs; separation related charges; securitization fees; loss (gain) on sale of equity investments; third party debt amendment fees; legal reserves and settlements; gains, losses, and other items impacting comparability. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA margin are presented to provide a more meaningful comparison of Vestis’ operating performance by excluding items that management believes are not reflective of ongoing operations or that may obscure trends in the underlying business. Similar adjustments have been recorded in Adjusted EBITDA for earlier periods, and Vestis may record similar types of adjustments in future periods.

Adjusted Net Income (Loss), Adjusted Basic EPS and Adjusted Diluted EPS

Adjusted Net Income (Loss) represents net income (loss) adjusted to exclude items not considered indicative of Vestis’ core ongoing operations, including amortization expense, share-based compensation, severance charges, business transformation costs, separation-related charges, loss (gain) on sale of equity investments; third party debt amendment fees; legal reserves and settlements; gains, losses, and other items impacting comparability. Management believes this measure provides useful supplemental information by facilitating period-over-period comparisons of performance on a consistent basis.

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Adjusted Basic EPS and Adjusted Diluted EPS represent Adjusted Net Income (Loss) divided by the weighted-average number of basic and diluted shares outstanding, respectively.

Free Cash Flow and Adjusted Free Cash Flow

Free Cash Flow represents net cash provided by operating activities adjusted for purchases of property and equipment and other items. Free Cash Flow is presented because it reflects the cash generated from operations after capital expenditures necessary to maintain and improve operations. Free cash flow does not represent the residual cash flow available for discretionary expenditures, as there may be other nondiscretionary cash requirements not reflected in this measure. Adjusted Free Cash Flow represents Free Cash Flow adjusted for cash paid for strategic business transformation initiatives, including severance paid during the transformation period and third-party advisory fees.

Net Leverage Ratio, Net Debt, Covenant Adjusted EBITDA, Trailing Twelve Months Covenant Adjusted EBITDA and Covenant Adjusted EBITDA Margin

Net Leverage Ratio is defined in Vestis’ credit agreement and is calculated as consolidated total indebtedness in excess of unrestricted cash (referred to herein as “Net Debt”), divided by the Trailing Twelve Months Covenant Adjusted EBITDA. Net Debt represents total principal debt outstanding, letters of credit outstanding, and finance lease obligations, less cash and cash equivalents. Covenant Adjusted EBITDA represents Adjusted EBITDA, as further modified by certain items specifically permitted under the credit agreement to assess compliance with its financial covenants. Trailing Twelve Months Covenant Adjusted EBITDA represents Covenant Adjusted EBITDA for the preceding four fiscal quarters. Covenant Adjusted EBITDA Margin is defined as Covenant Adjusted EBITDA divided by revenue. Vestis believes that Net Leverage Ratio and its components are useful to investors because they are indicators of Vestis’ ability to meet its future financial obligations and are measures that are frequently used by investors and creditors.

Cost per Pound and Adjusted Operating Expenses

Cost per Pound represents the cost incurred to process laundry on a per-unit basis and is calculated as Adjusted Operating Expenses, as defined below, divided by the total pounds of laundry processed during the period. Management uses Cost per Pound to assess operating efficiency by evaluating how effectively resources are utilized relative to processing volume.

Adjusted Operating Expenses represent operating expenses as reported under U.S. GAAP, adjusted to exclude depreciation and amortization, covenant adjusted bad debt expense, share-based compensation expense, severance, business transformation costs, loss (gain) on sale of equity investments, separation-related charges, legal reserves and settlements, third party debt amendment fees and gains, losses, and other items that management believes are not indicative of ongoing operating performance. Adjusted Operating Expenses are presented solely as an input to the calculation of Cost per Pound and are not intended to be a standalone performance measure.

Operating Leverage per Pound (“Operating Leverage”)

Operating Leverage per Pound represents Revenue per Pound less Cost per Pound. Management uses this metric as a supplemental indicator of unit-level profitability trends. The metric helps management assess operational efficiency by evaluating how effectively resources are used relative to volume handled. Operating Leverage is not a measure of profitability calculated in accordance with U.S. GAAP. The most directly comparable U.S. GAAP measure is operating income on an aggregate basis.

Investments in Capital Assets

Investments in Capital Assets represents cash investments in property and equipment from the investing activities section of the Company’s Condensed Consolidated Statements of Cash Flows combined with new finance leases entered into by the Company during the same time period. Vestis believes that Investments in Capital Assets and its components are useful to investors because they are indicators of Vestis’ total in-period investments in fixed assets to support its business.

Forward Looking Non-GAAP Information

This release includes certain non-GAAP financial measures that are forward-looking in nature, including our expected outlook for fiscal 2026 Adjusted EBITDA and Free Cash Flow. The most directly comparable

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forward-looking U.S. GAAP measures are net income and net cash provided by operating activities, respectively.

Vestis believes that a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable U.S. GAAP measures cannot be provided without unreasonable efforts. Such reconciliation would require assumptions regarding the timing and likelihood of future events, including acquisitions and divestitures, restructurings, asset impairments, and other items that are difficult to predict and are outside of Vestis’ control.

Accordingly, the most directly comparable forward-looking U.S. GAAP measures are not provided. Actual results may differ materially from these forward-looking non-GAAP measures.

Operational Metrics and Definitions

In addition to the non-GAAP financial measures described above, Vestis uses certain operational metrics to evaluate business performance, monitor trends, and support internal decision-making. These operational metrics are derived using a combination of U.S. GAAP financial information and operational data and are not themselves measures defined under U.S. GAAP. Accordingly, these metrics should be considered supplemental to, and not a substitute for, financial measures prepared in accordance with U.S. GAAP.

Management believes these operational metrics provide useful context for understanding changes in Vestis’ operating performance, pricing discipline, and cost efficiency. However, these metrics may not be comparable to similarly titled measures used by other companies, as definitions and calculation methodologies may differ.

Revenue per Pound

Revenue per pound represents consolidated total revenue as reported in accordance with U.S. GAAP divided by total pounds of laundry processed for the period. Revenue per Pound uses U.S. GAAP revenue and does not reflect any adjustments. Management believes this metric provides useful insight into pricing and product mix relative to processing volume.

Pounds Processed

Pounds of laundry processed represents an operational measure derived from internal systems and management estimates and may involve judgment in its determination. Management believes the methodology used is reasonable and applied consistently from period to period.

Plant Productivity

Plant Productivity is an operational metric that measures changes in labor efficiency within the Company’s processing facilities. Plant Productivity is calculated based on the year-over-year change in labor hours at a constant wage rate, adjusted for the impact of product mix changes. Management uses Plant Productivity to evaluate labor efficiency, operational performance and throughput trends across the Company’s plant network.

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VESTIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended Six Months Ended

April 3,

2026 March 28,

2025 April 3,

2026 March 28,

2025

Revenue $ 659,437  $ 665,249  $ 1,322,825  $ 1,349,029

Operating Expenses:

Cost of services provided (exclusive of depreciation and amortization) 485,752  489,991  977,969  985,251

Depreciation and amortization 34,568  35,882  68,909  72,818

Selling, general and administrative expenses 112,338  147,946  232,590  269,131

Total Operating Expenses 632,658  673,819  1,279,468  1,327,200

Operating Income (Loss)

26,779  (8,570) 43,357  21,829

Loss (Gain) on Sale of Equity Investment —  —  —  2,150

Interest Expense, net 21,065  22,329  43,256  45,426

Other Expense (Income), net 3,203  3,293  6,149  6,905

Income (Loss) Before Income Taxes

2,511  (34,192) (6,048) (32,652)

Provision (Benefit) for Income Taxes

(85) (6,362) (2,253) (5,654)

Net Income (Loss)

$ 2,596  $ (27,830) $ (3,795) $ (26,998)

Weighted Average Shares Outstanding:

Basic 132,012  131,751  131,958  131,672

Diluted 133,050  131,751  131,958  131,672

Earnings (Loss) per share:

Basic $ 0.02  $ (0.21) $ (0.03) $ (0.21)

Diluted $ 0.02  $ (0.21) $ (0.03) $ (0.21)

Page 9

VESTIS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share amounts)

April 3,

2026 October 3,

2025

ASSETS

Current Assets:

Cash and cash equivalents $ 50,340  $ 29,748

Receivables (net of allowances: $34,690 and $32,677, respectively) 149,544  162,295

Inventories, net 174,958  179,020

Rental merchandise in service, net 391,823  405,625

Other current assets 84,020  73,343

Total current assets 850,685  850,031

Property and Equipment, at cost:

Land, buildings and improvements 564,557  565,677

Equipment 1,158,794  1,172,877

1,723,351  1,738,554

Less - Accumulated depreciation (1,073,845) (1,075,092)

Total property and equipment, net 649,506  663,462

Goodwill 961,750  961,732

Other Intangible Assets, net 175,457  188,837

Operating Lease Right-of-use Assets 85,872  85,108

Other Assets 149,924  157,730

Total Assets $ 2,873,194  $ 2,906,900

LIABILITIES AND EQUITY

Current Liabilities:

Current maturities of financing lease obligations 30,015  35,234

Current operating lease liabilities 20,780  20,189

Accounts payable 154,514  158,362

Accrued payroll and related expenses 90,721  93,897

Accrued expenses and other current liabilities 102,789  101,282

Total current liabilities 398,819  408,964

Long-Term Borrowings 1,115,457  1,155,143

Noncurrent Financing Lease Obligations 134,702  131,071

Noncurrent Operating Lease Liabilities 76,644  77,032

Deferred Income Taxes 182,806  177,337

Other Noncurrent Liabilities 97,564  91,709

Total Liabilities 2,005,992  2,041,256

Commitments and Contingencies

Equity:

Common stock, par value $0.01 per share, 350,000,000 authorized, 132,101,879 and 131,859,470 issued and outstanding as of April 3, 2026 and October 3, 2025, respectively. 1,321  1,319

Additional paid-in capital 942,872  937,531

(Accumulated deficit) retained earnings (50,674) (46,879)

Accumulated other comprehensive loss (26,317) (26,327)

Total Equity 867,202  865,644

Total Liabilities and Equity $ 2,873,194  $ 2,906,900

Page 10

VESTIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three months ended Six months ended

April 3,

2026 March 28,

2025 April 3,

2026 March 28,

2025

Cash flows from operating activities:

Net Income (Loss)

$ 2,596  $ (27,830) $ (3,795) $ (26,998)

Adjustments to reconcile Net Income (Loss) to Net cash provided by operating activities:

Depreciation and amortization 34,568  35,882  68,909  72,818

Deferred income taxes 1,293  (3,847) 5,463  (7,126)

Share-based compensation expense 3,374  7,977  5,717  13,157

Loss on sale of equity investment, net —  —  —  2,150

Asset write-down —  189  460  189

(Gain) Loss on disposals of property and equipment (3,046) (972) (3,311) (972)

Amortization of debt issuance costs 953  925  1,893  1,771

Changes in operating assets and liabilities:

Receivables, net 2,944  25,263  12,759  12,942

Inventories, net (6,040) (29,586) 4,065  (34,578)

Rental merchandise in service, net 11,961  991  13,812  (330)

Other current assets (837) 5,821  (10,604) (12,029)

Accounts payable 2,724  (7,931) (4,529) (5,158)

Accrued expenses and other current liabilities 6,901  8,542  7,622  11,073

Changes in other noncurrent liabilities 1,994  (8,216) (3,715) (14,924)

Changes in other assets 75  (928) 2,308  (750)

Other operating activities (1,209) 378  (1,116) (797)

Net cash provided by operating activities 58,251  6,658  95,938  10,438

Cash flows from investing activities:

Purchases of property and equipment and other (12,690) (13,510) (22,076) (28,242)

Proceeds from disposals of property and equipment 6,548  4,854  6,813  5,198

Proceeds from sale of equity investment —  —  —  36,792

Other investing activities —  3  —  (4,547)

Net cash provided by (used in) investing activities

(6,142) (8,653) (15,263) 9,201

Cash flows from financing activities:

Proceeds from long-term borrowings 27,000  40,000  75,000  40,000

Payments of long-term borrowings (61,000) (10,000) (116,000) (30,000)

Payments of financing lease obligations (9,515) (8,519) (18,701) (16,822)

Dividend payments —  (9,221) —  (13,822)

Other financing activities (34) (89) (376) (1,795)

Net cash provided by (used in) financing activities

(43,549) 12,171  (60,077) (22,439)

Effect of foreign exchange rates on cash and cash equivalents 233  66  (6) 596

Increase (decrease) in cash and cash equivalents

8,793  10,242  20,592  (2,204)

Cash and cash equivalents, beginning of period 41,547  18,564  29,748  31,010

Cash and cash equivalents, end of period $ 50,340  $ 28,806  $ 50,340  $ 28,806

Page 11

VESTIS CORPORATION

RECONCILIATION OF NON-GAAP MEASURES

(In thousands)

Consolidated Consolidated Consolidated Consolidated

Three Months Ended Six months ended

Trailing Twelve Months Ended

Six Months Ended

April 3, March 28, April 3, March 28, April 3, October 3, October 3,

2026 2025 2026 2025 2026 2025 2025

Net Income (Loss) $ 2,596  $ (27,830) $ (3,795) $ (26,998) $ (17,020) $ (40,223) $ (13,225)

Adjustments:

Depreciation and Amortization 34,568  35,882  68,909  72,818  139,108  143,017  70,199

Provision (Benefit) for Income Taxes (85) (6,362) (2,253) (5,654) (682) (4,083) 1,571

Interest Expense 21,065  22,329  43,256  45,426  90,094  92,264  46,838

Share-Based Compensation 3,374  7,977  5,717  13,157  4,125  11,565  (1,592)

Severance (1)

1,000  7,558  6,452  11,951  13,137  18,636  6,685

Transformation Costs (1)

9,272  —  17,083  —  17,083  —  —

Separation Related Charges (2)

387  3,665  1,751  8,283  7,047  13,579  5,296

Securitization Fees 2,923  3,297  5,883  6,829  12,609  13,555  6,726

(Gain) loss on disposals of property and equipment (3,046) (972) (3,311) (972) (2,829) (490) 482

Loss (Gain) on Sale of Equity Investment —  —  —  2,150  759  2,909  759

Third Party Debt Amendment Fees —  219  —  219  1,311  1,530  1,311

Legal Reserves and Settlements 2,680  661  5,093  2,018  5,607  2,532  514

Gains, Losses and Other(3)

(187) 1,194  145  (464) 3,243  2,634  3,098

Adjusted EBITDA (Non-GAAP) $ 74,547  $ 47,618  $ 144,930  $ 128,763  $ 273,592  $ 257,425  $ 128,662

Covenant Related Adjustments(4)

—  15,000  —  15,000  5,400  20,400  5,400

Covenant Adjusted EBITDA (Non-GAAP) $ 74,547  $ 62,618  $ 144,930  $ 143,763  $ 278,992  $ 277,825  $ 134,062

Revenue $ 659,437  $ 665,249  $ 1,322,825  $ 1,349,029  $ 2,708,635  $ 2,734,839  $ 1,385,810

Net Income (Loss) as a percentage of sales 0.4  % (4.2) % (0.3) % (2.0) % (0.6) % (1.5) % (1.0) %

Adjusted EBITDA Margin (Non-GAAP) 11.3  % 7.2  % 11.0  % 9.5  % 10.1  % 9.4  % 9.3  %

Covenant Adjusted EBITDA Margin (Non-GAAP) 11.3  % 9.4  % 11.0  % 10.7  % 10.3  % 10.2  % 9.7  %

(1) Please refer to Note 2. Transformation, Restructuring and Severance, in the Company’s Form 10-Q for the quarter ended April 3, 2026.

(2) Separation Related Charges include third-party expenses incurred in connection with the Company’s separation from Aramark on September 30, 2023, and the establishment of stand-alone public company operations. These costs primarily consist of rebranding initiatives, development of stand-alone technology infrastructure, and professional services.

(3) Other includes certain costs or income items that are not individually material and do not relate to core business activities.

(4) Includes a $15 million bad debt expense adjustment to EBITDA in the fiscal quarter ended March 28, 2025, an adjustment of $1.8 million for the quarter ended June 27, 2025 related to a write-off of merchandise-in-service and a $3.6 million environmental reserve adjustment for the quarter ended October 3, 2025. These adjustments are solely for the purpose of determining compliance with the financial covenants in the Company’s credit agreement.

Page 12

VESTIS CORPORATION

RECONCILIATION OF NON-GAAP MEASURES

(In thousands, except per share amounts)

Consolidated Consolidated

Three Months Ended Six months ended

April 3, March 28, April 3, March 28,

2026 2025 2026 2025

Net Income (Loss) $ 2,596  $ (27,830) $ (3,795) $ (26,998)

Adjustments:

Amortization Expense 6,693  6,568  13,386  13,333

Share-Based Compensation 3,374  7,977  5,717  13,157

Severance 1,000  7,558  6,452  11,951

Transformation Costs 9,272  —  17,083  —

(Gain) loss on disposals of property and equipment (3,046) (972) (3,311) (972)

Separation Related Charges 387  3,665  1,751  8,283

Third Party Debt Amendment Fees —  219  —  219

Legal Reserves and Settlements 2,680  661  5,093  2,018

Loss on Sale of Equity Investment —  —  —  2,150

Other Gains and Losses (1)

(469) 1,199  (138) (541)

Tax Impact of Reconciling Items Above (2)

(673) (5,000) (7,295) (15,510)

Adjusted Net Income (Loss) (Non-GAAP) $ 21,814  $ (5,955) $ 34,943  $ 7,090

Basic weighted-average shares outstanding 132,012  131,751  131,958  131,672

Diluted weighted-average shares outstanding 133,050  131,751  132,819  132,338

Basic (Loss) Earnings Per Share $ 0.02  $ (0.21) $ (0.03) $ (0.21)

Diluted (Loss) Earnings Per Share $ 0.02  $ (0.21) $ (0.03) $ (0.21)

Adjusted Basic (Loss) Earnings Per Share $ 0.17  $ (0.05) $ 0.26  $ 0.05

Adjusted Diluted (Loss) Earnings Per Share $ 0.16  $ (0.05) $ 0.26  $ 0.05

(1) Other includes certain costs or income items that are not individually material and do not relate to core business activities

(2) Beginning in the second quarter of fiscal 2026, the Company calculated the tax effect of non-GAAP adjustments using the effective tax rate applicable to each respective quarterly period in which the adjustments are recognized. Year-to-date adjusted net income reflects the aggregation of each quarter’s after-tax adjustments, which management believes is consistent with the presentation of year-to-date GAAP results. Prior period amounts were adjusted to conform to the current period presentation.

Page 13

VESTIS CORPORATION

RECONCILIATION OF NON-GAAP MEASURES AND SELECTED SUPPLEMENTARY DATA

FREE CASH FLOW, NET DEBT, NET LEVERAGE RATIO, ADJUSTED OPERATING EXPENSES

(In thousands)

Three months ended Six Months Ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Net cash provided by operating activities $ 58,251  $ 6,658  $ 95,938  $ 10,438

Purchases of property and equipment and other (12,690) (13,510) (22,076) (28,242)

Free Cash Flow (Non-GAAP) $ 45,561  $ (6,852) $ 73,862  $ (17,804)

Cash paid for Transformation Costs 7,205  —  16,201  —

Cash paid for severance 3,862  —  9,488  —

Adjusted Free Cash Flow (Non-GAAP) $ 56,628  $ (6,852) $ 99,551  $ (17,804)

As of

April 3, 2026 January 2, 2026 October 3, 2025

Total principal debt outstanding $ 1,127,500  $ 1,161,500  $ 1,168,500

Letters of credit outstanding 5,818  5,818  5,818

Finance lease obligations 164,717  162,738  166,305

Less: Cash and cash equivalents (50,340) (41,547) (29,748)

Net Debt (Non-GAAP) $ 1,247,695  $ 1,288,509  $ 1,310,875

Trailing Twelve Months Adjusted EBITDA (Non-GAAP) $ 273,592  $ 246,606  $ 257,425

Covenant Related Adjustments (1)

5,400  20,400  20,400

Trailing Twelve Months Covenant Adjusted EBITDA (Non-GAAP) $ 278,992  $ 267,006  $ 277,825

Net Leverage Ratio (Non-GAAP) (1)

4.47  4.83  4.72

(1) Includes a $15 million bad debt expense adjustment to EBITDA in the fiscal quarter ended March 28, 2025, an adjustment of $1.8 million for the quarter ended June 27, 2025 related to a write-off of merchandise-in-service and a $3.6 million environmental reserve adjustment for the quarter ended October 3, 2025. These adjustments are solely for the purposes of determining compliance with the financial covenants in the Company’s credit agreement.

Three months ended Six Months Ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Operating Expenses $ 632,658  $ 673,819  $ 1,279,468  $ 1,327,200

Depreciation and Amortization (34,568) (35,882) (68,909) (72,818)

Covenant-adjusted bad debt expense —  (15,000) —  (15,000)

Share-Based Compensation (3,374) (7,977) (5,717) (13,157)

Severance (1,000) (7,558) (6,452) (11,951)

Transformation Costs (9,272) —  (17,083) —

(Gain) loss on disposals of property and equipment 3,046  972  3,311  972

Separation Related Charges (387) (3,665) (1,751) (8,283)

Legal Reserves and Settlements (2,680) (661) (5,093) (2,018)

Third Party Debt —  (219) —  (219)

Other Gain and Losses 468  (1,198) 122  540

Adjusted Operating Expenses (Non-GAAP) $ 584,891  $ 602,631  $ 1,177,896  $ 1,205,266

Revenue $ 659,437  $ 665,249  $ 1,322,825  $ 1,349,029

As of

April 3, 2026

Excess availability on revolving credit facility (1) $ 294,182

Cash on Hand 50,340

Total Liquidity $ 344,522

(1) Excess availability on the revolving credit facility represents total availability of $300 million less any borrowings on the revolving credit facility, less letters of credit outstanding ($5.8 million as of April 3, 2026).

Fiscal 2026 Fiscal 2025

Q1 Q2 Year-to-date Q1 Q2 Year-to-date

Investments in property and equipment $ 9,386  $ 12,690  $ 22,076  $ 14,732  $ 13,510  $ 28,242

New Finance Leases 5,391  11,991  17,382  12,932  9,808  22,740

Investments in Capital Assets $ 14,777  $ 24,681  $ 39,458  $ 27,664  $ 23,318  $ 50,982

Page 14

EX-99.2

EX-99.2

Filename: ex992vestis2q26earningsd.htm · Sequence: 3

ex992vestis2q26earningsd

Second Quarter 2026 Results May 12th, 2026

Non-GAAP Financial Measures Vestis reports its financial results in accordance with U.S. GAAP, but in this presentation and the non-GAAP reconciliations that follow, Vestis also uses the following non-GAAP measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Basic Earnings Per Share (“EPS”), Adjusted Diluted EPS, Free Cash Flow, Adjusted Free Cash Flow, Operating Working Capital, Net Debt, Net Leverage Ratio, Covenant Adjusted EBITDA, Covenant Adjusted EBITDA Margin, Trailing Twelve Months Covenant Adjusted EBITDA, Return on Working Capital, Adjusted Operating Expenses, Cost per Pound, Operating Leverage and Investments in Capital Assets. Vestis believes that non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measure, provide useful supplemental information to investors. Certain adjustment-based measures exclude items that management believes may not be indicative of or are unrelated to Vestis’ core operating results. Vestis uses these non-GAAP financial measures with U.S. GAAP financial measures and other operating data to assist in the evaluation of its operating performance. Vestis believes that presentation of these measures also helps investors because the measures enable better comparisons of Vestis’ historical results and allow investors to evaluate Vestis’ performance based on the same metrics that Vestis uses to evaluate its performance and trends in its results. However, these measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Vestis’ results as reported under U.S. GAAP. Specifically, you should not consider these measures as alternatives to revenue, operating income, operating expenses, operating income margin, net income (Loss), net income margin or net cash provided by operating activities determined in accordance with U.S. GAAP. These non-GAAP financial measures also should not be considered as measures of cash available to Vestis to invest in the growth of Vestis’ business or cash that will be available to Vestis to meet its obligations. Non-GAAP financial measures as presented by Vestis may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations. Reconciliations of non-GAAP financial measures to the most directly comparable U.S.GAAP measures are provided in the tables at the end of this presentation. Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the securities laws. All statements that reflect our expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts relating to discussions of future operations and financial performance and statements regarding our strategy for growth, future product development, regulatory approvals, competitive position and expenditures. In some cases, forward-looking statements can be identified by words such as “potential,” “outlook,” “guidance,” “anticipate,” “continue,” “estimate,” “expect,” “will,” and “believe,” and other words and terms of similar meaning or the negative versions of such words. Examples of forward-looking statements in this release include, but are not limited to, statements regarding: the potential effects of our comprehensive actions to enhance both our commercial and operational processes, and our expectations regarding our updated fiscal year 2026 performance outlook. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict including, but not limited to: unfavorable macroeconomic conditions and geopolitical instability, including as a result of the military conflict among the United States, Israel, and Iran, government shutdowns, inflationary pressures and higher interest rates; the failure to retain current customers, renew existing customer contracts and obtain new customer contracts, which could result in continued stock volatility and potential future goodwill impairment charges; competition in our industry; our ability to comply with certain financial ratios, tests and covenants in our credit agreement, including the Net Leverage Ratio; our significant indebtedness and ability to meet debt obligations and our reliance on an accounts receivable securitization facility; our ability to successfully execute or achieve the expected benefits of our business transformation and restructuring plan and other measures we may take in the future; increases in fuel and energy costs and other supply chain challenges and disruptions, including as a result of disruptions in international shipping through the Strait of Hormuz and the military conflicts in the Middle East and Ukraine; implementation of new or increased tariffs and ongoing changes in U.S. and foreign government trade policies, including potential modifications to existing trade agreements and retaliatory measures by foreign governments; increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our support services contracts; a determination by our customers to reduce their outsourcing or use of preferred vendors; the outcome of legal proceedings to which we are or may become subject, including securities litigation claims that could result in significant legal expenses and settlement and damage awards; risks associated with suppliers from whom our products are sourced; challenge of contracts by our customers; currency risks and other risks associated with international operations, including compliance with a broad range of laws and regulations, including the United States Foreign Corrupt Practices Act; increases in labor costs or inability to hire and retain key or sufficient qualified personnel; continued or further unionization of our workforce; our expansion strategy and our ability to successfully integrate the businesses we acquire and costs and timing related thereto; natural disasters, global calamities, climate change, civil or political unrest, terrorist attacks, pandemics or other public health crises, and other adverse incidents; liability resulting from our participation in multiemployer-defined benefit pension plans; liability associated with noncompliance with applicable law or other governmental regulations; laws and governmental regulations including those relating to the environment, wage and hour and government contracting; unanticipated changes in tax law; new interpretations of or changes in the enforcement of the government regulatory framework; a cybersecurity incident or other disruptions in the availability of our computer systems or privacy breaches; stakeholder expectations relating to environmental, social and governance (“ESG”) considerations which may expose us to liabilities and other adverse effects on our business; any failure by Aramark to perform its obligations under the various separation agreements entered into in connection with the separation; and a determination by the IRS that the distribution or certain related transactions are taxable. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the Company’s filings with the Securities and Exchange Commission (“SEC”), including “Item 1A-Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in “Item 1A-Risk Factors” of Part II in subsequently-filed Quarterly Reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation and the remarks made during the associated conference call are integrally related and are intended to be presented and understood together. Notes to Investors ©2025 Vestis. All rights reserved. 2

Second Quarter 2026 Executive Summary ©2026 Vestis. All rights reserved. 3 ▶ Second quarter results reflect strong progress in Fiscal 2026 ▶ Revenue of $659.4 million on decreased total volume1 ▶ Adjusted EBITDA2 of $74.5 million ▶ Free Cash Flow2 of $45.6 million ▶ Adjusted Free Cash Flow2 of $56.6 million ▶ Adjusted EPS2 of $0.16 per diluted share ▶ Available liquidity2 of $344.5 million ▶ Operating leverage per pound1,2 improvement of $0.02 on improved cost per pound1,2 ▶ Meaningful progress advancing our operational excellence priorities ▶ 11% improvement1 in plant productivity2 ▶ 270 bps improvement1 in on-time deliveries ▶ 4% reduction1 in customer complaints ▶ Commercially focused on improving revenue quality ▶ Investment in customer and product profitability tools to accelerate strategic pricing model ▶ Driving a more favorable product sales mix ▶ Focused on better customer penetration ▶ Updating Fiscal Year 2026 Outlook ▶ Revenue flat to down 2% versus FY 2025 revenue on a 52-week basis ▶ Adjusted EBITDA2 in the range of $295 million to $325 million ▶ Free Cash Flow2 in the range of $120 million to $150 million ▶ Q uarterly sequential Adjusted EBITDA2 growth of ~5% in Q3’26 and between ~5% and ~10% in Q4’26 1) When measured as pounds processed by our facilities compared to the second fiscal quarter of 2025 2) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations

2Q 2026 Financial Summary ©2026 Vestis. All rights reserved. 4 Revenue $s in Millions Covenant Adjusted EBITDA1,3 / Adjusted EBITDA1 $s in Millions & % of Revenue 1) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations 2) When measured as pounds processed by our facilities 3) F2Q25 Covenant Adjusted EBITDA of $62.6 million, which excluded a $15 million bad debt expense adjustment from Adjusted EBITDA for the quarter Adjusted Free Cash Flow1 $s in Millions Revenue of $659.4 million o A decrease of $5.8 million year over year or 0.9% o Revenue decline net a benefit from foreign exchange on currency of $2.7 million o Total volume2 decreased 1.2% o Revenue per pound1 flat compared to prior year and F1Q26 Adjusted EBITDA1 of $74.5 million, or 11.3% of revenue o Increase of $11.9 million year over year or 19.1% when compared to Covenant Adjusted EBITDA1,3 of $62.6 million in F2Q25 o Improvements in adjusted operating expenses1 resulting from strategic business transformation o Increased sequentially compared to the first quarter of fiscal 2026, when adjusted EBITDA1 was $70.4 million, or 10.6% of revenue Free Cash Flow 1 of $45.6 million and Adjusted Free Cash Flow1 of $56.6 million o Free Cash Flow1 improvement of $52.4 million year over year o Neutral of working capital contributions o Includes benefit of $12.0 million from lower merchandise in service o Adjusted Free Cash Flow1 excludes $11.1 million of business transformation cash payments o Total available liquidity of $344.5 million including $50.3 million of cash and cash equivalents on hand as of April 3, 2026 Adjusted Diluted EPS1 of $0.16 per share Adjusted Diluted EPS1 $s in Dollars F2Q25 F2Q26 F2Q253 F2Q26 F2Q25 F2Q26 F2Q25 F2Q26 $665 $659 $63 $75 9.4% 11.3% $(7) $57 $(0.05) $0.16

2Q 2026 Financial Reconciliations Lower volume of 1.2% in pounds processed negatively impacting revenue 2Q Revenue Reconciliation $s in Millions 2Q Covenant Adjusted EBITDA1,2 / Adjusted EBITDA1 Reconciliation $s in Millions Flat revenue per pound1 compared to F2Q25 and F1Q26 Year over year revenue decline of $5.8 million including benefit from foreign currency of $2.7 million in F2Q26 Decline in revenue of $5.8 million offset by $17.7 million improvement in Adjusted Operating Expenses1 Lower cost of service of $4.2 million from improved merchandise and delivery costs Adjusted EBITDA(1) Revenue 1) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations 2) F2Q25Covenant Adjusted EBITDA of $62.6 million, which excluded a $15 million bad debt expense adjustment from Adjusted EBITDA for the quarter ©2026 Vestis. All rights reserved. 5 Category 1 Category 2 Category 4 Chart Title F2Q25 Revenue F2Q26 Revenue Lower Volume $659.4$665.2 $5.8 F2Q25 Covenant Adjusted EBITDA2 Revenue Decline Improvements in Adjusted Operating Expenses1 $74.5$62.6 $(5.8) $17.7 F2Q26 Adjusted EBITDA1 Decline of $5.8M or 0.9% Improvement of $11.9M or 19% SG&A improvements of $13.5 million resulting from transformation actions, net of Adjusted EBITDA1 add-backs

Vestis Confidential ©2025 Vestis. All rights reserved. 6 2Q 2026 Revenue Metrics Revenue $s in Millions F2Q25 F2Q26 $665.2 $659.4 Volume1 In Millions of Pounds 1) When measured as pounds processed by our facilities 2) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations 3) See Note 5. Revenue in our F2Q26 10-Q for more information (0.9)% F2Q25 F2Q26 486.5 480.5 (1.2)% Revenue per Pound2 $s in Dollars F2Q25 F2Q26 $1.37 flat$1.37 Improving Linen Product Mix % of Pounds processed by our facilities Revenue per pound2 flat on commercial excellence initiatives including more favorable product mix from F1Q26 Revenue dollar product mix concentration consistent with fiscal first quarter 2026 (Uniforms 37% / Workplace supplies 63%) Change Year over year, linen volume1 increased 4% in fiscal second quarter 2026, an improvement from 7% increase in first quarter, sequentially linen volume1 down 2% ©2026 Vestis. All rights reserved. 6 F1Q25 vs. F1Q26 Up 7% F2Q25 vs. F2Q26 Up 4% F1Q26 vs. F2Q26 Down 2% Progress towards a more favorable product mix Revenue per pound2 has demonstrated consistent historical improvement over preceding quarters, accelerated by our transformation Improving Revenue per Pound2 Comparisons Year over year comparison of Revenue per Pound2 by fiscal quarter F2Q25 $ (0.08) F3Q25 $ (0.06) F4Q25 $ (0.06) F1Q26 $ (0.04) F2Q26 Flat Year over year comparisons improving from down eight cents to flat

Vestis Confidential ©2025 Vestis. All rights reserved. 7 2Q 2026 Cost and Operating Leverage Metrics Adjusted Operating Expenses1 $s in Millions F2Q25 F2Q26 $602.6 $584.9 Volume2 In Millions of Pounds 1) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations 2) When measured as pounds processed by our facilities (2.9)% F2Q25 F2Q26 486.5 480.5 Cost per Pound1 $s in Dollars F2Q25 F2Q26 $1.24 $0.02/(2)%$1.22 Operating Leverage1 $s in Dollars Revenue per Pound1 Cost per Pound1 Operating Leverage1 Less$1.37 $0.13 Operating leverage1 increase of $0.02 per pound on increased improvement in cost per pound1, a first in Vestis history as standalone public company Adjusted operating expenses1 declined $17.7M or 2.9% on cost of service and net SG&A improvements from our strategic business transformation Change Cost per pound1 improvement of $0.02 per pound vs. prior year F2Q25 $1.24 Equals Revenue per Pound1 Cost per Pound1 Operating Leverage1 Less$1.37 $0.15F2Q26 Equals$1.22 Each penny of operating leverage1 equates to approximately $5 million of Adjusted EBITDA1 on our curre t volume and product mix levels ©2026 Vestis. All rights reserved. 7 (1.2)%

Operating Working Capital, Cash Flow and Liquidity ©2026 Vestis. All rights reserved. 8 Operating Working Capital1,2 $s in Millions Total Liquidity – Cash & Excess Availability3 $s in Millions Free Cash Flow 1 $s in Millions 1) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations 2) Operating working capital includes accounts receivable, inventory, and accounts payable; Accounts receivable prior to F3Q24 adjusted for $233M impact of A/R facility; See Appendix for calculation 3) Excess availability is defined as undrawn revolver capacity less letters of credit issued in accordance with the Company’s Credit Agreement Free Cash Flow1 of $45.6 million for F2Q26, including $12.7 million in capital expenditures, an improvement of $52.4 million year over year $268$266$264 $295$295 Free Cash Flow1 includes $11.1 million of business transformation cash, excluding which Adjusted Free Cash Flow 1 of $56.6 million reflecting strong cash flow generative capabilities of our business Total available liquidity of $344.5 million including $50.3 million cash and cash equivalents on hand as of April 3, 2026 0.0% 50.0% 100.0% 150.0% 200.0% 0 50 100 150 200 250 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Operating Working Capital1,2 Operating Working Capital Return on Working Capital $(7) $8 $15 $28 45.6 F2Q25 F3Q25 F4Q25 F1Q26 F2Q26 264.3 266.3 268.2 275.2 294.2 $29 $24 $30 $42 $50 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Excess Availability Cash on Hand

(in Millions) FY 2025 Actual Low Mid High Revenue Growth (4.4)% (2.0)% (1.0)% Flat Adjusted EBITDA1 $272.62 $285 $300 $315 Free Cash Flow1 $5.9 $50 $55 $60 Updated Fiscal 2026 Outlook ©2026 Vestis. All rights reserved. 9 Previous – FY 2026 Outlook 1) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations 2) ‘FY 2025 Actual Adjusted EBITDA’ referenced is FY 2025 reported covenant-adjusted EBITDA of $277.9 adjusted to exclude the additional operating week in the Company’s fiscal year 2025 3) Ranges are approximate (in Millions) FY 2025 Actual Low Mid High Revenue Growth (4.4)% (2.0)% (1.0)% Flat Adjusted EBITDA1 $272.62 $295 $310 $325 Free Cash Flow1 $5.9 $120 $135 $150 Current – FY 2026 Outlook Current Outlook Updates Include Sequential quarterly growth3 in Adjusted EBITDA1 of ~5% in Q3’26 and between ~5% and ~10% in Q4’26 Free Cash Flow1 expected to be impacted by: o Between3 $60 million and $70 million of annual cash capital expenditures o $22 million in first half 2026 with remaining expected in second half 2026 o Between3 $30 million and $35 million in cash paid for transformation expenses, including severance o $25.7 million in first half 2026 with remaining expected in second half 2026 Revenue outlook is compared to normalized fiscal 2025 revenue of $2.683 billion, excluding the impact of the additional operating week

2Q 2026 Strategic Business Transformation Plan Update Commercial ExcellenceOperational Excellence Asset & Network Optimization Improve Operating Leverage Stabilize & Grow Revenue Align Footprint For Growth Further progress in implementation of critical decision support tools leading to improved revenue quality Improvements in pricing when compared to F2Q25 combined with sequentially improved product mix from lower linen volume Commercial excellence initiatives contributed to flat revenue per pound1 when compared to F2Q25 Continued improvements in on-time delivery (270bps), plant productivity1 (11%), and customer complaints declining (4%) versus F2Q25 Improved cost of service expenses in merchandise and delivery expenses Efforts resulted in a $0.02 improvement in cost per pound1 when compared to F2Q25 Assessing our network positioning across key markets, leveraging meaningful capacity to identify optimization and growth opportunities Annual expected cost savings of at least $75 million by end of FY 2026 Sold two non-operating properties during the period for $6.5 million in proceeds used to repay debt Positioning the business to capitalize on evolving competitive dynamics within the market landscape to deliver superior service to new and existing customers alike ©2026 Vestis. All rights reserved. 10 1) See Appendix for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations

Q&A

Appendix

Non-GAAP Financial Measures ©2026 Vestis. All rights reserved. 13 Vestis reports its financial results in accordance with U.S. GAAP, but in this presentation and the non-GAAP reconciliations that follow, Vestis also uses the following non-GAAP measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Basic Earnings Per Share (“EPS”), Adjusted Diluted EPS, Free Cash Flow, Adjusted Free Cash Flow, Operating Working Capital, Net Debt, Net Leverage Ratio, Covenant Adjusted EBITDA, Covenant Adjusted EBITDA Margin, Trailing Twelve Months Covenant Adjusted EBITDA, Return on Working Capital, Adjusted Operating Expenses, Cost per Pound, Operating Leverage and Investments in Capital Assets. Vestis believes that non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measure, provide useful supplemental information to investors. Certain adjustment-based measures exclude items that management believes may not be indicative of or are unrelated to Vestis’ core operating results. Vestis uses these non-GAAP financial measures with U.S. GAAP financial measures and other operating data to assist in the evaluation of its operating performance. Vestis believes that presentation of these measures also helps investors because the measures enable better comparisons of Vestis’ historical results and allow investors to evaluate Vestis’ performance based on the same metrics that Vestis uses to evaluate its performance and trends in its results. However, these measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Vestis’ results as reported under U.S. GAAP. Specifically, you should not consider these measures as alternatives to revenue, operating income, operating expenses, operating income margin, net income (Loss), net income margin or net cash provided by operating activities determined in accordance with U.S. GAAP. These non-GAAP financial measures also should not be considered as measures of cash available to Vestis to invest in the growth of Vestis’ business or cash that will be available to Vestis to meet its obligations. Non-GAAP financial measures as presented by Vestis may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations. Reconciliations of non-GAAP financial measures to the most directly comparable U.S.GAAP measures are provided in the tables at the end of this presentation. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA represents net income adjusted for provision for income taxes; interest expense, net; and depreciation and amortization (EBITDA), further adjusted for share-based compensation expense; severance; business transformation costs; separation related charges; securitization fees; loss (gain) on sale of equity investments; third party debt amendment fees; legal reserves and settlements; gains, losses, and other items impacting comparability. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margin are presented to provide a more meaningful comparison of Vestis’ operating performance by excluding items that management believes are not reflective of ongoing operations or that may obscure trends in the underlying business. Similar adjustments have been recorded in Adjusted EBITDA for earlier periods, and Vestis may record similar types of adjustments in future periods. Adjusted Net Income (Loss), Adjusted Basic EPS and Adjusted Diluted EPS Adjusted Net Income (Loss) represents net income (loss) adjusted to exclude items not considered indicative of Vestis’ core ongoing operations, including amortization expense, share-based compensation, severance charges, business transformation costs, separation-related charges, loss (gain) on sale of equity investments; third party debt amendment fees; legal reserves and settlements; gains, losses, and other items impacting comparability. Management believes this measure provides useful supplemental information by facilitating period-over-period comparisons of performance on a consistent basis. Adjusted Basic EPS and Adjusted Diluted EPS represent Adjusted Net Income (Loss) divided by the weighted-average number of basic and diluted shares outstanding, respectively.

©2026 Vestis. All rights reserved. 14 Non-GAAP Financial Measures, continued Free Cash Flow and Adjusted Free Cash Flow Free Cash Flow represents net cash provided by operating activities adjusted for purchases of property and equipment and other items. Free Cash Flow is presented because it reflects the cash generated from operations after capital expenditures necessary to maintain and improve operations. Free cash flow does not represent the residual cash flow available for discretionary expenditures, as there may be other nondiscretionary cash requirements not reflected in this measure. Adjusted Free Cash Flow represents Free Cash Flow adjusted for cash paid for strategic business transformation initiatives, including severance paid during the transformation period and third-party advisory fees. Net Leverage Ratio, Net Debt, Covenant Adjusted EBITDA, Trailing Twelve Months Covenant Adjusted EBITDA and Covenant Adjusted EBITDA Margin Net Leverage Ratio is defined in Vestis’ credit agreement and is calculated as consolidated total indebtedness in excess of unrestricted cash (referred to herein as “Net Debt”), divided by the Trailing Twelve Months Covenant Adjusted EBITDA. Net Debt represents total principal debt outstanding, letters of credit outstanding, and finance lease obligations, less cash and cash equivalents. Covenant Adjusted EBITDA represents Adjusted EBITDA, as further modified by certain items specifically permitted under the credit agreement to assess compliance with its financial covenants. Trailing Twelve Months Covenant Adjusted EBITDA represents Covenant Adjusted EBITDA for the preceding four fiscal quarters. Covenant Adjusted EBITDA Margin is defined as Covenant Adjusted EBITDA divided by revenue. Vestis believes that Net Leverage Ratio and its components are useful to investors because they are indicators of Vestis’ ability to meet its future financial obligations and are measures that are frequently used by investors and creditors. Operating Working Capital Operating working capital includes accounts receivable, inventory, and accounts payable. Return on Working Capital Return on working capital is calculated by dividing trailing twelve months Adjusted EBITDA with operating working capital. Cost per Pound Cost per Pound represents the cost incurred to process laundry on a per-unit basis and is calculated as Adjusted Operating Expenses, as defined below, divided by the total pounds of laundry processed during the period. Management uses Cost per Pound to assess operating efficiency by evaluating how effectively resources are utilized relative to processing volume. Adjusted Operating Expenses Adjusted Operating Expenses represent operating expenses as reported under U.S. GAAP, adjusted to exclude depreciation and amortization, covenant adjusted bad debt expense, share-based compensation expense, severance, business transformation costs, loss (gain) on sale of equity investments, separation-related charges, legal reserves and settlements, third-party debt amendment fees, and gains, losses, and other items that management believes are not indicative of ongoing operating performance. Adjusted Operating Expenses are presented solely as an input to the calculation of Cost per Pound and are not intended to be a standalone performance measure.

©2026 Vestis. All rights reserved. 15 Non-GAAP Financial Measures, continued Operating Leverage per Pound (“Operating Leverage”) Operating Leverage represents Revenue per Pound less Cost per Pound. Management uses this metric as a supplemental indicator of unit-level profitability trends. The metric helps management assess operational efficiency by evaluating how effectively resources are used relative to volume handled. Operating Leverage is not a measure of profitability calculated in accordance with U.S. GAAP. The most directly comparable U.S. GAAP measure is operating income on an aggregate basis. Investments in Capital Assets Investments in Capital Assets represents cash investments in property and equipment from the investing activities section of the Company’s Condensed Consolidated Statements of Cash Flows combined with new finance leases entered into by the Company during the same time period. Vestis believes that Investments in Capital Assets and its components are useful to investors because they are indicators of Vestis’ total in-period investments in fixed assets to support its business. Forward Looking Non-GAAP Information This presentation includes certain non-GAAP financial measures that are forward-looking in nature, including our expected outlook for fiscal 2026 Adjusted EBITDA and Free Cash Flow. The most directly comparable forward-looking U.S. GAAP measures are net income and net cash provided by operating activities, respectively. Vestis believes that a quantitative reconciliation of these forward- looking non-GAAP measures to the most directly comparable U.S. GAAP measures cannot be provided without unreasonable efforts. Such reconciliation would require assumptions regarding the timing and likelihood of future events, including acquisitions and divestitures, restructurings, asset impairments, and other items that are difficult to predict and are outside of Vestis’ control. Accordingly, the most directly comparable forward-looking U.S. GAAP measures are not provided. Actual results may differ materially from these forward-looking non-GAAP measures.

©2026 Vestis. All rights reserved. 16 Operational Metrics and Definitions In addition to the non-GAAP financial measures described above, Vestis uses certain operational metrics to evaluate business performance, monitor trends, and support internal decision-making. These operational metrics are derived using a combination of U.S. GAAP financial information and operational data and are not themselves measures defined under U.S. GAAP. Accordingly, these metrics should be considered supplemental to, and not a substitute for, financial measures prepared in accordance with U.S. GAAP. Management believes these operational metrics provide useful context for understanding changes in Vestis’ operating performance, pricing discipline, and cost efficiency. However, these metrics may not be comparable to similarly titled measures used by other companies, as definitions and calculation methodologies may differ. Business Retention We calculate retention by annualizing the average weekly revenue attributed to lost customers identification numbers for the trailing 52 weeks and dividing it by the recurring rental revenue for the same period. We calculate recurring rental revenue as base rental revenue for uniforms and workplace supplies, including service charges and the impacts of rebates and other discounts, plus recurring loss and ruin and auxiliary charges such as emblems and embroidery in addition to select consumables we determine to be recurring in nature. Our calculations are approximate and may in some cases rely on estimates which may differ from period to period. Revenue per Pound Revenue per pound represents consolidated total revenue as reported in accordance with U.S. GAAP divided by total pounds of laundry processed for the period. Revenue per Pound uses GAAP revenue and does not reflect any adjustments. Management believes this metric provides useful insight into pricing and product mix relative to processing volume. The most directly comparable GAAP measure is consolidated revenue. Pounds Processed Pounds of laundry processed represents an operational measure derived from internal systems and management estimates and may involve judgement in its determination. Management believes the methodology used is reasonable and applied consistently from period to period. Plant Productivity Plant Productivity is an operational metric that measures changes in labor efficiency within the Company’s processing facilities. Plant Productivity is calculated based on the year-over-year change in labor hours at a constant wage rate, adjusted for the impact of product mix changes. Management uses Plant Productivity to evaluate labor efficiency, operational performance and throughput trends across the Company’s plant network.

Non-GAAP Reconciliations / Adjusted EBITDA ©2026 Vestis. All rights reserved. 17 ($ in Thousands) 1) Please refer to Note 2. Transformation, Restructuring and Severance in the Company’s form 10-Q for the quarter ended April 3, 2026 2) Separation Related Charges include third-party expenses incurred in connection with the Company’s separation from Aramark on September 30, 2023, and the establishment of stand-alone public company operations. These costs primarily consist of rebranding initiatives, development of stand-alone technology infrastructure, and professional services. 3) Other includes certain costs or income items that are not individually material and do not relate to core business activities. 4) Includes a $15 million bad debt expense adjustment to EBITDA in the fiscal quarter ended March 28, 2025, an adjustment of $1.8 million for the quarter ended June 27, 2025 related to a write-off of merchandise-in service and a $3.6 million environmental reserve adjustment for the quarter ended October 3, 2025. These adjustments are solely for the purpose of determining compliance with the financial covenants in the Company’s credit agreement. Individual Fiscal Quarters Referenced Consolidated Six Months Ended April 3, March 28, April 3, March 28, April 3, October 3, October 3, 2026 2025 2026 2025 2026 2025 2025 Net Income (Loss) $ 2,596 $ (27,830) $ (3,795) $ (26,998) $ (17,020) $ (40,223) $ (13,225) Adjustments: Depreciation and Amortization 34,568 35,882 68,909 72,818 139,108 143,017 70,199 Provision (Benefit) for Income Taxes (85) (6,362) (2,253) (5,654) (682) (4,083) 1,571 Interest Expense 21,065 22,329 43,256 45,426 90,094 92,264 46,838 Share-Based Compensation 3,374 7,977 5,717 13,157 4,125 11,565 (1,592) Severance (1) 1,000 7,558 6,452 11,951 13,137 18,636 6,685 Transformation Costs (1) 9,272 — 17,083 — 17,083 — — Separation Related Charges (2) 387 3,665 1,751 8,283 7,047 13,579 5,296 Securitization Fees 2,923 3,297 5,883 6,829 12,609 13,555 6,726 (Gain) loss on disposals of property and equipment (3,046) (972) (3,311) (972) (2,829) (490) 482 Loss (Gain) on Sale of Equity Investment — — — 2,150 759 2,909 759 Third Party Debt Amendment Fees — 219 — 219 1,311 1,530 1,311 Legal Reserves and Settlements 2,680 661 5,093 2,018 5,607 2,532 514 Gains, Losses and Other (3) (187) 1,194 145 (464) 3,243 2,634 3,098 Adjusted EBITDA (Non-GAAP) $ 74,547 $ 47,618 $ 144,930 $ 128,763 $ 273,592 $ 257,425 $ 128,662 Covenant Related Adjustments (4) — 15,000 — 15,000 5,400 20,400 5,400 Covenant Adjusted EBITDA (Non-GAAP) $ 74,547 $ 62,618 $ 144,930 $ 143,763 $ 278,992 $ 277,825 $ 134,062 Revenue $ 659,437 $ 665,249 $ 1,322,825 $ 1,349,029 $ 2,708,635 $ 2,734,839 $ 1,385,810 Net Income (Loss) as a percentage of sales 0.4% (4.2%) (0.3%) (2.0%) (0.6%) (1.5%) (1.0%) Adjusted EBITDA Margin (Non-GAAP) 11.3% 7.2% 11.0% 9.5% 10.1% 9.4% 9.3% Covenant Adjusted EBITDA Margin (Non-GAAP) 11.3% 9.4% 11.0% 10.7% 10.3% 10.2% 9.7% Consolidated Consolidated Consolidated Three Months Ended Six months ended Trailing Twelve Months Ended

Non-GAAP Reconciliations / Adjusted Operating Expenses ©2026 Vestis. All rights reserved. 18 ($ in Thousands) 1) Please refer to Note 2. Transformation, Restructuring and Severance, in the Company’s Form 10-Q for the quarter ended April 3, 2026. 2) Separation Related Charges include third-party expenses incurred in connection with the Company’s separation from Aramark on September 30, 2023, and the establishment of stand-alone public company operations. These costs primarily consist of rebranding initiatives, development of stand-alone technology infrastructure, and professional services. 3) Other includes certain costs or income items that are not individually material and do not relate to core business activities. April 3, March 28, April 3, March 28, 2026 2025 2026 2025 Operating Expenses $ 632,658 $ 673,819 $ 1,279,468 $ 1,327,200 Depreciation and Amortization (34,568) (35,882) (68,909) (72,818) Covenant-adjusted bad debt expense — (15,000) — (15,000) Share-Based Compensation (3,374) (7,977) (5,717) (13,157) Severance (1) (1,000) (7,558) (6,452) (11,951) Transformation Costs (9,272) — (17,083) — (Gain) loss on disposals of property and equipment 3,046 972 3,311 972 Separation Related Charges (2) (387) (3,665) (1,751) (8,283) Legal Reserves and Settlements (2,680) (661) (5,093) (2,018) Third Party Debt — (219) — (219) Other Gain and Losses (3) 468 (1,198) 122 540 Adjusted Operating Expenses (Non-GAAP) $ 584,891 $ 602,631 $ 1,177,896 $ 1,205,266 Revenue $ 659,437 $ 665,249 $ 1,322,825 $ 1,349,029 Adjusted Operating Expense Margin 88.7% 90.6% 89.0% 89.3% Three Months Ended Year to-Date Ended

Historical Revenue & Cost per Pound ©2026 Vestis. All rights reserved. 19 $1.49 $1.45 $1.44 $1.43 $1.41 $1.37 $1.38 $1.37 $1.37 $1.37 F1Q24 F2Q24 F3Q24 F4Q24 F1Q25 F2Q25 F3Q25 F4Q25* F1Q26 F2Q26 Revenue per Pound $s per pound of volume processed Cost per Pound $s per pound of volume processed $1.28 $1.27 $1.26 $1.26 $1.24 $1.24 $1.24 $1.23 $1.22 $1.22 F1Q24 F2Q24 F3Q24 F4Q24 F1Q25 F2Q25 F3Q25 F4Q25* F1Q26 F2Q26 *F4Q25 is normalized to exclude the 53rd operating week of fiscal 2025 1) See next slide for non-GAAP financial measure reconciliations and information regarding operational metrics definitions and calculations

©2026 Vestis. All rights reserved. 20 Historic Revenue per Pound and Non-GAAP Reconciliations/ Cost per Pound and Operating Leverage ($ in Millions) 1) Cost per pound is calculated using Non-GAAP adjusted operating expenses (see Non-GAAP explanations and reconciliations earlier in this presentation) 2) Operating Leverage represents Revenue per Pound less Cost per Pound and is not a U.S. GAAP profitability measure * F4Q25 is normalized to exclude the 53rd operating week of fiscal 2025 F1Q24 F2Q24 F3Q24 F4Q24 F1Q25 F2Q25 F3Q25 F4Q25* F1Q26 F2Q26 Revenue 717.9$ 705.4$ 698.2$ 684.3$ 683.8$ 665.2$ 673.8$ 660.4$ 663.4$ 659.4$ Adjusted Operating Expenses (Non-GAAP) 619.7 618.2 611.4 603.8 602.6 602.6 608.0 596.6 593.0 584.9 Pounds Processed 482.7 484.9 484.7 479.0 486.0 486.5 489.2 483.0 484.6 480.5 Amounts per Pound (stated in Dollars) Revenue per Pound 1.49$ 1.45$ 1.44$ 1.43$ 1.41$ 1.37$ 1.38$ 1.37$ 1.37$ 1.37$ Cost per Pound (1) 1.28$ 1.27$ 1.26$ 1.26$ 1.24$ 1.24$ 1.24$ 1.23$ 1.22$ 1.22$ Operating Leverage (2) 0.21$ 0.18$ 0.18$ 0.17$ 0.17$ 0.13$ 0.14$ 0.14$ 0.15$ 0.15$ Revenue per Pound Change Y-o-Y (0.08)$ (0.08)$ (0.06)$ (0.06)$ (0.04)$ -$ Revenue per Pound % Change Y-o-Y (5)% (6)% (4)% (4)% (3)% 0 % Cost per Pound Change Y-o-Y (0.04)$ (0.03)$ (0.02)$ (0.03)$ (0.02)$ (0.02)$ Cost per Pound % Change Y-o-Y (3)% (2)% (2)% (2)% (2)% (2)% Operating Leverage Change Y-o-Y (0.04)$ (0.05)$ (0.04)$ (0.03)$ (0.02)$ 0.02$ Operating Leverage % Change Y-o-Y (19)% (28)% (22)% (18)% (12)% 15 %

Non-GAAP Reconciliations / Investments in Capital Assets ©2026 Vestis. All rights reserved. 21 ($ in Thousands) Q1 Q2 Year-to-date Q1 Q2 Year-to-date Investments in property and equipment $9,386 $12,690 $22,076 $14,732 $13,510 $28,242 New Finance Leases 5,391 11,991 17,382 12,932 9,808 22,740 Investments in Capital Assets $14,777 $24,681 $39,458 $27,664 $23,318 $50,982 Fiscal 2026 Fiscal 2025

Operational Metrics / Product Dollar Mix ©2026 Vestis. All rights reserved. 22 ($ in Thousands) (as reported) United States: Uniforms $222,721 37.2 % $233,145 38.5 % $450,382 37.5 % $478,923 39.0 % Workplace Supplies 376,187 62.8 % 372,929 61.5 % 751,427 62.5 % 748,867 61.0 % Total United States 598,908 100.0 % 606,074 100.0 % 1,201,809 100.0 % 1,227,790 100.0 % Canada: Uniforms $21,606 35.7 % $21,696 36.7 % $43,764 36.2 % $44,893 37.0 % Workplace Supplies 38,923 64.3 % 37,479 63.3 % 77,252 63.8 % 76,346 63.0 % Total Canada 60,529 100.0 % 59,175 100.0 % 121,016 100.0 % 121,239 100.0 % Consolidated: Uniforms $244,327 37.1 % $254,841 38.3 % $494,146 37.4 % $523,816 38.8 % Workplace Supplies 415,110 62.9 % 410,408 61.7 % 828,679 62.6 % 825,213 61.2 % Total Consolidated Revenue (as reported) $ 659,437 100.0 % $ 665,249 100.0 % $ 1,322,825 100.0 % $ 1,349,029 100.0 % April 3, 2026 March 28, 2025 Three months ended April 3, 2026 March 28, 2025 Year-to-date Ended

Non-GAAP Reconciliations / Free Cash Flow ©2026 Vestis. All rights reserved. 23 ($ in Millions) 1) Cash interest on bank debt plus A/R facility fees Individual Fiscal Quarters Referenced 2) Operating working capital includes accounts receivable, inventory, and accounts payable F1Q25 F2Q25 F3Q25 F4Q25 F1Q26 F2Q26 Adj EBITDA $81.2 $47.6 $64.0 $64.7 $70.4 $74.5 Cash interest (1) (26.6) (23.7) (24.1) (32.2) (23.0) (21.1) Cash tax (5.6) (0.7) (14.4) (5.7) (4.4) (2.2) Impacts from operating working capital (2) (14.5) (12.3) 4.9 21.9 12.7 (0.4) Other (30.7) (4.3) (7.5) (17.7) (18.0) 7.4 Operating Cash Flow $3.8 $6.6 $22.9 $31.0 $37.7 $58.3 Capital expenditures (14.7) (13.5) (14.9) (15.4) (9.4) (12.7) Free Cash Flow (FCF) $(10.9) $(6.9) $8.0 $15.6 $28.3 $45.6 Impacts of working capital 14.5 12.3 (4.9) (21.9) (12.7) 0.4 Free Cash Flow (FCF) excluding the impacts of working capital $ 3.6 $ 5.4 $ 3.1 $ (6.3) $ 15.6 $ 45.9

Non-GAAP Reconciliations / Adjusted Free Cash Flow ©2026 Vestis. All rights reserved. 24 ($ in Thousands) Individual Fiscal Quarters Referenced April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025 Net cash provided by operating activities $ 58,251 $ 6,658 $ 95,938 $ 10,438 Purchases of property and equipment and other (12,690) (13,510) (22,076) (28,242) Free Cash Flow (Non-GAAP) $ 45,561 $ (6,852) $ 73,862 $ (17,804) Cash paid for Transformation Costs 7,205 — 16,201 — Cash paid for severance 3,862 $ — 9,488 — Adjusted Free Cash Flow (Non-GAAP) $ 56,628 $ (6,852) $ 99,551 $ (17,804) Three months ended Six Months Ended

Non-GAAP Reconciliations / Operating Working Capital and Return on Working Capital Individual Fiscal Quarters Referenced ©2026 Vestis. All rights reserved. 25 ($ in Millions) 1) Operating working capital includes accounts receivable, inventory, and accounts payable 2) Return on working capital is calculated by dividing trailing twelve months Adjusted EBITDA with operating working capital F1Q25 F2Q25 F3Q25 F4Q25 F1Q26 F2Q26 Accounts Receivable $ 187.2 $ 162.4 $ 175.8 $ 162.3 $ 153.0 $ 149.5 Inventory 170.0 199.7 187.0 179.0 169.1 175.0 Accounts Payable 164.9 150.8 156.7 158.4 147.9 154.5 Operating Working Capital (1) $ 192.3 $ 211.3 $ 206.1 $ 182.9 $ 174.2 $ 170.0 Trailing Twelve Months Adjusted EBITDA $ 335.7 $ 296.1 $ 273.2 $ 257.4 $ 246.6 $ 273.6 Return on Working Capital (2) 174.6% 140.1% 132.6% 140.7% 141.6% 160.9%

Operational Metrics/Total Liquidity ©2026 Vestis. All rights reserved. 26 ($ in Millions) 1) Excess availability on the revolving credit facility represents total availability of $300 million less any borrowings on the revolving credit facility, less letters of credit outstanding ($5.8 million as of April 3, 2026). F1Q25 F2Q25 F3Q25 F4Q25 F1Q26 F2Q26 Excess availability on revolving credit facility (1) $ 294.7 $ 264.3 $ 266.3 $ 268.2 $ 275.2 $ 294.2 Cash on Hand 18.6 28.8 23.7 29.7 41.5 50.3 Total Liquidity $ 313.3 $ 293.1 $ 290.0 $ 297.9 $ 316.7 $ 344.5

Non-GAAP Reconciliations / Adjusted EPS ©2026 Vestis. All rights reserved. 27 1) Other includes certain costs or income items that are not individually material and do not relate to core business activities 2) Beginning in the second quarter of fiscal 2026, the Company calculated the tax effect of non-GAAP adjustments using the effective tax rate applicable to each respective quarterly period in which the adjustments are recognized. Year-to-date adjusted net income reflects the aggregation of each quarter’s after-tax adjustments, which management believes is consistent with the presentation of year-to-date GAAP results. Prior period amounts were adjusted to conform to the current period presentation (in thousands, except per share amounts) April 3, March 28, April 3, March 28, 2026 2025 2026 2025 Net Income (Loss) $ 2,596 $ (27,830) $ (3,795) $ (26,998) Adjustments: Amortization expense 6,693 6,568 13,386 13,333 Share-Based Compensation 3,374 7,977 5,717 13,157 Severance 1,000 7,558 6,452 11,951 Transformation Costs 9,272 — 17,083 — (Gain) loss on disposals of property and equipment (3,046) (972) (3,311) (972) Separation Related Charges 387 3,665 1,751 8,283 Third Party Debt Amendment Fees — 219 — 219 Legal Reserves and Settlements 2,680 661 5,093 2,018 Other Gains and Losses (1) (469) 1,199 (138) (541) Loss on Sale of Equity Investment — — — 2,150 Tax Impact of Reconciling Items Above (2) (673) (5,000) (7,295) (15,510) Adjusted Net Income (Loss) (Non-GAAP) $ 21,814 $ (5,955) $ 34,943 $ 7,090 Basic weighted-average shares outstanding 132,012 131,751 131,958 131,672 Diluted weighted-average shares outstanding 133,050 131,751 132,819 132,338 Basic (Loss) Earnings Per Share $ 0.02 $ (0.21) $ (0.03) $ (0.21) Diluted (Loss) Earnings Per Share $ 0.02 $ (0.21) $ (0.03) $ (0.21) Adjusted Basic (Loss) Earnings Per Share $ 0.17 $ (0.05) $ 0.26 $ 0.05 Adjusted Diluted (Loss) Earnings Per Share $ 0.16 $ (0.04) $ 0.26 $ 0.05 Consolidated Three Months Ended Year-to-date Ended Consolidated

©2025 Vestis. All rights reserved.

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