要點速覽

• 2026財年營收達到約4.47億美元，毛利潤升至約1.41億美元，兩者均創下公司歷史新高。
• 毛利率達到創紀錄的31.5%，毛利潤增速快於營收，表明盈利結構有所改善。
• 在第四財季，僅針對股權激勵費用進行調整後，EVI Industries的商用洗滌業務在扣除總部費用前的調整後EBITDA利潤率超過10%。
• 經營現金流約為2100萬美元。截至6月底，淨負債約為4400萬美元，儘管進行了兩次收購和持續投資，但與上年同期相比基本持平。
• EVI在2026財年期間及財年底後不久完成了三項收購：兩項屬於商用洗滌領域，另一項則建立了其消費者服裝護理服務部門。
• 管理層表示，EVI進入2027財年時在其重點領域擁有豐富的潛在收購項目儲備，同時強調嚴謹的交易選擇和穩健的資產負債表。

關鍵財務數據

業務與運營表現

商用洗滌仍是EVI的核心業務。公司通過設備銷售、系統設計、安裝、調試、零部件供應、維護、維修、化學品及技術支持，服務於多家庭住宅、自助洗滌、現場洗滌（On-Premise）及工業客戶。

管理層將業務質量的提升歸因於對人才、技術、流程和運營能力的投資。這些投資旨在提高技術人員生產力、作業成本覈算精度、庫存決策能力以及EVI分散式業務之間的協同效率。客戶關係管理（CRM）平台目前仍處於開發階段，管理層預計該平台將提升對客戶需求和銷售機會的可見度。

EVI還通過收購Sudsies建立了第二個部門——消費者服裝護理服務部門。管理層將Sudsies描述為一個圍繞服裝護理工藝、便利性、技術賦能的物流以及與消費者和奢侈品零售合作伙伴的關係所構建的基石。

公司計劃將其分散式收購模式應用於新部門，在保留本地品牌和管理團隊的同時提供資金、技術和共享資源。管理層認為該部門最終可能產生可觀的利潤和現金流，但強調EVI目前仍處於早期階段。

在過去十年中，EVI完成了30多項收購，營收增長了十倍以上。公司超過半數的股權由高管及被收購業務的原所有人共同持有，從而使管理層及運營者的持股與長期業績保持一致。

風險與關注事項

管理層將關稅、供應商成本、施工進度和宏觀經濟狀況列為其積極管理的因素。此外，總部費用還包括對基礎設施、人才和技術的投資，這些投資服務於EVI的所有業務，而非直接隨營收規模同步變化。

EVI正在評估大量的收購機會，但管理層強調，交易仍須符合其在團隊人才、企業文化、財務效益及戰略契合度方面的要求。公司還強調了保持資產負債表靈活性（彈性）的重要性，因為收購機會的出現往往不可預測。

業績電話會議完整文字記錄

完整財報電話會議逐字稿

管理層陳述

Henry Nahmad

Hello, and welcome to EVI Industries Earnings Call for the Fourth Quarter and Fiscal Year Ended June 30, 2026. I'm Henry Nahmad, Chairman and CEO of EVI. Before we begin, I would like to remind you that this presentation contains forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. For additional information, please refer to our earnings release issued today and our filings with the SEC, including the Risk Factors section of our most recent annual report on Form 10-K. This discussion also includes references to Adjusted EBITDA, a non-GAAP financial measure. A full definition and reconciliation to net income can be found in our earnings release.

Fiscal 2026 was the best year in EVI's history. But what excites me most is not the records themselves. It is what this year says about the enterprise we have spent the last decade building and what we believe can come next. We finished the year with record revenue and gross profit, stronger margins, strong cash generation, and a fourth quarter that demonstrated meaningful operating leverage. During the year and shortly after year-end, we also completed 3 acquisitions, 2 in commercial laundry and 1 that established our second division in consumer garment care services. Rather than repeat every figure already available in the release, I want to focus on what the results tell us about the quality of EVI, the culture behind it, and the opportunity ahead.

Revenue reached approximately $447 million and gross profit approximately $141 million, both records, while gross margin reached a record 31.5%. Importantly, gross profit grew faster than revenue. To us, that is evidence that EVI is not simply getting bigger; the quality and earnings potential of the business are improving. The fourth quarter made that especially clear. Our commercial laundry operating businesses produced an Adjusted EBITDA margin, adjusted solely for stock-based compensation expense, above 10% before corporate expense. Corporate expense largely reflects infrastructure that serves the company's businesses collectively rather than costs that scale with revenue.

The investments within corporate expense are deliberate investments in people, technology, processes, and capabilities. Their purpose is not simply cost reduction or margin expansion. We are building EVI to deliver a uniquely better customer experience, 1 that makes our people more effective, makes us easier to do business with, and gives customers more reasons to continue choosing EVI. Commercial laundry remains the foundation of EVI, and we believe it is an exceptional industry in which to compound capital over a long period of time. Laundry is essential. Equipment must operate, be serviced, and eventually replaced, while parts, service, and consumables are required continuously. That creates durable demand through economic cycles.

Just as important, EVI is not a transactional distributor. We serve the full spectrum of commercial laundry: multifamily, vended, on-premise, and industrial, where customer needs range from straightforward to highly complex. Our people plan and design laundry operations, specify systems, provide equipment and related products, install and commission those systems, and support customers with parts, maintenance, repair, chemicals, and technical expertise throughout the life of the facility. Our job is to understand each customer's circumstances and create the right solution around them. The objective of everything we're building, our people, service network, technology, processes, and product capabilities is to deliver a uniquely better customer experience that earns trust, repeat business, and a deeper relationship over time.

Businesses that merely move products can ultimately be disintermediated. Businesses that solve problems, earn trust, and remain important to the customers' operation are much harder to replace. That distinction matters to how we are building EVI. Over the last 10 years, we have invested heavily in the systems, people, and capabilities required to operate a much larger enterprise. We're increasingly putting those investments to work through better information for local managers, improved technician productivity, more accurate job costing, better inventory decisions, and greater coordination across our businesses. One important capability still ahead is a CRM. As we build and deploy it, we believe it can become a tremendous added benefit to our sales organization by giving our people better visibility into customer relationships, needs, and opportunities across EVI.

Technology does not replace our decentralized model. It strengthens it. We want decisions made close to the customer by leaders with the best local information. EVI's role is to give those leaders capital, technology, specialized talent, and the broader resources of the enterprise while preserving the speed, accountability, and market knowledge that made their businesses successful. Entrepreneurship is central to EVI. We have intentionally created an environment where successful entrepreneurs can remain entrepreneurs, retaining meaningful authority, continuing to build the businesses and brands they care about, and gaining resources that allow them to think bigger.

We want ambitious people inside EVI generating ideas, recruiting talent, finding new markets, making investments, and challenging one another to improve. When talented entrepreneurs have resources without losing their initiative, we believe the result can be more innovation, intelligent investment, growth, profit, and, over time, meaningful wealth creation. That culture is also important to our acquisition strategy. We generally preserve local brands, retain people, and empower leaders, then help them expand products, sales, and service, recruit, invest in technology, and pursue opportunities that may have been difficult to capture independently. After a decade of operating this way, we believe our reputation has become a competitive advantage.

Successful owners in our industry increasingly understand what EVI stands for and want to be a part of it. That creates acquisition conversations that are about far more than price. We are evaluating a meaningful number of opportunities today, but opportunity does not change our discipline. We are thoughtful in what we pursue and prepared to act with conviction when the people, culture, economics, and strategic fit are right. The most exciting development since year-end is the creation of our Consumer Garment Care Services division. This is not a pivot away from commercial laundry. It is an expansion within laundry into a different end customer, giving EVI a second division in which to apply many of the principles that have served us well: fragmented markets, recurring customer needs, strong local brands, exceptional entrepreneurs, decentralized leadership, and disciplined investment.

Sudsies, our first business in the division, gives us a differentiated foundation built around craftsmanship, quality, convenience, technology-enabled logistics, and deep relationships with individual consumers and luxury retail partners. Just as importantly, its founders and leadership remain engaged. That is exactly how we want to build. The opportunity is much larger, though, than 1 business. Consumer garment care is a large, highly fragmented industry with many talented independent operators.

We believe EVI can become a compelling home for the best of them, preserving what makes their businesses special while providing capital, technology, shared resources, and the opportunity to participate in something much larger. We are early, and we will remain disciplined. But we see the potential to build a significant second division with meaningful earnings and cash flow, and we enter fiscal 2027 with a substantial pipeline of acquisition conversations across our areas of focus.

All of this is supported by financial discipline. EVI generated approximately $21 million in operating cash flow in fiscal '26 and ended June with approximately $44 million of net debt, essentially unchanged from the prior year despite completing 2 acquisitions and continuing to invest in the enterprise. We view financial strength as strategic. Opportunity rarely arrives on a convenient schedule.

A conservative balance sheet gives us the ability to move when the right opportunity appears without forcing action when it does not. That same principle applies to ownership. More than half of EVI is collectively owned by our executives and the original owners of businesses that joined us. Investors are, therefore, investing alongside many of the people making decisions and operating the businesses.

Our capital, careers, and reputations are tied to the same long-term outcome. We have demonstrated that mindset for more than a decade, investing through cycles, building capabilities before they were fully needed, preserving the entrepreneurial strengths of acquired businesses, maintaining financial flexibility, and repeatedly choosing the long-term value over short-term optics.

We manage tariffs, supplier costs, construction schedules, and economic conditions actively, but we do not build EVI around predicting the next 90 days. As I look at EVI today, I see an enterprise that is stronger, broader, and more capable than at any point since we began this journey in 2015. We have exceptional depth and leadership across the corporate organization, our regions, and our operating businesses.

That leadership includes founders, long-time industry operators, experienced functional executives, and a growing generation of younger leaders who have developed inside EVI or joined because they see the opportunity here. It gives us industry knowledge, local judgment, institutional memory, and the energy to keep building for a long time. We now have 2 divisions through which to compound those strengths. In commercial laundry, we see substantial opportunity to grow organically, acquire excellent businesses, expand recurring service and consumables revenue, and improve profitability. In consumer garment care, we see the opportunity to build a complementary business of meaningful scale around exceptional operators and trusted local brands.

10 years ago, we set out to build a different kind of company in laundry. Since then, revenue has grown more than tenfold. We have completed more than 30 acquisitions. We have built the leading commercial laundry distribution and service organization in North America. Yet I believe we are still early. Fiscal '26 was our best year. More importantly, it strengthened our confidence in what EVI can become: an entrepreneurial, owner-led enterprise with durable businesses, disciplined capital, deep leadership, meaningful acquisition opportunities, and the conviction to pursue large opportunities for the long term. Thank you for your time and continued support of EVI Industries. Until next time, be well.

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