EVI Industries 2026 財年第四季財報電話會議：營收創新高與利潤率提升

重點速覽

• 2026 財年營收達到約 4.47 億美元，毛利增至約 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%，且毛利增速快於營收，顯示獲利結構有所改善。
• 在第四財季，EVI Industries 的商業洗衣營運業務在扣除總部費用前（僅針對股份獎勵薪酬進行調整），創造了超過 10% 的調整後 EBITDA 利潤率。
• 營運現金流約為 2,100 萬美元。截至 6 月底的淨負債約為 4,400 萬美元，儘管進行了兩項收購並持續投資，但與上一年度基本持平。
• EVI 在 2026 財年期間及年度結束後不久完成了三項收購：其中兩項屬於商業洗衣領域，一項則成立了其消費級衣物護理服務部門。
• 管理層表示，EVI 在進入 2027 財年時，在其聚焦的領域中擁有豐富的潛在收購項目，同時強調將嚴格篩選交易並保持保守的資產負債表。

關鍵財務數據

業務與營運績效

商業洗衣仍是 EVI 的核心業務。該公司透過設備銷售、系統設計、安裝、測試運轉、零件、維護、維修、化學品及技術支援，服務多戶住宅、投幣式、廠內/店內及工業客戶。

管理層將業務品質的提升歸因於對人才、技術、流程和營運能力的投資。這些投資旨在提高技術人員的生產力、專案成本計算、庫存決策，以及 EVI 去中心化業務之間的協調。客戶關係管理平台目前仍處於開發階段，管理層預估該平台將提升對客戶需求與銷售機會的能見度。

EVI 還透過收購 Sudsies 成立了第二個部門：消費級衣物護理服務部。管理層將 Sudsies 描述為建立在衣物護理工藝、便利性、科技賦能物流以及與消費者和奢華零售夥伴關係基礎上的基石。

公司計劃將其去中心化的收購模式應用於新部門，即保留當地品牌和管理團隊，同時提供資金、技術和共享資源。管理層相信該部門最終能產生相當可觀的獲利和現金流，但強調 EVI 目前仍處於初期階段。

在過去十年間，EVI 已完成 30 多項收購，營收成長超過十倍。公司超過一半的股權由高管及被收購業務的原始所有者共同持有，使管理層和營運者的所有權與長期績效保持一致。

風險與關注領域

管理層指出關稅、供應商成本、施工進度及經濟狀況均為其積極管理的因素。總部費用亦包含對基礎設施、人才和技術的投資，這些投資服務於 EVI 的整體業務，而非直接隨營收增長而等比例擴充。

EVI 正評估大量的收購機會，但管理層強調，交易仍須符合其對人才、文化、經濟效益及戰略契合度的要求。該公司還強調維護資產負債表彈性的重要性，因為收購機會隨時可能無法預測地出現。

完整法說會逐字稿

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.