Overview

• U.S. uniform supplier's fiscal Q3 revenue rose 3.9%, beating analyst expectations

• Adjusted EBITDA and net income declined due to merger and ERP project costs

• Company's pending acquisition by Cintas remains under regulatory review

Outlook

• UniFirst is no longer providing financial guidance due to pending merger with Cintas

• Company expects merger with Cintas to close in second half of calendar 2026

Result Drivers

• MERGER AND ERP COSTS - Q3 profitability was reduced by $20.7 mln in merger-related costs and $5.2 mln in ERP project expenses

• ORGANIC REVENUE GROWTH - Uniform & Facility Service Solutions segment saw 3.6% organic revenue growth, helped by new customer acquisitions and improved retention

• MIXED COST IMPACTS - Lower merchandise costs and absence of certain prior-year legal and advisory expenses aided margins, but were offset by higher healthcare claims and fuel costs

Company press release: ID:nGNX7nsGG6

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Revenue	Beat	$634.40 mln	$627.65 mln (3 Analysts)
Q3 Net Income		$19.92 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the business support services peer group is "buy."

• Wall Street's median 12-month price target for UniFirst Corp is $275.00, about 4% above its June 30 closing price of $264.46

• The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 34 three months ago

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