This management’s discussion and analysis (“MD&A”) should be read in conjunction with the information included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. The discussions in this MD&A contain forward-looking statements that involve risks and uncertainties. This discussion includes disclosures that are shown in rounded amounts. The related percentage disclosures are calculated on unrounded amounts. As such, certain totals, subtotals, and percentages may not reconcile. OVERVIEW We are the world’s largest designer and manufacturer of commercial laundry systems, serving a diverse and resilient range of global end markets. We believe we engineer and produce the highest quality and one of the most reliable commercial laundry systems in the industry. We leverage our pure play focus on the commercial laundry industry and over 100 years of engineering excellence to drive innovation and design our equipment to deliver outstanding performance in the most demanding applications. We believe the need for clean laundry is universal and growing, and our premium machines meet this fundamental human need, all day, every day. We produce a full line of commercial washers and dryers with load capacities up to 400 pounds as well as presses and finishing equipment under the well-known brand names of Speed Queen, UniMac, Huebsch, IPSO and Primus. Our products are sold to three core end markets, including: (i) On-Premise laundries: Businesses or institutions that process large volumes of laundry in support of their core business, including healthcare facilities, fire stations and hotels; (ii) Vended businesses: Laundromats and communal laundry operators, that operate commercial systems for end users who pay for use; and (iii) Commercial In-Home: Residential consumers who pay a premium to have the reliability and effectiveness of commercial systems in their homes. 31 Table of Contents RESULTS OF OPERATIONS Three Months Ended June 30, 2026 as Compared to the Three Months Ended June 30, 2025 Consolidated Results of Operations The following table sets forth our consolidated results of operations for the quarter ended June 30, 2026 (in thousands): Three Months Ended June 30, 2026 2025 $ Change % Change Net revenues: Equipment, service parts and other $ 464,206 $ 434,754 $ 29,452 6.8 % Equipment financing 12,549 12,430 119 1.0 % Net revenues 476,755 447,184 29,571 6.6 % Costs and expenses: Cost of sales 277,389 262,710 14,679 5.6 % Cost of sales - related parties 2,135 1,635 500 30.6 % Equipment financing expenses 7,335 8,650 (1,315) (15.2) % Gross profit 189,896 174,189 15,707 9.0 % Selling, general, and administrative expenses 84,139 80,264 3,875 4.8 % Selling, general, and administrative expenses - related parties 109 75 34 45.3 % Total operating expenses 84,248 80,339 3,909 4.9 % Operating income 105,648 93,850 11,798 12.6 % Interest expense, net 17,809 39,376 (21,567) (54.8) % Other expenses, net 7 13,787 (13,780) (99.9) % Income before taxes 87,832 40,687 47,145 115.9 % Provision for income taxes 19,163 9,653 9,510 98.5 % Net income $ 68,669 $ 31,034 $ 37,635 121.3 % Net revenues Net revenues for the three months ended June 30, 2026 increased $29.6 million, or 6.6%, to $476.8 million from $447.2 million for the three months ended June 30, 2025. The increase in net revenues reflects a combination of price increases and volume growth, with price contributing approximately half of the increase. Equipment revenue increased $28.8 million, or 7.6%, year over year, primarily driven by volume growth and price increases. Service parts revenue increased $0.3 million, or 0.7%, year over year primarily driven by price increases. Equipment financing revenue increased $0.1 million, or 1.0% year over year driven by an increase in interest income due to growth in the loan base, partially offset by a decrease in variable loan rates tied to the prime rate. Gross profit Gross profit for the three months ended June 30, 2026 increased $15.7 million, or 9.0%, to $189.9 million from $174.2 million for the three months ended June 30, 2025. Gross profit as a percentage of net revenues was 39.8% for the three months ended June 30, 2026, as compared to 39.0% for the three months ended June 30, 2025. The increase in gross profit as a percentage of revenue was primarily driven by favorable production volume cost absorption, cost reduction 32 Table of Contents initiatives and $3.8 million of insurance proceeds and tariff refunds, which favorably impacted gross margin in the current period. Selling, general, and administrative expenses Selling, general, and administrative expenses for the three months ended June 30, 2026 increased $3.9 million to $84.2 million from $80.3 million for the three months ended June 30, 2025. Selling, general, and administrative expenses as a percentage of net revenues was 17.7% for the three months ended June 30, 2026 as compared to 18.0% for the three months ended June 30, 2025. Included within Selling, general, and administrative expenses is $9.8 million and $11.2 million of non-cash depreciation and amortization related to the fair value step-up of assets recorded under purchase accounting from a prior business combination for the three months ended June 30, 2026 and 2025, respectively. The increase in Selling, general and administrative expenses is primarily due to increased administrative costs related to public company support costs, partially offset by a favorable impact from foreign exchange movements. Interest expense, net Interest expense, net for the three months ended June 30, 2026 decreased $21.6 million to $17.8 million from $39.4 million for the three months ended June 30, 2025. The decrease in interest expense was primarily attributable to a lower debt balance resulting from Term Loan voluntary prepayments, as discussed in Note 11 - Debt, and a lower interest rate on the Term Loan following refinancing activities in August 2025. Additionally, the decrease reflects a favorable change in the fair value of our interest rate swaps. Other expenses, net Other expenses, net for the three months ended June 30, 2026 was less than $0.1 million, compared to $13.8 million for the three months ended June 30, 2025. The expense in the prior year period was driven by $13.8 million of foreign exchange losses on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency. In contrast, the current period included a de minimis foreign exchange loss on intercompany loans. Provision for income taxes The effective income tax rate was a 21.8% provision for the three months ended June 30, 2026 as compared to a 23.7% provision for the three months ended June 30, 2025. The decrease is primarily due to the benefit of deductibility for exercises of stock options, partially offset by limitations of deductibility of officer compensation subsequent to the IPO in the prior year period. Segment Results Our business is organized into two reportable segments, North America and International. The Company uses Segment Net revenues, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin as its measures of performance. The Company allocates certain costs including manufacturing variances, customer support expenses and selling and general expenses which are incurred in our global operations to the reportable segments in determining Segment Adjusted EBITDA. Segment Adjusted EBITDA is a performance metric utilized by the Company’s Chief Operating Decision Maker to allocate resources on a segment basis. We define Segment Adjusted 33 Table of Contents EBITDA as, on a segment basis, net income excluding interest income/expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, such as refinancing and debt related costs, share-based compensation, strategic transaction costs, foreign exchange on intercompany loans and other non-recurring items which management believes are not indicative of the Company’s ongoing operating performance. Segment Adjusted EBITDA is a measure of operating performance of our reportable segments and may not be comparable to similar measures reported by other companies. See Note 15 - Segment Information to our interim condensed consolidated financial statements included in this Quarterly Report. The following table presents the Company’s segment results for the three months ended June 30, 2026: Three Months Ended June 30, (in thousands, except for percentages) 2026 2025 $ Change % Change North America Net revenues $ 359,258 $ 329,095 $ 30,163 9.2 % Adjusted EBITDA $ 113,632 $ 96,802 $ 16,830 17.4 % Adjusted EBITDA Margin 31.6 % 29.4 % International Net revenues $ 117,497 $ 118,089 $ (592) (0.5) % Adjusted EBITDA $ 33,948 $ 36,894 $ (2,946) (8.0) % Adjusted EBITDA Margin 28.9 % 31.2 % North America Revenue in North America increased $30.2 million or 9.2% to $359.3 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Equipment revenue increased $28.0 million, or 10.2%, mainly driven by strong demand across all end markets, with particularly strong performance in the Commercial In-Home end market (an increase of 19%). Service parts revenue increased $1.2 million, or 3.7%, primarily driven by price increases offsetting inflationary increases. Other revenues and Equipment financing revenue remained relatively flat year over year. Adjusted EBITDA increased $16.8 million or 17.4% to $113.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and Adjusted EBITDA Margin increased to 31.6% for the three months ended June 30, 2026 compared to 29.4% for the three months ended June 30, 2025. The increase in adjusted EBITDA margin is driven by broad-based growth across all end markets, supported by demand mix shift toward larger-capacity machines in the Vended market. Additionally, the adjusted EBITDA margin was impacted by $3.8 million of insurance proceeds and tariff refunds, which favorably impacted EBITDA margin in the current period. International Revenue decreased $0.6 million or 0.5% to $117.5 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Equipment revenue increased $0.7 million, or 0.7%, primarily due to strong performance in Asia (an increase of 9%), partially offset by a decrease in Middle East and Africa (a decrease of 35%), which was adversely impacted by heightened geopolitical tensions. Service parts revenue decreased $0.9 million, or 7.0%. 34 Table of Contents Adjusted EBITDA decreased $2.9 million or 8.0% to $33.9 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025 and Adjusted EBITDA Margin decreased to 28.9% for the three months ended June 30, 2026 from 31.2% for the three months ended June 30, 2025. This decrease was primarily driven by regional customer and product mix. Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025 Consolidated Results of Operations The following table sets forth our consolidated results of operations for the six months ended June 30, 2026 (in thousands): Six Months Ended June 30, 2026 2025 $ change % change Net revenues: Equipment, service parts and other $ 878,912 $ 812,472 $ 66,440 8.2 % Equipment financing 24,730 24,285 445 1.8 % Net revenues 903,642 836,757 66,885 8.0 % Costs and expenses: Cost of sales 536,852 498,256 38,596 7.7 % Cost of sales - related parties 3,805 3,082 723 23.5 % Equipment financing expenses 15,900 16,209 (309) (1.9) % Gross profit 347,085 319,210 27,875 8.7 % Selling, general, and administrative expenses 157,467 150,727 6,740 4.5 % Selling, general, and administrative expenses - related parties 164 150 14 9.3 % Total operating expenses 157,631 150,877 6,754 4.5 % Operating income 189,454 168,333 21,121 12.5 % Interest expense, net 35,697 84,288 (48,591) (57.6) % Other (income)/expenses, net (6,463) 20,908 (27,371) (130.9) % Income before taxes 160,220 63,137 97,083 153.8 % Provision for income taxes 34,635 14,874 19,761 132.9 % Net income $ 125,585 $ 48,263 $ 77,322 160.2 % Net revenues Net revenues for the six months ended June 30, 2026 increased $66.9 million, or 8.0%, to $903.6 million from $836.8 million for the six months ended June 30, 2025. Equipment revenue increased $64.3 million, or 9.1%, versus the prior year, due to volume and modest price increases in North America and modest price increases in International. Service parts revenue increased $2.2 million, or 2.6%, year over year primarily driven by volume growth and modest price increases. Other revenues decreased $0.1 million, or 0.5%. Equipment financing revenue increased $0.4 million, or 1.8% year over year driven by an increase in interest income due to growth of the loan base, partially offset by a decrease in variable loan rates tied to the prime rate. 35 Table of Contents Gross profit Gross profit for the six months ended June 30, 2026 increased $27.9 million, or 8.7%, to $347.1 million from $319.2 million for the six months ended June 30, 2025. Gross profit as a percentage of net revenues was 38.4% for the six months ended June 30, 2026 as compared to 38.1% for the six months ended June 30, 2025. The increase in gross profit as a percentage of revenue was primarily driven by favorable production volume cost absorption, cost reduction initiatives and modest price increases. Selling, general, and administrative expenses Selling, general, and administrative expenses for the six months ended June 30, 2026 increased $6.8 million to $157.6 million from $150.9 million for the six months ended June 30, 2025. Selling, general, and administrative expenses as a percentage of net revenues was 17.4% for the six months ended June 30, 2026 as compared to 18.0% for the six months ended June 30, 2025. Included within Selling, general, and administrative expenses is $19.5 million and $22.3 million of non-cash depreciation and amortization related to the fair value step-up of assets recorded under purchase accounting from a prior business combination for the six months ended June 30, 2026 and 2025, respectively. The increase in Selling, general and administrative expenses is primarily due to higher selling and promotional expenses driven by higher sales volume and increased administrative costs related to public company support costs, partially offset by a favorable impact from foreign exchange movements. Interest expense, net Interest expense, net for the six months ended June 30, 2026 decreased $48.6 million to $35.7 million from $84.3 million for the six months ended June 30, 2025. The decrease in interest expense was primarily attributable to a lower debt balance resulting from Term Loan voluntary prepayments, as discussed in Note 11 - Debt, and a lower interest rate on the Term Loan following refinancing activities in August 2025. Additionally, the decrease reflects a favorable change in the fair value of our interest rate swaps. Other (income)/expenses, net Other (income)/expenses, net for the six months ended June 30, 2026 was income of $6.5 million compared to expenses of $20.9 million for the six months ended June 30, 2025. Other expenses, net for the six months ended June 30, 2026 included $6.5 million of foreign exchange gains on intercompany loans, net where the lender or borrower’s functional currency differs from the loan denomination currency. Other expenses, net for the six months ended June 30, 2025 included $19.9 million foreign exchange losses on intercompany loans, net and $1.1 million of debt issuance costs. Provision for income taxes The effective income tax rate was 21.6% for the six months ended June 30, 2026 as compared to 23.6% for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 was impacted by the benefit of deductibility for exercises of stock options, partially offset by limitations of deductibility of officer compensation. 36 Table of Contents Segment Results The following table presents the Company’s segment results for the six months ended June 30, 2026: Six Months Ended June 30, (in thousands, except for percentages) 2026 2025 $ change % change North America Net revenues $ 679,077 $ 621,414 $ 57,663 9.3 % Adjusted EBITDA $ 200,560 $ 177,578 $ 22,982 12.9 % Adjusted EBITDA Margin 29.5 % 28.6 % International Net revenues $ 224,565 $ 215,343 $ 9,222 4.3 % Adjusted EBITDA $ 66,506 $ 65,694 $ 812 1.2 % Adjusted EBITDA Margin 29.6 % 30.5 % North America Revenue in North America increased $57.7 million or 9.3% to $679.1 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Equipment revenue increased $55.2 million, or 10.7%, mainly driven by strong demand across all end markets, with particularly strong performance in the Commercial In-Home end market (an increase of 21%). Service parts revenue increased $1.3 million, or 2.1%, primarily driven by volume growth and modest price increases. Other revenues and Equipment financing revenue remained relatively flat, having increased $0.6 million, or 3.1%, and $0.5 million, or 2.2%, respectively. Adjusted EBITDA increased $23.0 million or 12.9% to $200.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 and Adjusted EBITDA Margin increased to 29.5% for the six months ended June 30, 2026 from 28.6% for the six months ended June 30, 2025. This increase was primarily driven by modest price increases and cost reduction initiatives. International Revenue increased $9.2 million or 4.3% to $224.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Equipment revenue increased $9.1 million, or 4.8%, primarily due to strong performance in Europe (an increase of 9%). Service parts revenue increased $0.9 million, or 3.9%, primarily driven by volume growth. Adjusted EBITDA increased $0.8 million or 1.2% to $66.5 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 and Adjusted EBITDA Margin decreased to 29.6% for the six months ended June 30, 2026 from 30.5% for the six months ended June 30, 2025. This decrease in margin was primarily driven by regional customer and product mix. 37 Table of Contents LIQUIDITY AND CAPITAL RESOURCES Our principal sources of liquidity are cash on hand, cash flows generated from operations, and potential borrowings under our revolving credit facilities. We believe that our sources of liquidity will be adequate to meet our anticipated requirements for ongoing operations, capital expenditures, working capital, interest payments, scheduled principal payments, and other debt repayments over the next twelve months while remaining in compliance with the covenants of our debt agreements. We expect that capital expenditures in 2026 will be approximately $60.0 million. We have invested $13.9 million of cash into capital expenditures during the six months ended June 30, 2026. Cash Flows Information The following table presents a summary of our cash flow activity for the periods set forth below (in thousands): Six Months Ended June 30, 2026 2025 Net cash provided by operating activities $ 146,139 $ 50,697 Net cash used in investing activities (13,583) (24,111) Net cash (used in)/provided by financing activities (98,158) 25,234 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (663) 1,595 Increase in cash, cash equivalents, and restricted cash $ 33,735 $ 53,415 Operating Activities Cash provided by operating activities for the six months ended June 30, 2026 of $146.1 million was primarily derived from net income adjusted for non-cash provisions, partially offset by a $19.8 million increase in working capital. The primary contributors to the change in working capital were a $57.6 million increase in accounts and equipment financing receivables held for securitization investors and an increase of $9.9 million in accounts and equipment financing receivables, partially offset by a $40.8 million increase in accounts payable and a decrease of $7.7 million in other assets. Cash provided by operating activities for the six months ended June 30, 2025 of $50.7 million was primarily derived from net income adjusted for non-cash provisions, partially offset by a $67.4 million increase in working capital. The primary contributors to the change in working capital were a $45.7 million increase in accounts and equipment financing receivables held for securitization investors, a decrease in other liabilities of $15.8 million, a $13.9 million increase in inventory, an increase in accounts receivable and equipment financing receivables of $11.4 million, and an increase of $4.2 million in other assets, partially offset by an increase of $23.5 million in accounts payable. Investing Activities Cash used in investing activities of $13.6 million for the six months ended June 30, 2026 was primarily the result of $13.9 million of capital expenditures, $3.2 million related to the acquisitions of distributors in the United States, partially offset by a $3.2 million net inflow related to collections of new equipment financing receivables exceeding originations. Cash used in investing activities of $24.1 million for the six months ended June 30, 2025 was primarily the result of $16.6 million related to capital expenditures, $3.1 million related to acquisitions 38 Table of Contents of distributors in the United States and a $4.6 million net outflow related to originations of new equipment financing receivables exceeding collections. Financing Activities Cash used in financing activities of $98.2 million for the six months ended June 30, 2026 was primarily comprised of $115.0 million in voluntary prepayments on the Term Loan, $8.7 million for taxes paid related to net share settlement of stock options, partially offset by a $22.5 million net increase in asset backed borrowings owed to securitization investors. Cash provided by financing activities of $25.2 million for the six months ended June 30, 2025, was primarily comprised of $29.5 million net increase in asset backed borrowings owed to securitization investors, partially offset by $2.3 million related to the repurchase of common stock. Debt As of June 30, 2026, there was $1,250.0 million outstanding under the Term Loan and $245.1 million of unused capacity on the revolving facility. The Term Loan bears interest of SOFR plus a margin of 2.00%. As of June 30, 2026, the interest rate for the Term Loan is 5.66%. During the six months ended June 30, 2026, the Company made $115.0 million of voluntary prepayments on the Term Loan. Previously, during 2025, the Company made total voluntary prepayments on the Term Loan of $710.0 million, consisting of a $525.0 million prepayment on October 17, 2025, funded with net proceeds from the Company's initial public offering and cash on hand, and $185.0 million of other voluntary prepayments made during the year. The repayments were first applied to and eliminated the future required quarterly installment principal repayments. As such, the remaining balance of the Term Loan is due at maturity on August 19, 2031, with the exception of any Excess Cash Flow payment required under the Credit Agreement. Off-Balance Sheet Arrangements As of June 30, 2026, we did not have any off-balance sheet arrangements, as defined in Regulation S-K promulgated by the SEC.