Financial Analysis

"Commitments and Contingencies In the ordinary course of business, we may become liable with respect to pending and threatened litigation, tax, environmental and other matters. Legal costs associated with such matters are expensed as incurred. Oxygenator Water Techs vs. Tennant Company On November 25, 2024, the Company received an adverse jury verdict in an intellectual property damages dispute in the United States District Court for the District of Minnesota (the ""Court""). Oxygenator Water Technologies, Inc. (""OWT"") alleged that between 2015 and 2023, the Company infringed certain of OWTs patents through the manufacture and sale of certain component parts in ecH2O and nanoclean system options included on commercial floor scrubbers. The jury ruled against the Company and awarded compensatory damages of $9.8 million, plus prejudgment interest of $4.7 million, in favor of OWT. Accordingly, in the fourth quarter of 2024, the Company recorded an accrued expense and a corresponding liability of $14.5 million. Subsequently, on September 17, 2025, the Court issued a post-trial ruling enhancing damages by 30%, resulting in total damages and interest of approximately $20.2 million, including $9.8 million in compensatory damages, $2.9 million in enhanced damages, and $7.4 million in prejudgment interest. As a result, the Company recorded an incremental accrued expense and corresponding liability of $6.0 million for the year ended December 31, 2025. The Company and OWT have appealed …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt On August 7, 2024, we and certain of our foreign subsidiaries entered into an Amended and Restated Credit Agreement (the ""2024 Credit Agreement"") with JPMorgan Chase Bank, N.A. as administrative agent. The 2024 Credit Agreement provides us and certain of our foreign subsidiaries access to a senior secured credit facility until August 7, 2029, consisting of a revolving facility in an amount up to $650.0 million, with an option to expand the revolving facility or obtain incremental term loans by up to $325.0 million, with the consent of the lenders willing to provide additional borrowings in the form of increases to their revolving facility commitment or funding of incremental term loans. Borrowings may be denominated in U.S. dollars or certain other currencies. The fee for undrawn committed funds under the revolving facility of the 2024 Credit Agreement ranges from an annual rate of 0.15% to 0.30%, depending on our leverage ratio. Borrowings denominated in U.S. dollars under the 2024 Credit Agreement bear interest at a rate per annum equal to (a) the greatest of (i) the prime rate, (ii) the NYFRB Rate (as defined in the 2024 Credit Agreement) plus 0.50% and (iii) the Adjusted Term SOFR Rate (as defined in the 2024 Credit Agreement) for a one month period plus 1%; but in any case not less than 1%, plus an additional spread of 0.25% to 1%, depending on our leverage ratio, (b) the Adjusted Term SOFR Rate plus an additional spread of 1.25% to 2%, depending on our leverage …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels for the years ended December 31: Net sales by geographic area 2025 2024 2023 Americas $ 792.0 $ 888.5 $ 840.3 Europe, Middle East and Africa (EMEA) 334.6 318.5 314.4 Asia Pacific (APAC) 76.9 79.7 88.9 Total $ 1,203.5 $ 1,286.7 $ 1,243.6 Net sales are attributed to each geographic area based on the end user country and are net of intercompany sales. Net sales by groups of similar products and services 2025 2024 2023 Equipment $ 714.7 $ 808.7 $ 776.4 Parts and consumables 275.6 274.3 279.5 Service and other 213.2 203.7 187.7 Total $ 1,203.5 $ 1,286.7 $ 1,243.6 Net sales by sales channel 2025 2024 2023 Sales direct to consumer $ 831.5 $ 905.7 $ 854.4 Sales to distributors 372.0 381.0 389.2 Total $ 1,203.5 $ 1,286.7 $ 1,243.6

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Share-Based Compensation In May 2024, our shareholders approved the Amended and Restated 2020 Stock Incentive Plan (2020 Plan) at the Annual Meeting held on May 1, 2024. Upon approval of the 2020 Plan, the Companys prior equity compensation plans, including the former Non-Employee Director Stock Option Plan, the 2007 Plan, the 2010 Plan, and the 2017 Plan, were terminated, although all outstanding awards under those plans remain in effect until exercised, forfeited, or expired in accordance with their terms. Beginning May 1, 2024, all new share-based compensation awards have been granted under the 2020 Plan. When originally approved, the 2020 Plan authorized 1,750,000 shares of common stock for issuance. The May 2024 shareholder approval of the Amended and Restated 2020 Plan increased the share reserve by an additional 1,100,000 shares, resulting in a total of 2,850,000 shares authorized for issuance under the 2020 Plan. As of December 31, 2025, there were 1,563,640 shares available for issuance under the 2020 Plan. Total compensation expense related to all share-based compensation plans was $10.4 million ($0.2 million net of tax benefit), $11.9 million ($3.1 million net of tax benefit) and $11.6 million ($0.1 million net of tax benefit), respectively, during the years ended 2025, 2024 and 2023. Stock Option Awards We determined the fair value of our stock option awards using the Black-Scholes valuation model that uses the assumptions noted in the table below. The expected te …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value due to their short-term nature. On February 21, 2024, the Company acquired certain investment securities in Brain Corp, a privately held autonomous technology company headquartered in San Diego, California. The investment consists of $12.1 million of redeemable convertible preferred stock, $12.2 million of non-redeemable convertible preferred stock, and $7.8 million of warrants. The redeemable convertible preferred stock is accounted for as an available-for-sale debt security. The non-redeemable convertible preferred stock and warrants are accounted for as equity securities. All securities were recorded at their allocated fair value at the acquisition date. In December 2025, the Company obtained the ability to exercise significant influence over Brain Corp and, as a result, adopted the equity method of accounting for its equity securities investment. As of December 31, 2025, the investment is accounted for under the equity method (see Note 13 Equity Method Investments). The available-for-sale debt security is carried at fair value with changes in fair value recognized in accumulated other comprehensive income (loss). The Company estimates fair value using Level 3 inputs. As of December 31, 2025, and December …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets For purposes of performing our goodwill impairment analysis, we have identified our reporting units as North America, Latin America, EMEA and APAC. The changes in the carrying amount of goodwill were as follows: Goodwill Accumulated Impairment Losses Total Balance as of December 31, 2025 $ 243.9 $ (35.3) $ 208.6 Additions 1.4 1.4 Foreign currency fluctuations 24.4 (2.8) 21.6 Balance as of December 31, 2024 $ 218.1 $ (32.5) $ 185.6 Additions 9.4 9.4 Foreign currency fluctuations (12.0) 0.8 (11.2) Balance as of December 31, 2023 $ 220.7 $ (33.3) $ 187.4 There has been no impairment of goodwill for any of the years presented. The additions recorded to goodwill during 2025 and 2024 were related to the acquisitions of R4Y and TCS, respectively, as described further in Note 5. The balances of acquired intangible assets, excluding goodwill, were as follows: Customer Lists Trade Names Technology Total Balance as of December 31, 2025 Original cost $ 174.9 $ 31.1 $ 16.7 $ 222.7 Accumulated amortization (128.1) (26.6) (15.4) (170.1) Carrying amount $ 46.8 $ 4.5 $ 1.3 $ 52.6 Weighted-average original life (in years) 14 10 12 Balance as of December 31, 2024 Original cost $ 154.6 $ 27.6 $ 15.2 $ 197.4 Accumulated amortization (104.9) (20.8) (13.0) (138.7) Carrying amount $ 49.7 $ 6.8 $ 2.2 $ 58.7 Weighted-average original life (in years) 15 11 11 As part of our acquisition of R4Y in 2025, we acquired customer lists with a fair value of $1.2 million. As part o …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes Income before income taxes for the three years ended December 31 was as follows: 2025 2024 2023 U.S. operations $ 37.3 $ 92.3 $ 94.2 Foreign operations 20.6 12.5 29.6 Total $ 57.9 $ 104.8 $ 123.8 Income tax expense for the three years ended December 31 was as follows: 2025 2024 2023 Current: Federal $ 1.6 $ 19.1 $ 28.7 Foreign 7.5 7.9 8.5 State 1.1 3.6 4.0 Total current $ 10.2 $ 30.6 $ 41.2 Deferred: Federal $ 5.0 $ (1.8) $ (8.7) Foreign (2.0) (7.7) (17.3) State 0.9 (0.9) Total deferred $ 3.9 $ (9.5) $ (26.9) Total: Federal $ 6.6 $ 17.3 $ 20.0 Foreign 5.5 0.2 (8.8) State 2.0 3.6 3.1 Total income tax expense $ 14.1 $ 21.1 $ 14.3 In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero or immaterial. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of our approximately $107.6 million of undistributed earnings from foreign subsidiaries to the United States as those earnings continue to be permanently reinvested or the earnings will be remitted in a tax-neutral transaction. The following table presents the reconciliation between our statutory income tax and effective income tax for the year ended December 31, 2025 in accordance with ASU 2023-09, which was adopted prospectively in 2025: Amount Percent Tax at U.S. statutory rate $ 12.1 21.0 % Increases (decreases) in the tax rate from: S …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases We lease facilities, vehicles and equipment under the operating lease agreements, which include both monthly and longer-term arrangements. Certain operating leases for vehicles contain residual value guarantee provisions, which would generally become due at the expiration of the o perating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. As of December 31, 2025, the aggregate residual value guarantee related to these leases was approximately $25.5 million . We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreement is remote. The lease assets and liabilities as of December 31 were as follows: Leases Classification 2025 2024 Assets Operating lease assets Operating lease assets $ 56.9 $ 54.6 Finance lease assets Property, plant and equipment (a) 1.1 1.1 Total leased assets $ 58.0 $ 55.7 Liabilities Current: Operating Other current liabilities $ 21.7 $ 18.5 Finance Current portion of long-term debt 0.4 0.5 Noncurrent: Operating Long-term operating lease liabilities 35.5 36.3 Finance Long-term debt 0.7 0.7 Total lease liabilities $ 58.3 $ 56.0 (a) Finance lease assets are recorded net of accumulated amortization of $0.8 million and $0.3 million, and as of December 31, 2025 and December 31, 2024, respectively. The lease cost for the three years ended December 31 was as follows: Lease Cost 2025 2024 2023 Operating lease cost (a) $ 31.7 $ 30.1 $ 28.9 Finance lease cost …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Newly Adopted Accounting Policies Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. We have adopted the new standard on a prospective basis effective December 31, 2025. While the adoption has no impact on our consolidated financial statements, it has resulted in incremental disclosures within the footnotes of our consolidated financial statements. Refer to Note 18, Income Taxes for the inclusion of the new required disclosures.

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"Retirement Benefit Plans Substantially all U.S. employees are covered by various retirement benefit plans, including defined contribution savings plans and postretirement medical plans. Retirement benefits for eligible employees in foreign locations are funded principally through defined benefit plans, annuity or government programs. Defined Benefit Pension Plans We have a U.S. nonqualified supplemental benefit plan (the U.S. Nonqualified Plan) to provide additional retirement benefits for certain employees whose benefits under our 401(k) plan or U.S. Pension Plan are limited by either the Employee Retirement Income Security Act or the Internal Revenue Code. We also have defined benefit pension plans in the United Kingdom, Germany, France and Italy (the U.K. Pension Plan, the German Pension Plan, ""French Pension Plan"" and the ""Italian Pension Plan""). The U.K. Pension Plan, French Pension Plan, German Pension Plan and Italian Pension Plan cover certain current and retired employees and all plans are closed to new participants. In December 2018, the U.K. Pension Plan was amended to close all future accrual of benefits to existing active members. In December 2024, the Trustees of the U.K. Pension Plan entered into an agreement with an insurer to acquire an insurance policy that operates as an investment asset, with the intent of matching part of the U.K. Pension Plans future cash outflow arising from the accrued pension liabilities of 26 non-insured pensioner members. Such …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Management Actions Restructuring Actions In 2025 and 2024, we incurred restructuring expenses as part of our global reorganization efforts. The following pre-tax restructuring charges were included in the consolidated statements of income: 2025 2024 Severance-related costs - Selling and administrative expense $ 6.4 $ 8.2 Total pre-tax restructuring costs $ 6.4 $ 8.2 Our restructuring actions represent the execution of a multi-year enterprise strategy to drive increased productivity throughout our operations. The charges in 2025 and 2024 impacted all operating segments and were related to a global workforce realignment to support our key strategic initiatives. A reconciliation to the ending liability balance of severance and related costs as of December 31, 2025 and 2024 is as follows: 2025 2024 Beginning balance $ 8.6 $ 2.4 New charges 8.8 8.8 Cash payments (8.7) (2.3) Foreign currency adjustments 1.1 0.3 Adjustment to accrual (2.4) (0.6) Ending balance $ 7.4 $ 8.6

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Revenue Revenue is recognized upon the transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products and services. Generally, these criteria are met at the time the product is shipped. We also enter into contracts that can include combinations of products and services, which are generally capable of being distinct and are accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Disaggregation of Revenue The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels for the years ended December 31: Net sales by geographic area 2025 2024 2023 Americas $ 792.0 $ 888.5 $ 840.3 Europe, Middle East and Africa (EMEA) 334.6 318.5 314.4 Asia Pacific (APAC) 76.9 79.7 88.9 Total $ 1,203.5 $ 1,286.7 $ 1,243.6 Net sales are attributed to each geographic area based on the end user country and are net of intercompany sales. Net sales by groups of similar products and services 2025 2024 2023 Equipment $ 714.7 $ 808.7 $ 776.4 Parts and consumables 275.6 274.3 279.5 Service and other 213.2 203.7 187.7 Total $ 1,203.5 $ 1,286.7 $ 1,243.6 Net sales by sales channel 2025 2024 2023 Sales direct to consumer $ 831.5 $ 905.7 $ 854.4 Sales to distributors 372.0 381.0 389.2 Total $ …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Reporting We are organized into four operating segments: North America; Latin America; Europe, Middle East, Africa; and Asia Pacific. We combine our North America and Latin America operating segments into the ""Americas"" for reporting net sales by geographic area. In accordance with the objective and basic principles of the applicable accounting guidance, we aggregate our operating segments into one reportable segment that consists of the design, manufacture and sale of products used primarily in the maintenance of nonresidential surfaces. The Company's chief operating decision maker (""CODM"") is our chief executive officer. The CODM uses net income, that is also reported on the income statement as consolidated net income, to evaluate return on assets and decide whether to reinvest profits into segments or other areas, such as acquisitions or dividends. It is also used to monitor budget versus actual results, conduct competitive analysis by benchmarking against the Company's competitors, and assess segment performance. Additionally, the CODM uses net income to allocate resources, evaluate performance, and make key operating decisions, considering budget-to-actual variances on a quarterly basis. The CODM also uses gross profit to evaluate pricing, allocate resources, and assess segment performance by comparing actual results to historical and forecasted data. Significant expenses within net income include cost of sales, research and development, and selling and admi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders' Equity Authorized Shares We are authorized to issue an aggregate of 60,000,000 shares, all of which are designated as Common Stock having a par value of $0.375 per share. The Board of Directors is authorized to establish one or more series of preferred stock, setting forth the designation of each such series, and fixing the relative rights and preferences of each such series. Accumulated Other Comprehensive Loss The changes in components of accumulated other comprehensive loss, net of tax, were as follows: Foreign Currency Translation Adjustments Pension and Postretirement Medical Benefits Derivative Financial Instruments Unrealized Gain (Loss) on Debt Securities Total December 31, 2023 $ (45.6) $ 3.7 $ (0.4) $ $ (42.3) Other comprehensive (loss) income before reclassifications (28.6) (0.9) 2.0 0.2 (27.3) Amounts reclassified from AOCL (1.0) (2.1) (3.1) Net current period other comprehensive (loss) income (29.6) (0.9) (0.1) 0.2 (30.4) December 31, 2024 $ (75.2) $ 2.8 $ (0.5) $ 0.2 $ (72.7) Other comprehensive income (loss) before reclassifications 42.3 (1.7) 1.6 (0.5) 41.7 Amounts reclassified from AOCL (1.0) (1.2) (2.2) Net current period other comprehensive income (loss) 41.3 (1.7) 0.4 (0.5) 39.5 December 31, 2025 $ (33.9) $ 1.1 $ (0.1) $ (0.3) $ (33.2) Accumulated other comprehensive loss associated with pension and postretirement benefits, derivative financial instruments, and unrealized gain on debt securities is included in Notes 14, 11 and 9, respectively …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Acquisitions R4Y On September 1, 2025, we acquired 100% of Reinigungstechnik 4 You GmbH (""R4Y""), as we continue to expand our footprint in the EMEA region. The total purchase price was $3.6 million. The financial results for R4Y have been included in our consolidated financial statements since the acquisition date. The acquisition was not material to our consolidated financial statements. TCS On February 29, 2024, we acquired 100% of M&F Management and Financing GmbH (""M&F""), the parent company of TCS EMEA GmbH (""TCS""), as we seek to accelerate growth in the EMEA region. The total purchase price of the acquisition was $34.9 million. Based in Austria, TCS was Tennant Company's largest Central and Eastern Europe distributor. The acquisition gives Tennant a knowledgeable and experienced sales force and an established direct channel into countries including Romania, Hungary, Czech Republic, and Slovakia, along with an expanded network in Austria, Switzerland, Poland, and other nations in the region, as well as the Middle East and Africa. The pro forma impact of this acquisition is immaterial to our operations. For more information, refer to Note 5, Acquisitions and Divestitures, to the Consolidated Financial Statements in the Companys Form 10-K for the year ended December 31, 2024."

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Commitments and Contingencies In the ordinary course of business, we are subject to the effects of certain contractual stipulations, events, transactions, and laws and regulations that may, at times, require the recognition of liabilities, such as those related to self-insurance estimated liabilities and claims, legal and contractual issues, environmental laws and regulations, guarantees, and indemnities. We establish estimated liabilities when the associated costs related to uncertainties or guarantees become probable and can be reasonably estimated. Oxygenator Water Techs vs. Tennant Company On November 25, 2024, the Company received an adverse jury verdict in an intellectual property damages dispute in the United States District Court for the District of Minnesota (Court). Oxygenator Water Technologies, Inc. (OWT) alleged that between 2015 and 2023, the Company infringed certain of OWTs patents through the manufacture and sale of certain component parts in ecH2O and nanoclean system options included on commercial floor scrubbers. The jury ruled against the Company and awarded compensatory damages of $9.8 million, plus prejudgment interest of $4.7 million, in favor of OWT. Accordingly, in the fourth quarter of 2024, the Company recorded an accrued expense and a corresponding liability of $14.5 million. Subsequently, on September 17, 2025, the Court issued a post-trial ruling enhancing damages by 30%, resulting in total damages and interest of approximately $20.2 million, in …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt On April 5, 2021, we and certain of our foreign subsidiaries entered into an Amended and Restated Credit Agreement (the 2021 Credit Agreement). The 2021 Credit Agreement provides us and certain of our foreign subsidiaries access to a senior secured credit facility until April 3, 2026, consisting of a term loan facility in an amount up to $100.0 million and a revolving facility in an amount up to $450.0 million with an option to expand the credit facility by up to $275.0 million, with the consent of the lenders willing to provide additional borrowings in the form of increases to their revolving facility commitment or funding of incremental term loans. Borrowings may be denominated in U.S. dollars or certain other currencies. On November 10, 2022, we amended the 2021 Credit Agreement (the ""Amendment"") to update the benchmark provisions to replace LIBOR with Term SOFR (as defined in the Amendment) as the reference rate for purposes of calculating interest under the 2021 Credit Agreement. Pursuant to the Amendment, borrowings denominated in U.S. dollars bear interest at a rate per annum equal to (a) the Term SOFR Rate (as defined in the Amendment) plus a credit spread adjustment of 0.10% per annum, but in any case, not less than 0%, plus an additional spread of 1.10% to 1.70%, depending on our leverage ratio, or (b) the Alternate Base Rate (as defined in the Amendment), which is the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjus …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels: Net sales by geographic area Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Americas $ 203.6 $ 218.7 $ 614.4 $ 662.1 Europe, Middle East and Africa 80.5 76.3 241.2 234.6 Asia Pacific 19.2 20.8 56.3 61.1 Total $ 303.3 $ 315.8 $ 911.9 $ 957.8 Net sales are attributed to each geographic area based on the end-user country and are net of intercompany sales. Net sales by groups of similar products and services Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Equipment $ 179.4 $ 196.6 $ 549.2 $ 597.1 Parts and consumables 69.7 68.0 206.5 207.5 Service and other 54.2 51.2 156.2 153.2 Total $ 303.3 $ 315.8 $ 911.9 $ 957.8 Net sales by sales channel Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Sales direct to consumer $ 212.3 $ 222.6 $ 633.9 $ 673.7 Sales to distributors 91.0 93.2 278.0 284.1 Total $ 303.3 $ 315.8 $ 911.9 $ 957.8

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Share-Based CompensationOur share-based compensation plans are described in Note 18 of our annual report on Form 10-K for the year ended December31, 2024. During the three months ended September30, 2025 and 2024, we recognized total share-based compensation expense of $2.8 million and $4.1 million, respectively. During the nine months ended September30, 2025 and 2024, we recognized total share-based compensation expense of $8.6 million and $9.4 million, respectively. The total excess tax recognized for share-based compensation arrangements during the nine months ended September30, 2025 and 2024 was a tax benefit of $0.2 million and $3.0 million, respectively. …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value due to their short-term nature. On February 21, 2024, the Company acquired certain investment securities in Brain Corp, a privately held autonomous technology company located in San Diego, California. The investment will drive the development and adoption of Brain Corp's next generation of robotic and AI technologies. The investment securities include $12.1 million of redeemable convertible preferred stock, accounted for as available-for-sale debt instruments. The investment securities also include $12.2 million of non-redeemable convertible preferred stock and $7.8 million of warrants, accounted for as equity instruments under the elected measurement alternative. The equity and debt securities were recorded at closing at their allocated fair values. For equity instruments, the carrying amount will be adjusted to fair value through net income each period based upon observable transactions for identical or similar investments of the same issuer and monitored for impairment. For debt instruments, the carrying amount will be adjusted to fair value each period through accumulated other comprehensive income (loss). The securities will be measured to fair value based on Level 3 inputs. As of September 30, 2025 and December 31, 2024 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the nine months ended September 30, 2025 were as follows: Goodwill Accumulated Impairment Losses Total Balance as of December 31, 2024 $ 218.1 $ (32.5) $ 185.6 Additions 1.4 1.4 Foreign currency fluctuations 24.1 (2.8) 21.3 Balance as of September 30, 2025 $ 243.6 $ (35.3) $ 208.3 The balances of acquired intangible assets, excluding goodwill, were as follows: Customer Lists Trade Names Technology Total Balance as of September 30, 2025 Original cost $ 174.4 $ 31.0 $ 16.5 $ 221.9 Accumulated amortization (125.3) (25.8) (14.9) (166.0) Carrying value $ 49.1 $ 5.2 $ 1.6 $ 55.9 Weighted average original life (in years) 15 11 11 Balance as of December 31, 2024 Original cost $ 154.6 $ 27.6 $ 15.2 $ 197.4 Accumulated amortization (104.9) (20.8) (13.0) (138.7) Carrying value $ 49.7 $ 6.8 $ 2.2 $ 58.7 Weighted average original life (in years) 15 11 11 Amortization expense on intangible assets for the three and nine months ended September 30, 2025 was $3.4 million and $10.2 million, respectively. Amortization expense on intangible assets for the three and nine months ended September 30, 2024 was $3.6 million and $11.4 million, respectively. Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for each of the five succeeding years and thereafter is as follows: Remaining 2025 $ 3.8 2026 12.8 2027 9.2 2028 7.4 2029 6.7 Thereafter 16.0 Total $ 55.9 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes We and our subsidiaries are subject to U.S. federal income tax as well as income tax of numerous state and foreign jurisdictions. We are generally no longer subject to U.S. federal tax examinations for taxable years before 2018. The number of years which remain open for audit for U.S. state or foreign tax purposes varies by jurisdiction but generally ranges from three to five years. We are currently undergoing income tax examinations in various foreign jurisdictions. Although the outcome of these examinations cannot be currently determined, we believe that we have adequate reserves with respect to these examinations. We recognize potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. In addition to the liability of $6.5 million for unrecognized tax benefits as of September 30, 2025, there was approximately $1.0 million for accrued interest and penalties. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of September 30, 2025 was $4.8 million. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be revised and reflected as an adjustment of the income tax expense. On July 4, 2025, the U.S. enacted H.R. 1 ""A bill to provide for reconciliation pursuant to Title II of H. Con. Res. 14,"" commonly referred to as the One Big Beautiful Bill Act (the Act). The Act includes significant corporate tax provisions …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"In November 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07), which amends the existing segment reporting guidance (ASC Topic 280 Segment Reporting (ASC 280)) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. We have adopted the new standard effective December 31, 2024. While the adoption has no impact on our consolidated financial statements, it has resulted in incremental disclosures within the footnotes to our consolidated financial statements. Refer to Note 17, Segment Reporting, for the inclusion of the new required disclosures." …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Management Actions Restructuring Actions During the three and nine months ended September 30, 2025, we incurred restructuring expenses as part of our ongoing global reorganization efforts. The following pre-tax restructuring charges were included in selling and administrative expense in the consolidated statements of income. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Severance-related costs $ 1.3 $ $ 2.5 $ 0.6 Total pre-tax restructuring costs $ 1.3 $ $ 2.5 $ 0.6 Our restructuring actions represent the continued execution of a multi-year enterprise strategy to drive increased productivity throughout our operations. The charges in 2025 impacted all operating segments and were related to a global workforce realignment to support our key strategic initiatives. A reconciliation of the beginning and ending liability balances for severance-related costs is as follows: Nine Months Ended September 30, 2025 2024 Beginning balance $ 8.6 $ 2.4 New charges 4.1 1.2 Cash payments (5.5) (1.3) Foreign currency fluctuations 0.1 (0.1) Adjustments to accrual (1.6) (0.6) Ending balance $ 5.7 $ 1.6 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Disaggregation of Revenue The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels: Net sales by geographic area Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Americas $ 203.6 $ 218.7 $ 614.4 $ 662.1 Europe, Middle East and Africa 80.5 76.3 241.2 234.6 Asia Pacific 19.2 20.8 56.3 61.1 Total $ 303.3 $ 315.8 $ 911.9 $ 957.8 Net sales are attributed to each geographic area based on the end-user country and are net of intercompany sales. Net sales by groups of similar products and services Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Equipment $ 179.4 $ 196.6 $ 549.2 $ 597.1 Parts and consumables 69.7 68.0 206.5 207.5 Service and other 54.2 51.2 156.2 153.2 Total $ 303.3 $ 315.8 $ 911.9 $ 957.8 Net sales by sales channel Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Sales direct to consumer $ 212.3 $ 222.6 $ 633.9 $ 673.7 Sales to distributors 91.0 93.2 278.0 284.1 Total $ 303.3 $ 315.8 $ 911.9 $ 957.8 Contract Liabilities Sales Returns The right of return may exist explicitly or implicitly with our customers. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns using the expected value method by assessing historical sales levels and the timing and magnitude of historical sales return levels a …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Reporting We are organized into four operating segments: North America; Latin America; Europe, Middle East, Africa; and Asia Pacific. We combine our North America and Latin America operating segments into the ""Americas"" for reporting net sales by geographic area. In accordance with the objective and basic principles of the applicable accounting guidance, we aggregate our operating segments into one reportable segment that consists of the design, manufacture and sale of products used primarily in the maintenance of nonresidential surfaces. The Company's chief operating decision maker (""CODM"") is our chief executive officer. The CODM evaluates segment performance and makes resource allocation decisions using both net income and gross profit. Net income, which is also reported as consolidated net income on the consolidated statements of income, is regularly reviewed to assess segment performance. Additionally, the CODM uses gross profit to evaluate pricing and compare actual results to historical and forecasted data. Significant expenses within net income include cost of sales, research and development, and selling and administrative expenses, which are each separately presented on the Companys consolidated statements of income. Other segment items within net income include net foreign currency transaction gain (loss), interest expense, net, other (expense) income, net, and income tax expense."

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Shareholders' Equity Accumulated Other Comprehensive Loss The changes in components of accumulated other comprehensive loss, net of tax, are as follows: Nine Months Ended September 30, 2025 Foreign Currency Translation Adjustments (1) Pension and Post- Retirement Medical Benefits Derivative Financial Instruments Unrealized Gain on Debt Securities Total Beginning balance $ (75.2) $ 2.8 $ (0.5) $ 0.2 $ (72.7) Other comprehensive income before reclassifications 39.3 0.9 40.2 Amounts reclassified from accumulated other comprehensive loss (0.7) (0.9) (1.6) Net current period other comprehensive income 38.6 38.6 Ending balance $ (36.6) $ 2.8 $ (0.5) $ 0.2 $ (34.1) (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $0.5 million. Nine Months Ended September 30, 2024 Foreign Currency Translation Adjustments Pension and Post- Retirement Medical Benefits Derivative Financial Instruments Total Beginning balance $ (45.6) $ 3.7 $ (0.4) $ (42.3) Other comprehensive (loss) income before reclassifications (1.7) (0.2) 1.3 (0.6) Amounts reclassified from accumulated other comprehensive loss (0.7) (1.7) (2.4) Net current period other comprehensive loss (2.4) (0.2) (0.4) (3.0) Ending balance $ (48.0) $ 3.5 $ (0.8) $ (45.3) …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing