Here are 1-2 brief analogies for Hillman Solutions (HLMN):

• The Fastenal or Grainger for the hardware aisles of Home Depot and Lowe's.

• A behind-the-scenes partner that supplies hardware, fasteners, and key-making solutions to major home improvement retailers, akin to how WESCO International serves industrial and electrical businesses.

• Fasteners: A wide array of screws, nuts, bolts, washers, and anchors for construction, repair, and DIY projects.
• Key Duplication Systems & Accessories: Products and equipment for key cutting services, including key blanks, key chains, and engraving solutions.
• General Hardware: Various home improvement items such as hooks, picture hanging kits, letters, numbers, and specialty hardware.
• Protective & Safety Wear: Personal protective equipment like gloves and safety glasses for consumer and professional use.

Hillman Solutions (HLMN) primarily sells its products to other companies, specifically major retail chains, rather than directly to individuals. These retailers then sell Hillman's products to their end consumers.

Its major customers, based on recent public filings, include:

• The Home Depot, Inc. (Symbol: HD)
• Lowe's Companies, Inc. (Symbol: LOW)
• Walmart Inc. (Symbol: WMT)

null

Jon Michael Adinolfi, President and Chief Executive Officer

Jon Michael Adinolfi assumed the role of President and Chief Executive Officer of Hillman Solutions on January 1, 2025, having previously served as Chief Operating Officer since June 2023. Prior to becoming COO, Mr. Adinolfi was the Divisional President, Hillman U.S., a position he held since joining the company in 2019. Before his time at Hillman, he held leadership roles at Stanley Black & Decker, including President of U.S. Retail from November 2016 to July 2019, President of Hand Tools from October 2013 to December 2016, and CFO - North America, CDIY from June 2011 to September 2013. Mr. Adinolfi also served as President at Crown Bolt from 2008 to 2011, which was a fastener supplier for Home Depot.

Robert Kraft, Chief Financial Officer

Robert Kraft has served as Chief Financial Officer and Treasurer of Hillman Solutions since November 2017. Before joining Hillman, Mr. Kraft was the President of the Omnicare (Long Term Care) division and an Executive Vice President of CVS Health Corporation from August 2015 to September 2017. From November 2010 to August 2015, he was the Chief Financial Officer and Senior Vice President of Omnicare, Inc., where he managed the sale of Omnicare to CVS Health for $13 billion. Mr. Kraft began his career with PriceWaterhouseCoopers LLP in 1992 and became a Partner in 2004. He has experience working with private equity-backed organizations. Mr. Kraft is also a member of the Board of Directors of Medpace Holdings, Inc.

Doug Cahill, Executive Chairman

Doug Cahill will transition to the role of Executive Chairman effective January 1, 2025, having previously served as Chairman, President, and Chief Executive Officer of Hillman Solutions. He has led Hillman for the past ten years. Prior to his tenure at Hillman, Mr. Cahill was a Managing Director of CCMP Capital Advisors and a member of the firm's Investment Committee. CCMP Capital Advisors is a private equity firm that acquired a controlling majority stake in Hillman in 2014.

Bob Davis, Executive Vice President of Global Supply Chain

Bob Davis has been the Executive Vice President of Global Supply Chain for Hillman Solutions since February 2024. He joined Hillman in November 2021, holding various roles including Vice President of Transportation and Indirect Sourcing, and Vice President of Operations for Hillman's Protective Solutions Division, while also overseeing Global Sourcing and Packaging. Before Hillman, Mr. Davis gained 16 years of experience in Supply Chain Leadership at Home Depot, where he led all Supply Chain Operations for Crown Bolt for twelve years. He also held increasing roles of responsibility in Stores leadership, Distribution, and Logistics leadership at Target Corporation.

Amanda Kitzberger, Chief Legal Officer

Amanda Kitzberger has served as Chief Legal Officer of Hillman Solutions since May 2023. Her previous roles at Hillman include Vice President, General Counsel and Corporate Secretary from February 2023 to May 2023, Vice President of Human Resources from June 2021 to February 2023, and Assistant General Counsel from January 2019 to June 2021. Before joining Hillman, she was the VP General Counsel and Human Resources at Clopay Plastic Products Co. Her career encompasses leading legal, ethics, and human resource functions across various global technology manufacturing companies.

1. Tariff Impacts, Supply Chain Costs, and Raw Material Price Volatility: Hillman Solutions faces significant challenges from tariffs, which have a notable impact on profitability and necessitate strategic pricing adjustments. The company also grapples with increased supply chain costs and volatility in raw material prices, particularly steel.
2. Large Customer Concentration: A substantial portion of Hillman Solutions' revenue is concentrated with a few major retailers. For instance, Home Depot and Lowe's accounted for 22% and 19% of the company's 2024 revenues, respectively. This reliance on a limited number of key customers poses a risk if these relationships deteriorate or if the financial performance of these retailers declines.
3. Unfavorable Economic Conditions and Market Softness: The business is susceptible to broader economic downturns, including inflation, recessions, and reduced consumer spending. Such conditions can negatively impact home renovation and construction projects, directly affecting demand for Hillman's products. Market softness has already contributed to declines in sales and retail foot traffic.

Hillman Solutions (HLMN) operates in a significant addressable market primarily across North America. The company's main products and services fall into three categories: hardware solutions, protective solutions, and robotic and digital solutions.

The addressable market for Hillman Solutions' core hardware-related products is estimated to be approximately $6 billion. When considering adjacencies and extensions of their offerings, this addressable market expands to $20 billion. These market sizes are for the North American region.

• Strategic Acquisitions: Hillman has demonstrated a strategy of enhancing its offerings and market presence through acquisitions. For instance, the Intex acquisition in August 2024 contributed to net sales in the third quarter of 2025. Similarly, the Koch acquisition also provided a boost to sales in 2024. The company has explicitly stated its intention to continue expanding its offerings through future acquisitions, suggesting this will remain a key growth avenue.
• New Business Wins and Core Segment Expansion: Hillman expects new business wins to be a significant contributor to its top-line growth, as evidenced by their impact on Q3 2025 results and projections for 2026. The Hardware & Protective Solutions (HPS) segment, which encompasses fastening, hardware products, and personal protective equipment, has shown strong performance, leading growth with a 10% revenue increase in Q3 2025. Continued expansion and new product introductions within these core segments, such as the previously launched Rope & Chain accessories, are expected to drive further revenue.
• Pricing Power: The company has successfully implemented price increases, with a "10-point increase from price" driving robust top-line results in Q3 2025. Management also cited "rollover price" as a contributor to anticipated high single to low double-digit top-line growth in 2026. This ability to adjust pricing reflects the essential nature of Hillman's products and its strong position within its markets.
• Growth of Robotics and Digital Solutions: Hillman is making measured capital investments into its Robotics and Digital Solutions (RDS) segment, particularly with its Mini Key 3.5 machines. Over 3,000 Mini Key 3.5 machines have been deployed, and these investments are expected to generate healthy returns on invested capital in the future. This segment represents an area for technological innovation and efficiency, contributing to new revenue streams.
• Favorable Market Conditions and Housing Recovery: While subject to external factors, Hillman's outlook for high single to low double-digit top-line growth in 2026 assumes a stable market. Management has expressed optimism about future market conditions, anticipating a return in the housing market which historically provides a strong tailwind for the company's products used in everyday repair and maintenance projects. Improved macro conditions could significantly boost demand for Hillman's offerings.

Share Repurchases

• Hillman's Board of Directors authorized a share repurchase program of up to $100 million on August 5, 2025. This marks the company's first share repurchase program since becoming publicly traded in 2021.
• In the third quarter of 2025, Hillman repurchased approximately 325.6 thousand shares of its common stock for about $3.2 million at an average price of $9.72 per share.

Share Issuance

• As of February 14, 2025, 197,328,512 shares of common stock were issued and outstanding.
• As of February 20, 2024, there were 195,181,953 shares of common stock issued and outstanding.
• The company approved a shelf registration statement in Q2 2025 but does not intend to use it to raise capital in the foreseeable future.

Outbound Investments

• Hillman acquired Intex in August 2024, which expanded its cleaning products category to include wiping cloths, consumable rags, and cleaning textiles. This acquisition contributed to the company's net sales growth.

Capital Expenditures

• Capital expenditures were $17.172 million for Q3 2025 and $24.118 million for Q3 2024.
• For the first nine months of 2025, capital expenditures totaled $55.347 million, compared to $64.196 million for the first nine months of 2024.
• Hillman expected to spend between $65 million and $75 million for capital expenditures in 2024, primarily focused on new key duplicating kiosks and machines, merchandising racks, and IT projects.