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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-42897

_________________________

ALLIANCE LAUNDRY HOLDINGS INC.

(Exact name of registrant as specified in its charter)

_________________________


Delaware			98-0444708
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

221 Shepard Street Ripon, WI			54971
(Address of Principal Executive Offices)			(Zip Code)

(920) 748-3121

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered


Class A common stock, par value $0.01	ALH	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes o No x

As of May 7, 2026 there were 198,608,652 of the registrant's shares of common stock, par value $0.01 per share, outstanding.

Table of Contents

Alliance Laundry Holdings Inc.

Quarterly Report on Form 10-Q

TABLE OF CONTENTS


			Page

Part I - Financial Information
Item 1. Financial Statements			4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			31
Item 3. Quantitative and Qualitative Disclosures About Market Risk			37
Item 4. Controls and Procedures			39

Part II - Other Information
Item 1. Legal Proceedings			41
Item 1A. Risk Factors			41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			41
Item 3. Defaults Upon Senior Securities			41
Item 4. Mine Safety Disclosures			42
Item 5. Other Information			42
Item 6. Exhibits			43
Signatures			44

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. The forward-looking statements are generally contained in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements include information concerning our possible or assumed future results of operations, client demand, business strategies, technology developments, financing and investment plans, our industry and regulatory environment, potential growth opportunities and the effects of competition.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this Quarterly Report. You should read this Quarterly Report and the documents that we have filed as exhibits hereto completely and with the understanding that our actual future results may be materially different from what we expect.

Important factors that could cause actual results to differ materially from our expectations include:

•the high degree of competition in the markets in which we operate;

•our reliance on the performance of distributors, route operators, suppliers, retailers and servicers;

•our ability to achieve and maintain a high level of product and service quality;

•fluctuations in the cost and availability of raw materials;

•our exposure to international markets, particularly emerging markets;

•our exposure to costs and difficulties of acquiring and integrating complementary businesses and technologies;

•our exposure to worldwide economic conditions and potential global economic downturns;

•the impact of potential adverse relations with employees;

•the impact of tariffs and exchange rate fluctuations;

•the potentially significant costs of complying with environmental, health and safety (“EHS”) laws, including those relating to energy and water usage and efficiency;

•our reliance on information technology systems and proprietary software;

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•compliance with data privacy and security laws;

•our potential exposure to data security incidents;

•our substantial indebtedness;

•compliance with trade and export control laws;

•our principal stockholder has significant influence over us; and

•our status as a “controlled company” within the meaning of the NYSE corporate governance standards; and

•other factors disclosed in the section entitled “Risk Factors” in Part I Item 1A. in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and elsewhere in this Quarterly Report.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report and in our Annual Report on Form 10-K for the year ended December 31, 2025. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other Securities and Exchange Commission (“SEC”) filings and public communications. You should evaluate all forward-looking statements made in this Quarterly Report in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this Quarterly Report are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

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Part I - Financial Information

Item 1. Financial Statements

ALLIANCE LAUNDRY HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	(unaudited)
	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	129,349	$	123,102
Restricted cash	1,683		3,602
Restricted cash - for securitization investors	21,330		22,999
Accounts receivable, net	109,402		113,651
Inventories, net	162,084		146,039
Inventories, net - related parties	1,121		821
Accounts receivable, net - restricted for securitization investors	143,266		141,973
Equipment financing receivables, net	2,018		2,822
Equipment financing receivables, net - restricted for securitization investors	94,007		92,011
Prepaid expenses and other current assets	28,139		28,862
Total current assets	692,399		675,882

Equipment financing receivables, net	2,579		4,913
Property, plant, and equipment, net	255,753		265,250
Operating lease right-of-use assets	20,837		20,741
Equipment financing receivables, net - restricted for securitization investors	482,158		470,408
Deferred income tax asset, net	3,245		3,169
Debt issuance costs, net	3,164		3,461
Goodwill	682,227		684,230
Intangible assets, net	741,973		754,737
Other long-term assets	3,413		3,097
Total assets	$	2,887,748	$	2,885,888

Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt	$	100	$	113

Accounts payable	153,837		128,662
Accounts payable - related parties	1,969		1,852
Asset backed borrowings - owed to securitization investors	190,068		194,180
Current operating lease liabilities	6,031		5,927
Other current liabilities	153,770		153,592
Total current liabilities	505,775		484,326

Long-term debt, net	1,290,451		1,354,636
Asset backed borrowings - owed to securitization investors	430,268		424,406
Deferred income tax liability	168,427		169,355
Long-term operating lease liabilities	15,679		15,745
Other long-term liabilities	47,004		45,302
Total liabilities	2,457,604		2,493,770

Commitments and contingencies (See Note 17)
Stockholders' equity:
Redeemable preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued or outstanding	—		—
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 198,226,870 and 197,532,147 issued, respectively, and 198,226,870 and 197,532,147, outstanding, respectively	1,982		1,975
Additional paid-in capital	503,075		509,369
Accumulated deficit	(119,488)		(176,404)

Accumulated other comprehensive income	44,575		57,178
Total stockholders' equity	430,144		392,118
Total liabilities and stockholders’ equity	$	2,887,748	$	2,885,888

The accompanying notes are an integral part of the financial statements.

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ALLIANCE LAUNDRY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands, except per share amounts)


	Three Months Ended March 31,
	2026		2025
Net revenues:
Equipment, service parts and other	$	414,706	$	377,718
Equipment financing	12,181		11,855
Net revenues	426,887		389,573
Costs and expenses:
Cost of sales	259,463		235,546
Cost of sales - related parties	1,670		1,447
Equipment financing expenses	8,565		7,559
Gross profit	157,189		145,021

Selling, general, and administrative expenses	73,328		70,463
Selling, general, and administrative expenses - related parties	55		75

Total operating expenses	73,383		70,538
Operating income	83,806		74,483

Interest expense, net	17,888		44,912
Other (income)/expenses, net	(6,470)		7,121

Income before taxes	72,388		22,450
Provision for income taxes	15,472		5,221
Net income	$	56,916	$	17,229

Comprehensive income:
Net income	$	56,916	$	17,229
Foreign currency translation adjustment	(12,603)		16,739

Comprehensive income	$	44,313	$	33,968

Net income per share attributable to common stockholders
Basic	$	0.29	$	0.10
Diluted	$	0.28	$	0.10

Weighted average number of common shares outstanding
Basic	197,869		170,639
Diluted	203,281		174,653

The accompanying notes are an integral part of the financial statements.

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ALLIANCE LAUNDRY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Three Months Ended March 31,
		2026		2025
Cash flows from operating activities:
Net income		$	56,916	$	17,229
Adjustments to reconcile Net income to net cash provided by operating activities:
Depreciation and amortization		22,504		23,314
Amortization and extinguishment of debt issuance costs		554		511
Amortization of original issue discount		581		398
Non-cash interest (income) expense		(4,290)		5,721
Non-cash (gain)/loss on commodity & foreign exchange contracts, net		(369)		24
Non-cash foreign exchange (gain)/loss, net		(6,475)		6,065
Non-cash stock-based compensation		1,256		1,003

Loss on sale of property, plant, and equipment		7		94
Provision for credit losses		2,051		551
Deferred income taxes		(473)		(4,360)

Changes in assets and liabilities, net of the effects of acquisitions:
Accounts and equipment financing receivables, net		1,627		5,317
Accounts receivable - restricted for securitization investors		(1,353)		(21,018)
Inventories, net		(14,015)		(12,304)
Inventories, net - related party		(300)		176
Equipment financing receivables, net - restricted for securitization investors		(17,493)		(5,928)
Other assets		7,672		523
Accounts payable		27,328		21,348
Accounts payable - related parties		117		(78)
Other liabilities		4,024		6,840
Net cash provided by operating activities		79,869		45,426

Cash flows from investing activities:
Capital expenditures		(5,187)		(8,478)
Acquisition of businesses, net of cash acquired		(3,185)		(2,042)
Proceeds on disposition of assets		66		142
Originations of equipment financing receivables, net - restricted for securitization investors		(14,224)		(15,843)
Collections of equipment financing receivables, net - restricted for securitization investors		16,113		14,885
Net cash used in investing activities		(6,417)		(11,336)

Cash flows from financing activities:



Payments on long-term borrowings		(65,000)		—

Increase in asset backed borrowings owed to securitization investors		47,644		60,047
Decrease in asset backed borrowings owed to securitization investors		(45,895)		(50,004)


Repurchase of common stock		—		(1,912)
Taxes paid related to net share settlement of stock options		(7,612)		—
Net proceeds from stock options exercised		69		—

Net cash (used in)/provided by financing activities		(70,794)		8,131

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		1		505

Increase in cash, cash equivalents, and restricted cash		2,659		42,726
Cash, cash equivalents, and restricted cash at beginning of period		149,703		188,042
Cash, cash equivalents, and restricted cash at end of period		$	152,362	$	230,768

Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents		$	129,349	$	204,648
Restricted cash		1,683		2,719
Restricted cash - for securitization investors		21,330		23,401
Total cash, cash equivalents, and restricted cash shown in the Statement of Cash Flows		$	152,362	$	230,768

Supplemental disclosure of cash flow information:
Cash paid for interest		$	22,468	$	25,170
Cash paid for interest - to securitized investors		$	7,462	$	7,565
Cash paid for income taxes		$	3,447	$	1,959

Supplemental disclosure of investing and financing non-cash activities:
Capital expenditures included in accounts payable		$	2,003	$	3,376

The accompanying notes are an integral part of the financial statements.

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ALLIANCE LAUNDRY HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY/(DEFICIT)

(unaudited)

(in thousands)


	For the three months ended March 31, 2026
	Common Stock		Additional Paid-in Capital		Treasury Stock		(Accumulated Deficit) / Retained Earnings		Accumulated Other Comprehensive Income/(loss)		Total Stockholders' Equity/(Deficit)
Balances at December 31, 2025	$	1,975	$	509,369	$	—	$	(176,404)	$	57,178	$	392,118
Net income	—		—		—		56,916		—		56,916
Foreign currency translation adjustment	—		—		—		—		(12,603)		(12,603)

Exercise of stock options and taxes paid for net share settlement	7		(7,619)		—		—		—		(7,612)
Exercise of stock options	—		69		—		—		—		69
Repurchase of common stock	—		—		—		—		—		—
Issuance of common stock	—		—		—		—		—		—
Share-based compensation	—		1,256		—		—		—		1,256
Retirement of treasury stock	—		—		—		—		—		—
Balances at March 31, 2026	$	1,982	$	503,075	$	—	$	(119,488)	$	44,575	$	430,144















	For the three months ended March 31, 2025
	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income/(loss)		Total Stockholders' Equity/(Deficit)
Balances at December 31, 2024	$	1,896	$	189,911	$	(498,910)	$	31,527	$	(1,752)	$	(277,328)
Net income	—		—		—		17,229		—		17,229
Foreign currency translation adjustment	—		—		—		—		16,739		16,739
Change in pension liability and other benefits, net	—		—		—		—		—		—
Exercise of stock options and taxes paid for net share settlement	2		(2)		—		—		—		—
Exercise of stock options	—		—		—		—		—		—
Repurchase of common stock	—		—		(1,912)		—		—		(1,912)
Dividends	—		—		—		—		—		—
Return of capital	—		—		—		—		—		—
Share-based compensation	—		1,003		—		—		—		1,003
Balances at March 31, 2025	$	1,898	$	190,912	$	(500,822)	$	48,756	$	14,987	$	(244,269)

The accompanying notes are an integral part of the financial statements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands unless otherwise indicated)

Note 1 - Basis of Presentation and Significant Accounting Policies

Description of Business

Alliance Laundry Holdings Inc. (“ALH” or the “Company”) through its subsidiaries designs and manufactures a full line of commercial and residential laundry equipment for sale in the U.S. and international markets. The Company manufactures products in the United States in Ripon, Wisconsin and Manitowoc, Wisconsin, in Europe in Pribor, Czech Republic, and in Asia Pacific in Chonburi, Thailand and Guangzhou, China. Additionally, the Company provides equipment financing to laundromat operators and other end-users primarily in the U.S.

Basis of Presentation

The interim condensed consolidated financial statements of ALH and consolidated subsidiaries have been prepared by the Company and are unaudited. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted as permitted for reporting of interim financial statements. The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, such interim condensed consolidated financial statements reflect all adjustments, consisting solely of normal and recurring adjustments, necessary for a fair statement of its financial position, results of operations, and cash flows for the interim periods presented. The condensed consolidated financial statements as presented should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the Year Ended December 31, 2025. Results for interim periods are not necessarily indicative of future results.

Significant Accounting Policies

A comprehensive discussion of our critical accounting policies and management estimates is included in our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025.

Allowance for Credit Losses - Equipment Financing Receivables

The allowance for credit losses is an estimate of expected credit losses over the remaining contractual life of the Company’s equipment financing receivables portfolio. The Company’s estimate includes accounts that have been individually identified as impaired and estimated credit losses over a pool of receivables where it is expected that certain receivables in the pool are impaired but that the individual accounts cannot yet be identified. When determining estimates of expected credit losses or whether an account is impaired, management takes into consideration numerous quantitative and qualitative factors such as historical loss experience, credit risk, portfolio duration and economic conditions. The Company determined that there is a limited correlation between expected credit losses and forecasted economic conditions based on a correlation analysis performed to compare historical losses to various economic conditions, such as real gross domestic product, inflation rate and unemployment rate. On an ongoing basis, the Company monitors credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of credit loss.

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The Company determines that an equipment financing receivable is impaired when it is expected that it will be unable to collect all amounts due according to the contractual terms of the loan or lease. These equipment financing receivables are collateral–dependent and measurement of impairment is based upon the estimated fair value of collateral. The determination of the allowance for credit losses is based on an analysis of historical loss experience and reflects an amount which, in the Company’s judgment, is adequate to provide for expected credit losses. When a financing receivable is non-performing, aged greater than 89 days and the Company has exhausted all efforts of collection, the receivable is deemed to be uncollectible and is charged off and deducted from the allowance. The allowance is increased for recoveries and by charges to earnings.

Fair Value of Other Financial Instruments

Current accounting guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. It also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with the guidance, fair value measurements are classified under the following hierarchy:

•Level 1 - Quoted prices for identical instruments in active markets.

•Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.

•Level 3 - Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.

When available, the Company uses quoted market prices to determine fair value and classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market-based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3.

Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable.

New Accounting Pronouncements Adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326). This guidance provides a practical expedient, permitting an entity to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating expected credit losses. The amendment is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. While the Company adopted this ASU effective January 1, 2026 and elected the practical expedient, the adoption did not have a material impact on the Company's Consolidated Financial Statements.

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New Accounting Pronouncements to be Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income—Expense Disaggregation Disclosures, which enhances certain disclosure requirements related to expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses, and research and development). This guidance is effective for the Company for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU will only affect our disclosures and will not change the expense captions the Company presents on its Consolidated Statements of Comprehensive Income.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to increase the operability of the recognition guidance considering different methods of software development. The amendments remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40, and instead specify an entity is required to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to complete recognition threshold”). The amendments will be effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is evaluating the impact the new standard will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements, which improves clarity for interim financial reporting requirements under the existing guidance by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. The amendments will be effective for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the new standard will have on its consolidated financial statements and related disclosures.

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Note 2 – Net Revenues

Net revenues by reportable segment and major type of good or service were as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
North America
Equipment	$	267,142	$	239,948
Service parts	31,722		31,564
Equipment financing	12,106		11,764
Other	8,849		9,043
Total North America Net revenues	$	319,819	$	292,319

International
Equipment	$	93,106	$	84,742
Service parts	12,678		10,922
Equipment financing	75		91
Other	1,209		1,499
Total International Net revenues	$	107,068	$	97,254

Total Net revenues	$	426,887	$	389,573

Equipment and service parts

The Company offers a full line of stand-alone laundry washers and dryers and related service parts. These products range from small residential washers and dryers to large commercial laundry equipment. Revenue from equipment and service part sales is recognized when the Company satisfies a performance obligation by transferring control of a product to a customer. Transfer of control generally takes place upon shipment to the customer. Revenue is measured based on the consideration that the Company expects to be entitled to in exchange for the products transferred. Sales are generally made with 30 – 120 day terms. The resulting receivables are recorded on the Condensed Consolidated Balance Sheets under Accounts receivable, net and Accounts receivable, net restricted for securitization investors for those receivables that are sold to a securitization entity.

Sales incentive programs such as cash discounts, customer promotional allowances, and volume rebates are used to promote the sale of equipment and other products. The Company estimates its variable consideration related to sales incentive programs using the most likely amount. Revenues are recorded net of sales incentive allowances, and are based on factors specific to each customer’s program such as expected sales volume and rebate percentages. The Company maintains an accrual at the end of each period for the unpaid amount the customer is expected to earn related to such programs. As of March 31, 2026 and December 31, 2025, the related accrual balances were $16.2 million and $27.4 million, respectively. The accruals are recorded in Other current liabilities in the Condensed Consolidated Balance Sheets.

Shipping and handling costs associated with freight after control of a product has transferred to a customer are accounted for as fulfillment costs. The Company accrues for the shipping and handling costs in the same period that the related revenue is recognized.

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The Company offers standard, limited warranties on its products. These warranties provide assurance that the product will function as expected and are not separate performance obligations. The Company accounts for estimated warranty costs as a liability when control of the product transfers to the customer.

The Company sells an extended warranty to its customers that is a separate performance obligation as the Company stands by ready to perform additional warranty work not covered by the standard warranty. The Company defers the extended warranty revenue until the period covered by the extended warranty begins, and then recognizes extended warranty revenue ratably over the coverage period. The extended warranty contract liability was $1.0 million at March 31, 2026 and $1.4 million at December 31, 2025.

The Company collects and remits taxes assessed by different governmental authorities that are both imposed on and concurrent with revenue producing transactions between the Company and its customers. The Company excludes these taxes from Net revenues.

Equipment financing

The Company offers an equipment financing program to end-customers who are primarily laundromat owners in order to finance their purchase of new equipment. Typical terms for equipment financing receivables range from two to twelve years. Interest income on finance receivables is recorded as earned over the life of the loan. See Note 5 - Securitization Activities for further discussion regarding asset-backed financing.

Other

Other revenue consists primarily of company-owned laundromat proceeds, scrap sale and field service revenue. Revenue from these sources is typically recognized at point of sale or when the service is performed. Additionally, other revenue includes sales of our digital products under distinct subscription agreements. The Company records revenue for digital product subscriptions ratably over the subscription coverage period.

Note 3 - Other (Income)/ Expenses, net

The following table presents a summary of Other (income)/expenses, net, as shown in the Condensed Consolidated Statements of Comprehensive Income.


	Three Months Ended March 31,
(in thousands)	2026		2025
Foreign exchange (gains)/losses on intercompany loans, net	$	(6,475)	$	6,065
Debt issuance cost write-offs and amendment expenses	5		1,056


Other (income)/expenses, net	$	(6,470)	$	7,121

Foreign exchange (gains)/losses on intercompany loans, net result from intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency.

See Note 11 - Debt for further information regarding debt issuance cost write-offs and amendment expenses.

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Note 4 - Asset Backed Facilities

Securitized Equipment Financing

The Company maintains an internal financing organization primarily to assist end-user laundromat locations in financing Company-branded equipment through the Company’s distributors in the United States and Canada. Alliance Laundry originates and administers the sale of equipment financing receivables through a special-purpose bankruptcy remote subsidiary, Alliance Laundry Equipment Receivables 2015 LLC (“ALER 2015”), and a trust (a qualified special purpose entity or “QSPE”), Alliance Laundry Equipment Receivables Trust 2015-A (“ALERT 2015A”). These transactions are financed by a revolving credit facility (the “Asset Backed Equipment Facility”) backed by equipment financing receivables originated by the Company. Alliance Laundry is permitted, from time to time, to sell certain equipment financing receivables to its special-purpose subsidiary, which in turn transfers them to the trust.

On May 1, 2025, the Company entered into an amendment to the Asset Backed Equipment Facility to increase the facility limit from a lender committed amount of $460.0 million to $500.0 million, with an additional uncommitted increase of $30.0 million available. The amendment extended the term until May 1, 2028. As a result, the Company incurred $1.6 million of fees which were capitalized and included in Debt issuance costs, net line of the Condensed Consolidated Balance Sheets. These costs are being amortized over the three-year life of the facility, which approximates the effective interest method.

On December 29, 2025, the Company entered into an agreement (the "Facility Limit Increase Agreement") to convert the $30.0 million uncommitted amount to committed, increasing the lender committed amount under the Asset Backed Equipment Facility from $500.0 million to $530.0 million. As a result, the Company incurred $0.1 million of fees which were capitalized and included in Debt issuance costs, net in the Consolidated Balance Sheets. These costs are being amortized over the three-year life of the facility, which approximates the effective interest method.

The trust finances the acquisition of equipment financing receivables through borrowings under the Asset Backed Equipment Facility in the form of funding notes which are limited to an advance rate of approximately 88%. Under the Asset Backed Equipment Facility, interest payments on the variable funding notes are paid monthly at an interest rate equal to the daily simple SOFR ("Secured Overnight Financing Rate") rate plus a margin of 120 basis points, which was equivalent to 4.8% at March 31, 2026. If an event of default occurs, the otherwise applicable interest rate for the Asset Backed Equipment Facility will be increased by an amount equal to 200 basis points per annum. The lenders also earn an unused facility fee of 0.35% of the unfunded portion of each lender's commitment amount prior to a rapid amortization event or event of default.

After May 1, 2028, ALERT 2015A will not be permitted to request new borrowings under the Asset Backed Equipment Facility, and the outstanding borrowings will amortize over a period of two and a half years with any remaining balance due at maturity.

The equipment financing receivables typically have interest rates ranging primarily from Prime plus 0.0% to Prime plus 4.75% for variable rate equipment financing receivables and 3.75% to 11.50% for fixed-rate equipment financing receivables. The average interest rate for all equipment financing receivables at March 31, 2026 was 8.39% with terms ranging primarily from two to twelve years. The weighted-average remaining expected life of equipment financing receivables held by the trust was

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approximately 3.43 years at March 31, 2026. All equipment financing receivables allow the holder to prepay outstanding principal amounts without penalty.

Securitized Receivables Financing

Alliance Laundry, through a special-purpose bankruptcy remote subsidiary, Alliance Laundry Trade Receivables LLC (“ALTR LLC”), utilizes a revolving credit facility (the “Asset Backed Trade Receivables Facility”) backed by trade receivables originated by the Company. Under the Asset Backed Trade Receivables Facility, Alliance Laundry originates and simultaneously sells its trade receivables to its special-purpose subsidiary. The risk of loss to the trade receivables under the Asset Backed Trade Receivables Facility resulting from default or dilution on trade receivables is mitigated by credit enhancement provided by the Company in the form of over-collateralization.

On June 30, 2022, the Company entered into an amendment to the Asset Backed Trade Receivables Facility to extend the term of the agreement until June 30, 2025, and increase the facility limit of $100.0 million to $120.0 million.

On May 1, 2025, the Company entered into an amendment to the Asset Backed Trade Receivables Facility, which extended the term of the agreement until May 1, 2028. The Company incurred $0.3 million of fees in connection with the amendment which were capitalized and included in the Debt issuance costs, net line of the Condensed Consolidated Balance Sheets. These costs are being amortized over the three-year revolving life of the facility, which approximates the effective interest method.

Under the Asset Backed Trade Receivables Facility, interest payments on the variable funding notes are paid monthly at an interest rate equal to the daily 1-month SOFR rate plus a margin of 110 basis points, which was 4.8% as of March 31, 2026. The lender also earns an unused facility fee of 0.35% of the unfunded portion of each lender's commitment amount. The Company consolidates the trust, including the assets and liabilities associated with the sale of accounts and equipment financing receivables, into its Consolidated Financial Statements.

After May 1, 2028, ALTR LLC will not be permitted to request new borrowings under the Asset Backed Trade Receivables Facility, and the outstanding borrowings will amortize over 180 days with any remaining balance due at maturity.

The Company follows accounting standards relating to the consolidation of variable interest entities and accounting for transfers of financial assets. In evaluating the variable interest entity accounting guidance, the Company evaluated if the trust should be consolidated. The Company has concluded that it is the primary beneficiary of the trust as (1) it has the power to direct the activities of the trust that most significantly impact the trust's economic performance and (2) the Company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the trust. As a result, the Company consolidates the trust in our financial statements.

Note 5 - Securitization Activities

The following lines of the Company’s Condensed Consolidated Balance Sheets are specific to the Company’s securitization and are restricted for securitization investors only:

•Restricted cash - for securitization investors

•Accounts receivable, net - restricted for securitization investors

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•Equipment financing receivables, net - restricted for securitization investors (current and long-term)

•Asset backed borrowings - owed to securitization investors (current and long-term)

Certain aspects of the Company’s retained interest in the assets of the trust constitute intercompany positions which are eliminated in the preparation of the Company’s Condensed Consolidated Balance Sheets. Trust receivables underlying the Company’s retained interest are recorded in Accounts receivable, net - restricted for securitization investors and Equipment financing receivables, net - restricted for securitization investors.

Restricted Cash - for Securitization Investors

To protect the noteholders of the trust, additional collateral in the form of a cash reserve equal to 1.0% of the equipment financing receivable balances is maintained as well as a yield account for lower fixed rate loans. Additionally, collection accounts to facilitate the collection and disbursement of funds are maintained separately for accounts receivable and equipment financing receivables. The following table presents the components of restricted cash for securitization investors.


(in thousands)	March 31, 2026		December 31, 2025
Cash reserve accounts	$	5,811	$	5,718
Collection accounts - accounts receivable	3,139		935
Collection accounts - equipment financing receivables	12,380		16,346
Restricted cash - for securitization investors	$	21,330	$	22,999

Securitization Activities

The Company transfers accounts receivable and equipment financing receivables to its special-purpose bankruptcy remote subsidiaries in the ordinary course of business as part of its ongoing securitization activities. The Company receives a combination of cash and residual interests in the transferred assets in its securitization transactions. Interest income is accrued as earned on outstanding balances. Fees earned and incremental direct costs incurred upon origination of equipment financing are not significant for any period presented.

The following table presents the Company’s residual interests in Accounts Receivable - restricted for securitization investors.


(in thousands)	March 31, 2026		December 31, 2025
Accounts receivable - restricted for securitization investors	$	144,752	$	143,764
Less: Allowance for accounts receivable credit losses	(1,486)		(1,791)
Accounts receivable, net - restricted for securitization investors	143,266		141,973
Less: Asset backed borrowings - owed to securitization investors	(106,932)		(113,176)
Company's residual interest in securitized accounts receivable	$	36,334	$	28,797

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The following table presents the Company’s residual interests in Equipment financing receivables, net - restricted for securitization investors.


	March 31, 2026				December 31, 2025
(in thousands)	Current		Long-term		Current		Long-term
Equipment financing receivables - restricted for securitization investors	$	96,351	$	486,370	$	93,614	$	474,292
Less: Allowance for equipment financing receivables credit losses	(2,344)		(4,212)		(1,603)		(3,884)
Equipment financing receivables, net - restricted for securitization investors	94,007		482,158		92,011		470,408
Less: Asset backed borrowings - owed to securitization investors	(83,136)		(430,268)		(81,004)		(424,406)
Company's residual interest in securitized equipment financing receivables	$	10,871	$	51,890	$	11,007	$	46,002

Asset Backed Borrowings - Owed to Securitization Investors

The asset backed borrowings owed to securitization investors in the Company’s Condensed Consolidated Balance Sheets represent the third-party noteholders’ interest in accounts receivable and equipment financing receivables.

Credit Quality of Equipment Financing Receivables

Past due balances of equipment financing receivables represent the principal balance of loans and leases held with any payment amounts between 30 and 89 days past the contractual payment due date. Non-performing equipment financing receivables represent loans and leases that are generally more than 89 days delinquent. Non-performing receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for equipment financing receivables with similar risk characteristics. The Company does not accrue interest income on non-performing equipment financing receivables. Finance income for non-performing equipment financing receivables is recognized on a cash basis.

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The following tables, shown in thousands, present an aging analysis of past due, non-performing and current equipment financing receivables by class and vintage year:


March 31, 2026	2026		2025		2024		2023		2022		Prior		Total
Securitized
Current	$	52,722	$	179,147	$	126,522	$	90,720	$	53,221	$	62,784	$	565,116
30-59 Days	—		—		1,368		131		531		—		2,030
60-89 Days	—		935		979		7		6		211		2,138
Total past due accruing	—		935		2,347		138		537		211		4,168
Over 89 Days non-performing	—		737		5,868		3,619		1,285		1,928		13,437
Total Securitized	$	52,722	$	180,819	$	134,737	$	94,477	$	55,043	$	64,923	$	582,721
Current period gross charge-offs	$	—	$	—	$	367	$	291	$	—	$	158	$	816

Unsecuritized
Current	$	516	$	63	$	956	$	44	$	1,085	$	2,128	$	4,792
30-59 Days	—		—		—		—		—		2		2
60-89 Days	—		—		—		—		15		—		15
Total past due accruing	—		—		—		—		15		2		17
Over 89 Days non-performing	—		—		—		—		136		482		618
Total Unsecuritized	$	516	$	63	$	956	$	44	$	1,236	$	2,612	$	5,427
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	39	$	39


December 31, 2025	2025		2024		2023		2022		2021		Prior		Total
Securitized
Current	$	185,415	$	136,144	$	97,584	$	60,113	$	31,519	$	38,916	$	549,691
30-59 Days	—		1,158		1,007		7		156		392		2,720
60-89 Days	—		2,433		313		73		855		—		3,674
Total past due accruing	—		3,591		1,320		80		1,011		392		6,394
Over 89 Days non-performing	737		5,105		2,724		1,286		1,068		901		11,821
Total Securitized	$	186,152	$	144,840	$	101,628	$	61,479	$	33,598	$	40,209	$	567,906
Current period gross charge-offs	$	—	$	13	$	220	$	77	$	577	$	442	$	1,329

Unsecuritized
Current	$	319	$	1,104	$	55	$	1,221	$	1,564	$	3,285	$	7,548
30-59 Days	—		—		—		56		286		—		342
60-89 Days	—		—		—		—		15		15		30
Total past due accruing	—		—		—		56		301		15		372
Over 89 Days non-performing	—		—		—		143		390		197		730
Total Unsecuritized	$	319	$	1,104	$	55	$	1,420	$	2,255	$	3,497	$	8,650
Current period gross charge-offs	$	—	$	—	$	—	$	227	$	58	$	170	$	455

The Company elected to exclude accrued interest receivable from the amortized cost basis. Accrued interest was $2.3 million and $2.3 million as of March 31, 2026 and December 31, 2025, respectively, which we report in Accounts Receivable in the Condensed Consolidated Balance Sheets.

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The following tables present activity in the allowance for losses related to equipment financing receivables held on the Condensed Consolidated Balance Sheets. Refer to Note 2 to the consolidated financial statements included in our audited consolidated financial statements for the year ended December 31, 2025 for further discussion of our allowance for credit losses.


	Three Months Ended March 31, 2026
(in thousands)		Unsecuritized Equipment Financing Receivables Portfolio		Securitized Equipment Financing Receivables Portfolio
Beginning period balance		$	915	$	5,487
Current period provisions		(46)		1,859
Actual write-offs		(39)		(816)
Recoveries		15		26
Impact of foreign exchange rates		(15)		—
Balance at end of period		$	830	$	6,556


	Three Months Ended March 31, 2025
(in thousands)	Unsecuritized Equipment Financing Receivables Portfolio		Securitized Equipment Financing Receivables Portfolio
Beginning period balance	$	892	$	4,995
Current period provisions	(107)		413
Actual write-offs	(60)		(478)
Recoveries	101		14
Impact of foreign exchange rates	4		—
Balance at end of period	$	830	$	4,944

Other Trust Items

The Company incurred $1.9 million of capitalized debt issuance costs associated with the refinancing of Asset Backed Facilities in 2025. The following table presents the amortization expense related to debt issuance costs.


	Three Months Ended March 31,
(in thousands)	2026		2025
Amortization expense	$	166	$	176

Note 6 - Inventories

The following table summarizes our inventories as of March 31, 2026 and December 31, 2025.


(in thousands)	March 31, 2026		December 31, 2025
Finished goods	$	75,192	$	63,559
Raw materials	66,517		62,335
Work in process	21,496		20,966
Inventories, net	$	163,205	$	146,860

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Note 7 - Derivative Financial Instruments

Derivative instruments are accounted for at fair value. The accounting for changes in the fair value of a derivative depends on the intended use, designation and type of the derivative instrument. The Company does not designate any of its derivatives as hedges and, as such, records all changes in fair values as a component of earnings. Cash flow activity associated with the Company's derivative financial instruments is recorded in Cash flows from operating activities on the Consolidated Statement of Cash Flows.

Using derivative instruments means assuming counterparty credit risk. Counterparty credit risk relates to the loss the Company could incur if a counterparty were to default on a derivative contract. The Company primarily deals with investment grade counterparties and monitors its overall credit risk and exposure to individual counterparties. The Company does not anticipate non-performance by any counterparties. The amount of counterparty credit exposure is the unrealized gains, if any, on such derivative contracts. The Company does not require, nor does it post collateral, or security, on such contracts.

The Company is exposed to certain risks relating to its ongoing business operations. As a result, the Company enters into derivative transactions to manage these exposures. The primary risks managed through the use of derivative instruments are fluctuations in interest rates, foreign currency exchange rates and commodity prices. Fluctuations in these rates and prices can affect the Company’s operating results and financial condition. The Company manages the exposure to these market risks through operating and financing activities and through the use of derivative financial instruments. The Company does not enter derivative financial instruments for trading or speculative purposes.

Interest Rate Risk.

Borrowings outstanding under the Term Loan totaled $1,300.0 million at March 31, 2026. Borrowings under the Term Loan bear interest, at the option of Alliance Laundry, at a rate equal to an applicable margin plus (a) the adjusted base rate or (b) the term SOFR (both rates as defined in the Credit Agreement). The applicable margins for the Term Loan are currently 1.25% with respect to adjusted base rate loans and 2.25% with respect to term SOFR loans. An assumed 10% increase/decrease in the SOFR interest rate in effect at March 31, 2026 would increase/decrease annual interest expense $2.0 million on the non-hedged portion of the borrowing.

Effective September 3, 2024, the Company entered into a $600.0 million interest rate swap agreement to hedge a portion of our interest rate risk related to our long-term borrowings. Under this swap, which matures on September 1, 2027, the Company pays a fixed rate of 3.61% and receives or pays monthly interest payments based upon a comparison to the one-month SOFR rate.

Effective April 1, 2025, the Company entered into a $150.0 million interest rate swap agreement to hedge a portion of our interest rate risk related to our long-term borrowings. Under the swap, which matures on April 3, 2028, the Company pays a fixed rate of 3.36% and receives or pays monthly interest payments based upon a comparison to the one-month SOFR rate.

Interest rate caps are in place as part of the Asset Backed Facilities to limit the Company’s exposure to interest rate increases which may adversely affect the overall performance of the Company’s equipment financing activities. The interest rate cap strike rates are 5.19%, 5.00% and 7.00%.

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Foreign Currency Risk.

The Company has manufacturing, sales, and distribution facilities in the Czech Republic, China and Thailand. The Company also has various sales and distribution facilities in Brazil, France, Spain, Italy, Germany and the United Arab Emirates. The Company also makes investments and enters into transactions denominated in foreign currencies. The vast majority of the Company’s international sales from its domestic operations are denominated in U.S. dollars. However, the Company is exposed to transactional and translational foreign exchange risk related to its foreign operations.

Regarding transactional foreign exchange risk, the Company from time to time enters into certain forward exchange contracts to reduce the variability of the earnings and cash flow impacts of foreign denominated receivables and payables. The Company does not designate these contracts as hedge transactions. Accordingly, the mark-to-market impact of these contracts is recorded each period to current earnings. At March 31, 2026, the Company had no outstanding foreign currency contracts.

The Company’s primary translation exchange risk exposures at March 31, 2026 were the euro, Czech koruna, and Thai baht. Amounts invested in non-U.S. based subsidiaries are translated into US dollars at the exchange rate in effect at period end. The resulting translation adjustments are recorded in accumulated other comprehensive income/(loss) as foreign currency translation adjustments.

Commodity Risk

The Company is subject to the effects of changing raw material and component costs caused by movements in underlying commodity prices. The Company purchases raw materials and components containing various commodities including nickel, zinc, aluminum, and copper. The Company generally buys these raw materials and components based upon market prices that are established with the vendor as part of the procurement process.

From time to time, the Company enters into contracts with its vendors to lock in commodity prices for various periods to limit its near-term exposure to fluctuations in raw material and component prices. In addition, the Company enters into commodity forward contracts, for commodities such as nickel, copper and aluminum, to reduce the variability on its earnings and cash flows of purchasing raw materials containing such commodities. The Company does not designate these contracts as hedge transactions. Accordingly, the mark-to-market impacts of these contracts are recorded each period to current earnings. At March 31, 2026, the Company was managing $2.9 million notional value of nickel forward contracts.

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The Company presents its derivatives at gross fair values in the Condensed Consolidated Balance Sheets and does not maintain derivative contracts which would require financial instrument or collateral balances. The following tables summarize the fair value of the Company’s outstanding derivative contracts included within the Condensed Consolidated Balance Sheets.


	March 31, 2026
	Fair Value (Level 2)
(in thousands)	Notional Amount		Assets		Liabilities		Location on Balance Sheet	Term
Undesignated derivatives:
Interest rate swap	$	750,000	$	994	$	—	Prepaid expenses and other current assets and Other assets	Various through 4/3/2028
Commodity hedges	2,943		331		—		Prepaid expenses and other current assets	Various through 1/5/27

Interest rate cap	52,447		63		—		Other long-term assets	Various through 9/15/31
Total undesignated derivatives			$	1,388	$	—


	December 31, 2025
	Fair Value (Level 2)
(in thousands)	Notional Amount		Assets		Liabilities		Location on Balance Sheet	Term
Undesignated derivatives:
Interest rate swap	$	750,000	$	—	$	3,341	Other current liabilities and long-term liabilities	Various through 4/3/2028
Commodity hedges	3,177		281		14		Prepaid expenses and other current assets and Other current liabilities	Various through 12/31/25

Interest rate cap	55,091		38		—		Other long-term assets	Various through 9/15/31
Total undesignated derivatives			$	319	$	3,355

The following table presents the combined cash and non-cash effects of derivative instruments on the Company’s Condensed Consolidated Statements of Comprehensive Income.


		Gain/(Loss) Recognized on Undesignated Derivatives
(in thousands)	Location in Statement of	Three Months Ended March 31,
Undesignated Derivatives	Comprehensive Income	2026		2025
Interest rate swap	Interest expense, net	$	4,503	$	(4,703)
Foreign currency hedges	Cost of sales	306		(62)
Commodity hedges	Cost of sales	61		(27)
Interest rate cap	Interest expense, net	25		(80)
		$	4,895	$	(4,872)

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Note 8 - Other Current Liabilities

The following table presents the major components of Other current liabilities.


(in thousands)	March 31, 2026		December 31, 2025
Salaries, wages and other employee benefits	$	35,622	$	42,814
Product warranties	31,167		30,420
Accrued interest	11,806		14,159
Accrued sales incentives	16,157		27,422
Income taxes	21,410		9,501
Other current liabilities	37,608		29,276
	$	153,770	$	153,592

Note 9 - Income Taxes

During the three months ended March 31, 2026 and 2025, the Company calculated its effective tax rate to be 21.4% and 23.3%, respectively. The decrease in the effective tax rate is primarily due to the impact of deductibility for exercises of stock options.

At the end of each interim period, the Company makes an estimate of the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjusts the quarterly rate as necessary.

The Company has approximately $4.7 million and $4.5 million of unrecognized tax benefits as of March 31, 2026 and December 31, 2025, respectively, which, if recognized, would impact the effective tax rate. The Company’s policy is to accrue interest and penalties related to unrecognized tax benefits in income tax expense. As of March 31, 2026 and December 31, 2025, accrued interest and penalties related to the reserve for uncertain tax positions were $1.0 million and $0.9 million, respectively.

Tax years which remain subject to examination by tax authorities for the Company’s significant tax jurisdictions include 2020 and after for the United States and Luxembourg and 2022 and after for Belgium and the Czech Republic.

Note 10 – Product Warranties

The Company offers product warranties to its Commercial and Commercial In-Home customers depending upon the specific product type and the product use. Standard product warranties vary from one to seven years. The standard warranty program includes replacement of defective components. Additionally, the standard warranty covers labor costs for repairs solely related to Commercial In-Home equipment.

The Company records an estimate for future warranty related costs based on the projected incident rates of occurrence and projected cost per incident. The carrying amount of the Company’s warranty liability is adjusted as necessary based on an analysis of these and other factors.

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The following table presents the changes in the carrying amount of the total product warranty liability.


	Three Months Ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	69,160	$	51,787
Currency translation adjustment	(130)		72
Accruals charged to earnings	11,567		9,189
Payments made during the period	(8,105)		(7,158)
Balance at end of period	$	72,492	$	53,890

Product warranty of $31.2 million and $30.4 million is recorded in Other current liabilities in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively. Product warranty of $41.3 million and $38.7 million is recorded in Other long-term liabilities in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

Note 11 - Debt

The following table presents the Company’s debt, other than debt related to securitization activities discussed in Note 4 - Asset Backed Facilities and Note 5 - Securitization Activities.


(in thousands)	March 31, 2026		December 31, 2025
Term Loan due August 2031 (5.92% and 5.98% as of March 31, 2026 and December 31, 2025, respectively)	$	1,300,000	$	1,365,000


Finance lease obligations	201		236
Gross long-term debt	1,300,201		1,365,236




Less: current portion of finance lease obligations	(100)		(113)
Less: unamortized debt issuance costs on Term Loan	(3,241)		(3,496)
Less: unamortized original issue discount on Term Loan	(6,409)		(6,991)
Long-term debt, net	$	1,290,451	$	1,354,636

Credit Facility

On August 19, 2024, the Company entered into a credit agreement, by and among Alliance Laundry Holdings LLC ("Alliance Holdings"), Alliance Laundry as the Borrower (“Borrower”), the lenders party thereto and Citibank, as Administrative Agent (the “Credit Agreement”). The Credit Agreement provides for (i) an initial Term Loan facility (the “Term Loan”) in the aggregate principal amount of $2,075.0 million and (ii) initial revolving credit facilities (the “RCF” and, together with the Term Loan, the “Credit Facility”) of $250.0 million principal amount of revolving commitments, with $225.0 million issuable in U.S. Dollars or Euros and $25.0 million issuable in Thai Baht, with a $102.2 million sub-limit for issuance of letters of credit and a $25.0 million sub-limit for swingline loans. The Term Loan was issued with an original issue discount of 50 basis points. Interest is payable no less frequently than quarterly at the rate of SOFR plus 3.5% (or the applicable base rate plus 2.5%), with a 0.0% SOFR floor. Interest under the RCF accrues at the rate of SOFR plus 3.25% (or the applicable base rate plus 2.25%).

On February 20, 2025, we finalized an amendment to our Credit Agreement, which reduced the applicable margin on the Term Loan and RCF. The result was an interest rate on our Term Loan of

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SOFR plus 2.75% and an interest rate on our RCF of SOFR plus 2.50%. Additionally, we incorporated opportunities for further margin reductions contingent upon achieving improvements in our leverage ratio. The company incurred $1.0 million of fees in connection with the amendment. These fees were expensed and included in Other (income)/expenses, net in the Condensed Consolidated Statement of Comprehensive Income.

On August 21, 2025, we finalized an amendment to our Credit Agreement, which reduced the applicable margin on the Term Loan and RCF. The result is an interest rate on our Term Loan of SOFR plus a margin of 2.25% and an interest rate on our RCF of SOFR plus a margin of 2.25%. Additionally, we incorporated opportunities for further margin reductions contingent upon achieving improvements in our leverage ratio and rating agency upgrades. The company incurred $1.3 million of fees in connection with the amendment. These fees were expensed and included in Other (income)/expenses, net in the Condensed Consolidated Statement of Comprehensive Income. As of March 31, 2026, the interest rate under the RCF was 5.92%. Additionally, a commitment fee based upon the Company’s leverage ratio is charged on the unused portion of the commitments under the RCF. As of March 31, 2026, the commitment fee was 0.25%.

For the three months ended March 31, 2026, the Company made $65.0 million in voluntary prepayments on the Term Loan. During year ended December 31, 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.

The Credit Agreement requires certain mandatory prepayments, including from asset sales and, beginning with the fiscal year ending December 31, 2025, annual prepayments of the Term Loan with 50% of the Company’s Excess Cash Flow, which steps down to 25% if the Company’s net leverage ratio is below 4.75:1 and to 0% if the net leverage ratio is below 4.5:1. Excess Cash Flow is defined in the Credit Agreement as consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted for the net change in working capital for the fiscal year, less other specified deductions such as debt and debt service payments, and interest and taxes paid in cash. Working capital is defined as current assets excluding cash and cash equivalents less current liabilities excluding current portion of long term debt and various other adjustments. The Company has not been subject to any mandatory prepayments. Outstanding balances are fully prepayable on a voluntary basis, in whole or in part, without premium or penalty. The remaining balance of the Term Loan is due at maturity on August 19, 2031. The RCF matures on August 19, 2029, and it does not require any installment principal repayments or mandatory commitment reductions. Outstanding balances under the RCF are fully prepayable on a voluntary basis, in whole or in part, and commitments may be terminated, in whole or in part, in each case without premium or penalty. Obligations under the Credit Agreement are secured by substantially all assets of the Company.

The Credit Agreement contains covenants that are customary for similar credit arrangements, including, among other things, covenants relating to: (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with applicable laws, (iv) notification of certain events, and (v) certain covenants limiting the ability of the Borrower and its subsidiaries to, among other things, sell or transfer assets, consummate fundamental changes, incur or guarantee indebtedness or liens, make investments, or enter into transactions with affiliates. The Company is in compliance with all covenants as of March 31, 2026.

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The RCF is available, subject to certain conditions, for general corporate purposes in the ordinary course of business and for other transactions permitted under the Credit Agreement. A portion of the RCF not in excess of $102.2 million is available for the issuance of letters of credit. As of March 31, 2026, the Company had one irrevocable standby letter of credit outstanding, for a total of $4.5 million, issued to support the Company's insurance obligations. There were no letters of credit outstanding as of December 31, 2025. The RCF was not drawn as of March 31, 2026 or December 31, 2025.

Other Debt

As discussed in greater detail in Note 5 - Securitization Activities, the Company had total debt outstanding of $620.3 million and $618.6 million related to its securitization activities as of March 31, 2026 and December 31, 2025, respectively.

Debt Issuance Costs and Original Issue Discount

The following table presents a summary of other disclosure items related to the Company’s debt, which are recorded in interest expense, net line of our Condensed Consolidated Statement of Comprehensive Income:


	Three Months Ended March 31,
(in thousands)	2026		2025
Amortization expense - debt issuance costs	$	388	$	335
Amortization expense - original issue discount	$	581	$	398

Note 12 – Accumulated Other Comprehensive Income/(Loss)

The following tables present the changes in Accumulated other comprehensive income/(loss) by component, net of tax.


	Other Post-Retirement Benefits, Net
	Three Months Ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	1,650	$	1,842

Amounts reclassified from accumulated other comprehensive income/(loss)	—		—
Net other comprehensive income	—		—
Balance at end of period	$	1,650	$	1,842


	Foreign Currency Translation
	Three Months Ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	55,528	$	(3,594)
Other comprehensive income/(loss) before reclassifications	(12,603)		16,739
Amounts reclassified from accumulated other comprehensive income/(loss)	—		—
Net other comprehensive income/(loss)	(12,603)		16,739
Balance at end of period	$	42,925	$	13,145

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Note 13 - Stock Based Compensation

2015 Stock Option Plan

On September 25, 2025, the Company’s board of directors and stockholders terminated the 2015 Stock Option Plan and approved the 2025 Omnibus Incentive Compensation Plan. No further awards will be granted under the 2015 Stock Option Plan, but existing awards will continue to vest and be exercisable in accordance with the plan terms.

The following table presents a summary of the Company’s stock option activity.


	Share Options	Weighted Average Exercise Price (Per Share)		Weighted Average Remaining Contractual Term (in years)
Options outstanding as of December 31, 2025	9,114,001	$	7.31
Granted	—	—
Exercised	(1,548,128)	6.64
Forfeited	—	—
Options outstanding as of March 31, 2026	7,565,873	$	7.45	5.4
Options exercisable as of March 31, 2026	6,724,331	$	7.00	5.2

At March 31, 2026, the Company had approximately $2.9 million of total unrecognized compensation cost related to non-vested, time-based stock options granted. That cost is expected to be recognized over a weighted average period of 3.2 years. As of March 31, 2026, the Company had no unrecognized compensation cost related to performance-based stock option grants as all awards vested upon the Company's IPO in 2025.

2025 Omnibus Incentive Compensation Plan

The 2025 Compensation Plan allows the Company to grant equity-based incentive awards to eligible directors, officers, employees, and consultants. The plan replaced the Company’s 2015 Stock Option Plan and permits the issuance of stock options, stock appreciation rights, restricted shares, restricted stock units ("RSUs"), performance share units ("PSUs") and cash incentive awards.

Restricted Stock Units

RSUs represent the right to receive one share of the Company’s common stock upon vesting, subject to the terms and conditions of the applicable award agreement. RSUs are generally settled in an equal number of shares of the Company’s common stock at the time of vesting. RSU awards granted to employees and officers generally vest ratably over a four-year period on the anniversary of the grant date, subject to continued service. The fair value of each RSU is equal to the closing price of the Company’s common stock on the date of grant. Compensation expense is recognized on a straight-line basis over the requisite service period and is included within Selling, general and administrative expense in the Condensed Consolidated Statement of Comprehensive Income. Unvested RSUs are generally forfeited upon termination of service, and the related unrecognized compensation expense is reversed in the period of forfeiture.

Performance Share Units

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PSU awards cliff vest at the end of a performance period subject to (i) the Company’s achievement of certain financial performance goals established by the Compensation Committee, including Revenue CAGR and Adjusted Free Cash Flow CAGR, and (ii) the recipient’s continued employment through the last day of the performance period. Annual PSU grants are subject to a three-year performance period and certain stub grants are subject to a two-year performance period. The number of shares earned, if any, may range from 0% to 200% of the target award amount depending on the level of performance achieved.

The fair value of PSU awards is equal to the closing price of the Company’s common stock on the date of grant. Compensation expense is recognized on a straight-line basis over the requisite service period based on the Company’s periodic assessment of the probability that the applicable performance conditions will be achieved. Compensation expense is adjusted prospectively if that assessment changes.

The following table summarizes RSU and PSU activity under the 2025 Compensation Plan for the three months ended March 31, 2026:


	RSUs			PSUs
	Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2025	395,897	$	24.99	—	$	—
Granted	265,468	20.46		761,443	20.46
Vested	—	—		—	—
Forfeited	—	—		—	—
Outstanding as of March 31, 2026	661,365	$	23.17	761,443	$	20.46

As of March 31, 2026, there was $13.7 million of total unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a remaining weighted-average period of 3.58 years. As of March 31, 2026, there was $15.3 million of total unrecognized stock-based compensation expense related to unvested PSUs, which is expected to be recognized over a remaining weighted-average period of 2.57 years.

Note 14 - Earnings Per Share

Basic net income per share of common stock is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share of common stock is computed by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all dilutive potential shares of common stock, which include, if dilutive, outstanding stock awards. The computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards, including Stock Options, when the effect of the potential exercise would be anti-dilutive. The dilutive impact of the stock options is determined by applying the treasury stock method.

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Basic and diluted net income per share of common stock were calculated as follows:


(in thousands, except share and per share amounts)	For the Three Months Ended March 31,
	2026		2025
Numerator
Income available to common stockholders (basic and diluted)	$	56,916	$	17,229

Denominator
Weighted-average number of common shares outstanding	197,869,060		125,323,813
Weighted-average number of warrants outstanding	—		45,315,182
Basic — weighted average number of shares outstanding	197,869,060		170,638,995

Effect of dilutive securities - time-vested options	2,567,442		4,013,843
Effect of dilutive securities - performance-based options	2,833,074		—
Effect of dilutive securities - RSUs and PSUs	11,615		—
Diluted — weighted average number of shares outstanding	203,281,191		174,652,838

Earnings/(loss) per share
Basic	$	0.29	$	0.10
Diluted	$	0.28	$	0.10

The following equity awards were excluded from the computation of diluted earnings per share:


	Three Months Ended March 31,
	2026	2025
RSUs	617,733	—
PSUs	1,522,886	—

The equity awards excluded from the calculation of the dilutive effect may be excluded due to one of the following: (1) the shares were antidilutive or (2) the necessary conditions had not been satisfied for the shares to be deemed issuable based on the Company's performance for the relevant performance period. The number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to these awards.

Note 15 - Segment Information

The Company’s Chief Operating Decision Maker (CODM) is our Chief Executive Officer. The Company operates through two reportable segments in accordance with ASC 280, Segment Reporting: North America (United States and Canada) and International (all other global markets). This structure reflects how the CODM evaluates performance and allocates resources. Across both reportable segments, we manufacture and sell commercial laundry equipment suitable for diverse applications, ranging from small chassis products installed in laundromats, multi-housing facilities and residential settings, to large industrial units designed for institutional laundry applications.

The CODM uses Adjusted EBITDA as the primary measure of segment profit and loss to evaluate the Company’s financial performance against expected results and to allocate resources, including capital investment and potential acquisitions. Adjusted EBITDA is a non-GAAP financial measure that is defined as net income excluding interest income/expense, income taxes, depreciation

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and amortization. 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. Management believes Adjusted EBITDA is the best measure to help users of its financial statements evaluate our operating performance and facilitates more meaningful comparisons with industry peers. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

Assets are physically maintained primarily in the United States, Czech Republic, and Thailand. Total assets by segment are not presented in the table below as the CODM is not provided total assets by reportable segment as the CODM does not evaluate, manage, or measure performance of segments using total assets.

The following table presents the results of operations for the Company’s reportable segments, reconciled to consolidated Income before taxes:


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
(in thousands)	North America		International		Total		North America		International		Total
Net revenues	$	319,819	$	107,068	$	426,887	$	292,319	$	97,254	$	389,573
Cost of sales(1)	203,958		64,715				185,268		58,517
Other segment items(2)	28,933		9,795				26,275		9,937
Adjusted EBITDA	$	86,928	$	32,558	$	119,486	$	80,776	$	28,800	$	109,576
Reconciling items:
Interest expense, net					(17,888)						(44,912)
Depreciation and amortization					(22,504)						(23,314)
Refinancing and debt related costs					(5)						(1,056)
Foreign exchange gain/(loss) on intercompany loans, net					6,475						(6,065)
Share-based compensation					(1,895)						(1,003)
Strategic transaction costs					(815)						(862)

Corporate and other					(10,466)						(9,914)
Income before taxes					$	72,388					$	22,450

__________________

(1)Consists of Cost of sales, Cost of sales - related parties and Equipment financing expenses for North America and Cost of sales and Cost of sales - related parties for International.

(2)Other segment items for each reportable segment includes:

North America - engineering, sales and marketing, information technology, and certain other overhead expenses.

International - engineering, sales and marketing, information technology, and certain other overhead expenses.

Note 16 - Supplier Financing Arrangements

The Company entered into a supplier financing arrangement with a third-party financial institution which allows participating suppliers the ability to request early payment for eligible receivables due from the Company at their sole discretion. The Company’s obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by a suppliers’ decision to sell amounts under the arrangement. Payment terms with our suppliers, which we deem to be commercially reasonable, range from 0 to 120 days. Outstanding payment obligations subject to the Company's supplier finance program at March 31, 2026 and March 31, 2025 were $9.0 million and $13.4 million, respectively, and are included in Accounts payable in the Condensed Consolidated Balance Sheets.

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The following tables present the changes in outstanding obligations under supplier financing arrangements:


(in thousands)	March 31, 2026
Obligations outstanding at December 31, 2025	$	8,028
New obligations	7,720
Payments against supplier obligations	(6,716)

Obligations outstanding at March 31, 2026	$	9,032


(in thousands)	March 31, 2025
Obligations outstanding at December 31, 2024	$	11,971
New obligations	12,490
Payments against supplier obligations	(11,012)
Obligations outstanding at March 31, 2025	$	13,449

Note 17 - Commitments and Contingencies

The Company is subject to various other claims and contingencies arising out of the normal course of business, including those relating to governmental investigations and proceedings, commercial transactions, product liability, employee related matters, antitrust, safety, health, taxes, environmental and other matters. Litigation is subject to many uncertainties and the outcome of individual litigated matters is not predictable with assurance. It is possible that some litigation matters for which reserves have not been established could be decided unfavorably to us, and that any such unfavorable decisions could have a material adverse effect on our financial condition, results of operations and cash flows.

Note 18 - Related Parties

The Company has entered into various transactions with related parties. The Company’s Board of Directors has members that are employees of BDT & MSD Partners, LLC ("BDT"), which the Company paid $0.1 million for the three months ended March 31, 2026 and 2025, respectively. Management fees are classified as Selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Comprehensive Income. Entities affiliated with BDT hold a controlling interest in a vendor that the Company purchases raw materials from. The Company made purchases of $2.0 million and $1.3 million from this vendor during the three months ended March 31, 2026 and 2025, respectively, included in inventory and cost of sales. As of March 31, 2026 and March 31, 2025, the Company had amounts due to this vendor of $2.0 million and $1.9 million, respectively, included in Accounts payable - related parties in the Condensed Consolidated Balance Sheets.

Note 19 - Subsequent Events

The Company evaluates events occurring subsequent to the date of the financial statements in determining the accounting for and disclosure of transactions and events that affect the financial statements.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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.

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RESULTS OF OPERATIONS

Three Months Ended March 31, 2026 as Compared to the Three Months Ended March 31, 2025

Consolidated Results of Operations

The following table sets forth our consolidated results of operations for the quarter ended March 31, 2026 (in thousands):


	Three Months Ended March 31,
	2026		2025		$ Change		% Change
Net revenues:
Equipment, service parts and other	$	414,706	$	377,718	$	36,988	10	%
Equipment financing	12,181		11,855		326		3	%
Net revenues	426,887		389,573		37,314		10	%
Costs and expenses:
Cost of sales	259,463		235,546		23,917		10	%
Cost of sales - related parties	1,670		1,447		223		15	%
Equipment financing expenses	8,565		7,559		1,006		13	%
Gross profit	157,189		145,021		12,168		8	%

Selling, general, and administrative expenses	73,328		70,463		2,865		4	%
Selling, general, and administrative expenses - related parties	55		75		(20)		(27)	%

Total operating expenses	73,383		70,538		2,845		4	%
Operating income	83,806		74,483		9,323		13	%

Interest expense, net	17,888		44,912		(27,024)		(60)	%
Other (income)/expenses, net	(6,470)		7,121		13,591		191	%

Income before taxes	72,388		22,450		49,938		222	%
Provision for income taxes	15,472		5,221		10,251		196	%
Net income	$	56,916	$	17,229	$	39,687	230	%

Net revenues

Net revenues for the three months ended March 31, 2026 increased $37.3 million, or 9.6%, to $426.9 million from $389.6 million for the three months ended March 31, 2025. The increase in net revenues reflects a combination of volume growth, which contributed approximately one-third of the increase, price increases, and an approximately 1% favorable impact from foreign exchange. Equipment revenue increased $35.6 million, or 11.0%, year over year, primarily driven by volume growth and price increases. Service parts revenue increased $1.9 million, or 4.5%, year over year primarily driven by price increases. Equipment financing revenue increased $0.3 million, or 2.7% year over year driven by growth in 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 March 31, 2026 increased $12.2 million, or 8.4%, to $157.2 million from $145.0 million for the three months ended March 31, 2025. Gross profit, as a percentage of net revenues, remained relatively flat at 36.8% for the three months ended March 31, 2026 as compared to 37.2% for the three months ended March 31, 2025. A year over year increase in

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tariffs of approximately $3.4 million negatively impacted gross margin for three months ended March 31, 2026. Tariffs were partially offset by price increases and cost reduction initiatives.

Selling, general, and administrative expenses

Selling, general, and administrative expenses for the three months ended March 31, 2026 increased $2.8 million to $73.4 million from $70.5 million for the three months ended March 31, 2025. Selling, general, and administrative expenses as a percentage of net revenues was 17.2% for the three months ended March 31, 2026 as compared to 18.1% for the three months ended March 31, 2025. Included within Selling, general, and administrative expenses is $9.7 million and $11.1 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 March 31, 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 three months ended March 31, 2026 decreased $27.0 million to $17.9 million from $44.9 million for the three months ended March 31, 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 February 2025 and August 2025.

Other (income)/expenses, net

Other (income)/expenses, net for the three months ended March 31, 2026 was $6.5 million of income compared to $7.1 million of expenses for the three months ended March 31, 2025. Other income for the three months ended March 31, 2026 included $6.5 million of foreign exchange gains on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency. Other expenses for the three months ended March 31, 2025 included $1.1 million of debt issuance costs and $6.1 million foreign exchange losses on intercompany loans, net.

Provision for income taxes

The effective income tax rate was a 21.4% provision for the three months ended March 31, 2026 as compared to a 23.3% provision for the three months ended March 31, 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.

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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 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 March 31, 2026:


	Three Months Ended March 31,
(in thousands, except for percentages)	2026			2025			$ Change		% Change
North America
Net revenues	$	319,819		$	292,319		$	27,500	9.4	%
Adjusted EBITDA	$	86,928		$	80,776		$	6,152	7.6	%
Adjusted EBITDA Margin	27.2		%	27.6		%
International
Net revenues	$	107,068		$	97,254		$	9,814	10.1	%
Adjusted EBITDA	$	32,558		$	28,800		$	3,758	13.0	%
Adjusted EBITDA Margin	30.4		%	29.6		%

North America

Revenue in North America increased $27.5 million or 9.4% to $319.8 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Equipment revenue increased $27.2 million, or 11.3%, mainly driven by strong demand across all end markets, with particularly strong performance in the Commercial In-Home end market (an increase of 23%). Service parts revenue increased $0.2 million, or 0.5%, primarily driven by price increases. Other revenues and Equipment financing revenue remained relatively flat year over year.

Adjusted EBITDA increased $6.2 million or 7.6% to $86.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 and Adjusted EBITDA Margin decreased slightly to 27.2% for the three months ended March 31, 2026 compared to 27.6% for the three months ended March 31, 2025. As noted above, a year-over-year increase in tariffs of

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approximately $3.4 million negatively impacted adjusted EBITDA margin for three months ended March 31, 2026. These costs were offset by modest price increases and cost reduction initiatives.

International

Revenue increased $9.8 million or 10.1% to $107.1 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Equipment revenue increased $8.4 million, or 9.9%, primarily due to strong performance in Europe (an increase of 21%) and in Middle East and Africa (an increase of 10%) where the expanding Vended end markets are driving growth. Service parts revenue increased $1.8 million, or 16.1%, primarily driven by volume growth.

Adjusted EBITDA increased $3.8 million or 13.0% to $32.6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 and Adjusted EBITDA Margin increased to 30.4% for the three months ended March 31, 2026 from 29.6% for the three months ended March 31, 2025. This increase was primarily driven by customer and product mix and favorable foreign exchange.

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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 $5.2 million of cash into capital expenditures during the three months ended March 31, 2026.

Cash Flows Information

The following table presents a summary of our cash flow activity for the periods set forth below (in thousands):


	Three Months Ended March 31,
	2026		2025
Net cash provided by operating activities	$	79,869	$	45,426
Net cash used in investing activities	(6,417)		(11,336)
Net cash (used in)/provided by financing activities	(70,794)		8,131
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1		505
Increase in cash, cash equivalents, and restricted cash	$	2,659	$	42,726

Operating Activities

Cash provided by operating activities for the three months ended March 31, 2026 of $79.9 million was primarily derived from net income adjusted for non-cash provisions and a $7.6 million decrease in working capital. The primary contributors to the change in working capital were a $27.4 million increase in accounts payable, a $7.7 million decrease in other assets and a $4.0 million increase in other liabilities, partially offset by an $18.8 million increase in accounts and equipment financing receivables held for securitization investors and a $14.0 million increase in inventories.

Cash provided by operating activities for the three months ended March 31, 2025 of $45.4 million was primarily derived from net income adjusted for non-cash provisions, partially offset by a $5.1 million increase in working capital. The primary contributors to the change in working capital were a $26.9 million increase in accounts and equipment financing receivables held for securitization investors and a $12.3 million increase in inventories, partially offset by a $21.3 million increase in accounts payable, a $6.8 million increase in other liabilities and a $5.3 million decrease in accounts and equipment financing receivables.

Investing Activities

Cash used in investing activities of $6.4 million for the three months ended March 31, 2026 was primarily the result of $5.2 million of capital expenditures, $3.2 million related to the acquisitions of distributors in the United States, partially offset by a $1.9 million net inflow related to collections of new equipment financing receivables exceeding originations.

Cash used in investing activities of $11.3 million for the three months ended March 31, 2025 was primarily the result of $8.5 million related to capital expenditures, $2.0 million related to

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acquisitions of distributors in the United States and a $1.0 million net outflow related to originations of new equipment financing receivables exceeding collections.

Financing Activities

Cash used in financing activities of $70.8 million for the three months ended March 31, 2026 was primarily comprised of $65.0 million in voluntary prepayments on the Term Loan, $7.6 million for taxes paid related to net share settlement of stock options, partially offset by a $1.7 million net increase in asset backed borrowings owed to securitization investors.

Cash provided by financing activities of $8.1 million for the three months ended March 31, 2025, was primarily comprised of $10.0 million net increase in asset backed borrowings owed to securitization investors, partially offset by $1.9 million for taxes paid related to net share settlement of stock options.

Debt

As of March 31, 2026, there was $1,300.0 million outstanding under the Term Loan and $250.0 million of unused capacity on the revolving facility. The Term Loan bears interest of SOFR plus a margin of 2.25%. As of March 31, 2026, the interest rate for the Term Loan is 5.92%.

During the three months ended March 31, 2026, the Company made $65.0 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 exception for any Excess Cash Flow payment required under the Credit Agreement.

Off-Balance Sheet Arrangements

As of March 31, 2026, we did not have any off-balance sheet arrangements, as defined in Regulation S-K promulgated by the SEC.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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The Company is exposed to certain risks relating to its ongoing business operations. As a result, the Company enters into derivative transactions to manage these exposures. The primary risks managed through the use of derivative instruments are fluctuations in interest rates, foreign currency exchange rates and commodity prices. Fluctuations in these rates and prices can affect the Company’s operating results and financial condition. The Company manages the exposure to these market risks through operating and financing activities and through the use of derivative financial instruments. The Company does not enter into derivative financial instruments for trading or speculative purposes.

Interest Rate Risk

Borrowings outstanding under the Term Loan totaled $1,300 million at March 31, 2026. Borrowings under the Term Loan bear interest, at the option of the applicable Borrower, at a rate equal to an applicable margin plus (a) the applicable base rate or (b) Term SOFR (both rates as determined in accordance with the Credit Agreement). As of March 31, 2026, the applicable margins for the Term Loan were 1.25% with respect to adjusted base rate loans and 2.25% with respect to Term SOFR loans. An assumed 10% increase/decrease in the current interest rate in effect at March 31, 2026 would increase/decrease annual interest expense $2.0 million on the non-hedged portion of the borrowing.

On August 21, 2025, the Company finalized an amendment to our Credit Agreement, which reduced the applicable margin on the Term Loan and RCF. The result is an interest rate on our Term Loan of SOFR plus a margin of 2.25% and an interest rate on our RCF of SOFR plus a margin of 2.25%. Additionally, the amendment contains opportunities for further margin reductions contingent upon achieving improvements in our leverage ratio and rating agency upgrades.

Effective September 3, 2024, the Company entered into a $600.0 million interest rate swap agreement to hedge a portion of our interest rate risk related to our long-term borrowings. Under the swap, which matures on September 1, 2027, the Company pays a fixed rate of 3.61% and receives or pays monthly interest payments based upon a comparison to the one-month Term SOFR rate.

Foreign Currency Risk

Regarding transactional foreign exchange risk, the Company from time to time enters into certain forward exchange contracts to reduce the variability of the earnings and cash flow impacts of foreign denominated receivables and payables. The Company does not designate these contracts as hedge transactions. Accordingly, the mark-to-market impact of these contracts is recorded each period to current earnings. At March 31, 2026 and December 31, 2025, the Company had no outstanding foreign currency contracts.

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The Company’s primary translation exchange risk exposures at March 31, 2026 were the euro, Czech koruna, and Thai baht. Amounts invested in non-U.S. based subsidiaries are translated into U.S. dollars at the exchange rate in effect at period end. The resulting translation adjustments are recorded in accumulated other comprehensive (loss)/income as foreign currency translation adjustments.

Commodity Risk

The Company is subject to the effects of changing raw material and component costs caused by movements in underlying commodity prices. The Company purchases raw materials and components containing various commodities including nickel, zinc, aluminum and copper. The Company generally buys these raw materials and components based upon market prices that are established with the vendor as part of the procurement process.

The Company presents its derivatives at gross fair values in the Company’s Condensed Consolidated Balance Sheets and does not maintain derivative contracts which would require financial instrument or collateral balances.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required financial disclosure.

As of the end of the period covered by this Quarterly Report on Form 10-Q, our management, under the supervision and with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e) and 15d-15(e). Based on this evaluation, our principal executive officer and principal financial officer have concluded that as of March 31, 2026, our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

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Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the three months ended March 31, 2026.

Limitations on the Effectiveness of Controls

Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives as specified above. Management does not expect that our disclosure controls and procedures will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based on certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time we are a party to various legal proceedings incidental to the conduct of our business. The results of legal proceedings are inherently unpredictable and uncertain. We are not presently party to any legal proceedings the resolution of which we believe would have a material adverse effect on our business, prospects, financial condition, liquidity, results of operations, cash flows or capital levels.

We periodically reexamine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation. As a result, the current estimates of the potential impact on our business, prospects, financial condition, liquidity, results of operation, cash flows or capital levels for the proceedings and claims described in the notes to our consolidated financial statements could change in the future.

Regardless of the outcome, legal proceedings have the potential to have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Currently, no material legal proceedings are pending or, to our knowledge, threatened or contemplated against us, that could have a material adverse effect on our business, financial position or results of operations.

See Note 17 - Commitments and Contingencies to the condensed consolidated financial statements for further information on the Company's legal proceedings.

Item 1A. Risk Factors.

The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in our Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock price. There have been no material changes to the Company’s risk factors since those set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

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Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

The following table describes any contracts, instructions or written plans for the sale or purchase of our securities adopted, amended or terminated by our directors or executive officers during the three months ended March 31, 2026, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name and Title

Date of Adoption of Rule 10b5-1 Trading Plan

Scheduled Expiration Date of Rule 10b5-1 Trading Plan

Aggregate Number of Securities to be Purchased or Sold

Michael Schoeb
Chief Executive Officer

3/16/2026

11/30/2026

Covers the sale of up to 497,000 shares of common stock

Dean Nolden

Chief Financial Officer

3/16/2026

12/15/2026

Covers the sale of up to 40,000 shares of common stock

Samantha Hannan

Chief Legal & Compliance Officer

3/16/2026

10/31/2026

Covers the sale of up to 30,000 shares of common stock

Jan Vleugels

Chief Operating Officer

3/16/2026

12/15/2026

Covers the sale of up to 450,000 shares of common stock

Amanda Kopetsky

Chief Human Resources Officer

3/16/2026

12/15/2026

Covers the sale of up to 56,440 shares of common stock

Brian Sikora

Chief Accounting Officer

3/16/2026

11/30/2026

Covers the sale of up to 35,000 shares of common stock

During the three months ended March 31, 2026, no other director or Section 16 officer adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined under Item 408(a) of Regulation S-K.

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Item 6. Exhibits.

(a)Exhibit Index

Exhibit Index


Exhibit Number						Exhibit Description

3.1						Fourth Amended and Restated Certificate of Incorporation of Alliance Laundry Holdings Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-8 filed with the Commission on October 9, 2025).

3.2						Third Amended and Restated Bylaws of Alliance Laundry Holdings Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-8 filed with the Commission on October 9, 2025).

31.1+						Certification of Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2+						Certification of Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

#Indicates management contract or compensatory plan.

+Filed herewith.

*The certification attached as Exhibit 32.1 and Exhibit 32.2 that accompanies this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is not deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Alliance Laundry Holdings Inc.

Date: May 12, 2026

By:

/s/ Dean Nolden

Dean Nolden

Chief Financial Officer

(Principal Financial Officer)

Date: May 12, 2026

By:

/s/ Brian Sikora

Brian Sikora

Chief Accounting Officer

(Principal Accounting Officer)

Alliance Laundry Holdings Inc. 10-Q