Financial Analysis

Acquisitions The Company enters into strategic acquisitions in an effort to better service existing customers and to attract new customers. The Company completed acquisitions for an aggregate purchase price of $76.1 million and $11.4 million for the six months ended June 28, 2026 and June 29, 2025, respectively. These acquisitions included no deferred contingent consideration for the six months ended June 28, 2026 and $1.1 million deferred contingent consideration for the six months ended June 29, 2025. As of June 28, 2026, the Company completed the following acquisitions since the start of the 2025 Fiscal Year: In March 2026, the Company acquired all of the outstanding stock of Reinders, Inc. (Reinders). With twelve locations across Wisconsin, Michigan, Illinois, Indiana, Kansas, and Minnesota, Reinders is a wholesale distributor of irrigation, agronomics, lighting, and landscape supplies to landscape professionals. In January 2026, the Company acquired the assets and assumed the liabilities of Bourget Flagstone Co. (Bourget Flagstone), a division of Bourget Bros. Building Materials Inc. With one location in Santa Monica, California, Bourget Flagstone is a wholesale distributor of hardscapes products to landscape professionals. In November 2025, the Company acquired the assets and assumed the liabilities of French Broad Stone Yards, LLC (French Broad). With two locations in Arden and Brevard, North Carolina, French Broad is a wholesale distributor of hardscapes products to l …

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Commitments and Contingencies Environmental Liability As part of the sale by LESCO, Inc. (LESCO) of its manufacturing assets in 2005, the Company retained the environmental liability associated with those assets. As part of the acquisition of a majority stake in the Company in December 2013 by CD&R Landscape Holdings, L.P. from Deere & Company (Deere), Deere agreed to pay the first $2.5 million of this liability and the Companys exposure was capped at $2.4 million. In September 2025, the Company and Deere entered into agreements to settle and resolve the environmental liability arising from the LESCO sale. Under these agreements, a lump-sum settlement payment was made on September 30, 2025 to the purchaser of the LESCO manufacturing assets in exchange for a release of all related claims against both the Company and Deere, as well as the termination of certain indemnification obligations under the original LESCO sale agreement. The Companys share of the settlement payment was $0.5 million. As of June 28, 2026 and December 28, 2025, the Company had no remaining environmental liability as the related indemnification asset was derecognized in September 2025. Letters of Credit As of June 28, 2026 and December 28, 2025, outstanding letters of credit were $32.9 million and $22.2 million, respectively. There were no amounts drawn on the letters of credit for either period presented. …

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Employee Benefit and Stock Incentive Plans The Company sponsors a defined contribution benefit plan for substantially all of its employees. Company contributions to the plan are based on a percentage of employee wages. The Companys contributions to the plan were $5.3 million and $10.6 million for the three and six months ended June 28, 2026, and $4.4 million and $9.5 million for the three and six months ended June 29, 2025, respectively. The Companys Omnibus Equity Incentive Plan (the 2016 Plan), which became effective on April 28, 2016, provided for the grant of awards in the form of stock options that may be either incentive stock options or non-qualified stock options; stock purchase rights; restricted stock; restricted stock units (RSUs); performance shares; performance stock units (PSUs); stock appreciation rights; dividend equivalents; deferred stock units (DSUs); or other stock-based awards. At the 2020 Annual Meeting of Stockholders of the Company on May 13, 2020, the Companys stockholders approved the Companys 2020 Omnibus Equity Incentive Plan (the 2020 Plan), which replaced the 2016 Plan. The 2020 Plan reserved 2,155,280 shares of the Companys common stock for issuance under the 2020 Plan, consisting of 1,600,000 new shares plus 555,280 shares that were previously authorized for issuance under the 2016 Plan and that, as of May 13, 2020, were not subject to outstanding awards. No further grants of awards have been made under the 2016 Plan; however, outstanding award …

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Long-Term Debt Long-term debt was as follows (in millions): June 28, 2026 December 28, 2025 ABL facility $ 124.1 $ Subsidiary ABL facility 0.6 Term loans 386.8 388.8 Total gross long-term debt 510.9 389.4 Less: unamortized debt issuance costs and discounts on debt (5.2) (4.0) Total debt $ 505.7 $ 385.4 Less: current portion (3.9) (3.9) Total long-term debt $ 501.8 $ 381.5 ABL Facility SiteOne Landscape Supply Holding, LLC (Landscape Holding) and SiteOne Landscape Supply, LLC (Landscape and together with Landscape Holding, the Borrowers), each an indirect wholly-owned subsidiary of the Company, are parties to the credit agreement dated December 23, 2013 (as amended by the First Amendment to the Credit Agreement, dated June 13, 2014, the Second Amendment to the Credit Agreement, dated January 26, 2015, the Third Amendment to the Credit Agreement, dated February 13, 2015, the Fourth Amendment to the Credit Agreement, dated October 20, 2015, the Omnibus Amendment to the Credit Agreement, dated May 24, 2017, the Sixth Amendment to the Credit Agreement, dated February 1, 2019, the Seventh Amendment to the Credit Agreement, dated July 22, 2022, and the First Amendment to the Amended and Restated Credit Agreement, dated April 22, 2026, the ABL Credit Agreement) providing for an asset-based credit facility (the ABL Facility) of up to $600.0 million, subject to borrowing base availability. The ABL Facility is secured by a first lien on the inventory and receivables of the Borrowers. Th …

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The following table presents Net sales disaggregated by product category (in millions): Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Landscaping products (a) $ 1,187.4 $ 1,155.1 $ 1,866.9 $ 1,843.2 Agronomic and other products (b) 343.3 306.5 603.9 557.8 $ 1,530.7 $ 1,461.6 $ 2,470.8 $ 2,401.0 ______________ (a) Landscaping products include hardscapes, irrigation supplies, landscape accessories, nursery goods, and outdoor lighting. (b) Agronomic and other products include fertilizer, control products, ice melt, equipment, and other products.

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Goodwill and Intangible Assets, Net Goodwill The changes in the carrying amount of goodwill were as follows (in millions): December 29, 2025 December 30, 2024 to June 28, 2026 to December 28, 2025 Beginning balance $ 530.4 $ 518.1 Goodwill acquired during the period (a) 28.8 11.1 Goodwill adjusted during the period (0.4) 1.2 Ending balance $ 558.8 $ 530.4 ______________ (a) Additions to goodwill during the periods presented reflect the acquisitions described in Note 3 . Intangible Assets Intangible assets include customer relationships as well as trademarks and other intangibles acquired through acquisitions. Intangible assets with finite useful lives are amortized on an accelerated method or a straight-line method of amortization over their estimated useful lives. An accelerated amortization method reflecting the pattern in which the asset will be consumed is utilized if that pattern can be reliably determined. If that pattern cannot be reliably determined, a straight-line amortization method is used. The Company considers the period of expected cash flows and the underlying data used to measure the fair value of the intangible assets when selecting a useful life. The Companys customer relationships are amortized on an accelerated method. The following table summarizes the components of intangible assets (in millions, except weighted average remaining useful life): June 28, 2026 December 28, 2025 Weighted Average Remaining Useful Life Amount Accumulated Amortization Net Amou …

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Income Taxes The Companys effective tax rate was approximately 25.0% for the six months ended June 28, 2026 and approximately 25.4% for the six months ended June 29, 2025. The decrease in the effective rate was primarily due to an increase in the amount of excess tax benefits from stock-based compensation recognized as a component of Income tax expense in the Companys Consolidated Statements of Operations. The Company recognized excess tax benefits of $0.2 million for the six months ended June 28, 2026, compared to tax deficiencies of $0.3 million for the six months ended June 29, 2025. The Companys effective tax rate differs from its statutory rate based on a variety of factors, including overall profitability, the geographical mix of income taxes, and the related tax rates in the jurisdictions in which it operates. The Company provides a valuation allowance against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The assessment considers all available positive and negative evidence and is measured quarterly. The Company maintains a valuation allowance against certain state deferred tax assets where sufficient negative evidence exists to require a valuation allowance. During the six months ended June 28, 2026 and June 29, 2025, the Company recorded no material increases or decreases to the valuation allowance against deferred tax assets. Tax Equity Investments : In November 2025 and 2024, the Compan …

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Leases The Company determines if an arrangement is a lease at inception of a contract. The Company leases equipment and real estate including office space, branch locations, and distribution centers under operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one year to five years or more. The exercises of lease renewal options are at the Companys sole discretion. Finance lease obligations consist primarily of the Companys vehicle fleet. Certain leases include options to purchase the leased property. ROU assets represent the Companys right to use an underlying asset during the lease term and lease liabilities represent the Companys obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. As most of the Companys operating leases do not provide an implicit interest rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or lease liabil …

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Recently Issued and Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which revises the guidance in ASC 326 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The Company adopted ASU 2025-05 as of December 29, 2025. The adoption of ASU 2025-05 did not have a material impact on the Companys consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (ASU 2025-12), which clarifies existing guidance and makes improvements to 33 issues amongst various topics. During the second quarter of 2026, the Company early adopted Issue 10 within ASU 2025-12, which clarifies guidance for treasury stock retirements in ASC 505 to permit the excess of repurchase price over par or stated value to be accounted for entirely as a deduction from additional paid-in capital as long as additional paid-in capital does not become negative. The adoption of Issue 10 within ASU 2025-12 did not have a material impact on the Companys consolidated financial statements and related disclosures. Accounting Pronouncements Issu …

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Revenue from Contracts with Customers The following table presents Net sales disaggregated by product category (in millions): Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Landscaping products (a) $ 1,187.4 $ 1,155.1 $ 1,866.9 $ 1,843.2 Agronomic and other products (b) 343.3 306.5 603.9 557.8 $ 1,530.7 $ 1,461.6 $ 2,470.8 $ 2,401.0 ______________ (a) Landscaping products include hardscapes, irrigation supplies, landscape accessories, nursery goods, and outdoor lighting. (b) Agronomic and other products include fertilizer, control products, ice melt, equipment, and other products. Remaining Performance Obligations Remaining performance obligations related to ASC 606 represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one year that are fully or partially unsatisfied at the end of the period. Remaining performance obligations include the outstanding points balance related to the customer loyalty rewards program. The program allows enrolled customers to earn loyalty rewards on purchases to be used on future purchases, to pay for annual customer trips hosted by the Company, or to obtain gift cards to other third-party retailers. As of June 28, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $22.8 million. The Company expects to recognize revenue on the remaining performance obligations over the next 12 months. C …

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Segment Information The Company operates as one operating segment. The Companys consolidated results represent the results of its one operating segment based on how the Companys CODM, its Chairman and Chief Executive Officer, views the business for purposes of evaluating performance and making operating decisions. The CODM reviews financial information on a consolidated basis and uses the segment performance measure of consolidated Net income to assess financial performance of the Company and determine how to allocate resources of the Company as a whole. Consolidated Net income is used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow consolidated Net income and the allocation of budgets between the significant segment expenses within Cost of goods sold and Selling, general and administrative expenses. The CODM does not regularly review asset information and therefore, the Company does not report asset information beyond what is disclosed in the Consolidated Balance Sheets. The following table presents selected financial information with respect to the Companys single operating segment (in millions): Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Net sales $ 1,530.7 $ 1,461.6 $ 2,470.8 $ 2,401.0 Less: Cost of goods sold: Inventory costs, net of supplier incentives and discounts 884.7 860.4 1,443.0 1,436.6 Freight, handling, and distribution expenses (a) 62.0 49.8 1 …

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Subsequent Events In July 2026, the Company repurchased 100,692 shares for approximately $10.0 million at an average price of $99.29 under a 10b5-1 plan that authorized the purchase of the Companys common stock. The following table summarizes activity under the share repurchase program for the 2026 Fiscal Year through July 29, 2026. Amount Authorized (in millions) Total Number of Shares Purchased Average Price Paid Per Share Amount Remaining (in millions) $ 400.0 1,052,908 $ 117.53 $ 90.5 …

SubsequentEventsTextBlock · excerpt; the full note is in the filing