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• The PetSmart for pools.
• The AutoZone for pools.
• The Home Depot for pools.

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Major Products and Services of Leslie's (LESL):

• Pool Chemicals: Sells chlorine, sanitizers, water balancers, specialty chemicals, and algae control for pool and spa care.
• Pool Covers: Offers various covers including winter, solar, and safety covers, along with related accessories like reels and nets.
• Pool Equipment: Provides essential equipment such as pool cleaners, pumps, filters, heating systems, and lighting.
• Pools: Supplies above-ground and soft-side pools, including liners, equipment, ladders, and diving boards.
• Pool Maintenance Products: Offers supplies for pool closing and opening, filter cartridges, chlorine floaters, and cleaning attachments.
• Pool Parts: Sells replacement parts for automatic pool cleaners, filters, pumps, heaters, and heat pumps.
• Safety, Recreational, and Fitness Products: Provides various products related to pool safety, recreational activities, and fitness.
• Pool Equipment and Repair Services: Offers professional services for pool equipment repair and maintenance.

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Leslie's, Inc. (LESL) sells primarily to individuals and various direct end-users. Its major customers can be categorized as follows:

1. Residential Consumers: Individual homeowners who own and maintain private pools or spas.
2. Professional Consumers: Businesses or independent contractors that provide pool and spa maintenance, repair, or cleaning services to others.
3. Commercial Consumers: Businesses or organizations such as hotels, apartment complexes, gyms, and community centers that operate their own pools or spas for public or member use.

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Jason McDonell, Chief Executive Officer

Mr. McDonell was appointed Chief Executive Officer of Leslie's in September 2024 and is a member of the company's board of directors. He brings nearly 30 years of experience in retail and consumer products sectors. Most recently, he served as Executive Vice President, Merchandising, Marketing and e-Commerce at Advance Auto Parts, Inc., where he drove omnichannel growth, spearheaded billion-dollar-owned brands like DieHard and CarQuest, managed a global network of 200 suppliers, oversaw $4 billion in inventory, and led a global team of professionals. Prior to that, he was Executive Vice President and Chief Marketing Officer at Advance Auto Parts. Before his tenure at Advance Auto Parts, Mr. McDonell spent 21 years at PepsiCo, Inc., holding various cross-functional roles with increasing responsibility across the U.S. and Canada. His roles culminated as President and General Manager of PepsiCo Foods Canada from 2015 to 2019, where he had full profit and loss responsibility for a $2.5 billion division, including the Frito-Lay and Quaker portfolios. Mr. McDonell began his career in brand management at The Procter & Gamble Company.

Jeff White, Chief Financial Officer and Treasurer

Mr. White was appointed Chief Financial Officer and Treasurer of Leslie's, effective October 5, 2025. He joined Leslie's from Sportsman's Warehouse, where he served as CFO and led initiatives such as rebuilding financial planning and investor relations functions, managing credit facility renegotiations, and securing a FILO term loan to enhance liquidity. His background includes experience in SEC reporting, SOX compliance, M&A due diligence, and operational process improvements. Prior to Sportsman's Warehouse, Mr. White spent six years at KPMG LLP, where he rose to the position of audit manager.

Naomi Cramer, Chief Retail Operations and Talent Officer

Ms. Cramer joined Leslie's in September 2022 and has served as Chief Retail Operations and Talent Officer since March 2025. Before her current role, she was the company's Chief People Officer. Prior to joining Leslie's, Ms. Cramer served as the Chief Human Resources Officer at Banner Health, Arizona's largest private employer, from June 2016 to February 2022, where she led all talent functions. Earlier in her career, she held a series of roles with increasing responsibility focused on store retail operations, distribution, and human resources for nearly 25 years at Target Corporation, with her last role being Senior Vice President of Field HR.

Maryann Byrdak, Senior Vice President, Chief Information Officer

Ms. Byrdak has served as Senior Vice President, Chief Information Officer of Leslie's since December 2024. She possesses more than 25 years of expertise in leading technology strategy, digital transformation, operations excellence, analytics (AI), and enterprise system deployments across the retail, restaurant, and nonprofit sectors.

Benjamin Lindquist, Senior Vice President, General Counsel & Corporate Secretary

Mr. Lindquist joined Leslie's in August 2013 and has served as Senior Vice President, General Counsel & Corporate Secretary since April 2024. In this role, he is responsible for all legal, corporate governance, and compliance matters. Before his current position, Mr. Lindquist served as Vice President & Associate General Counsel from December 2022 to April 2024, and Vice President & Corporate Counsel from November 2018 to December 2022. He has held various roles of increasing responsibility within the company's legal department.

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The emergence of highly automated, integrated smart pool systems that monitor water chemistry, automatically dispense necessary treatments, and often operate on a subscription model for proprietary chemicals or maintenance services. Such systems could significantly reduce the need for manual pool testing, individual chemical purchases from traditional retailers, and some routine maintenance products, thereby disrupting Leslie's core revenue streams from chemical sales and maintenance supplies.

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Leslie's, Inc. (LESL) operates in several addressable markets within the United States for its main products and services:

• The addressable market for Pool Maintenance and Cleaning Services in the U.S. was valued at approximately USD 8.08 billion in 2023 and is projected to reach USD 10.33 billion by 2029.
• The addressable market for Swimming Pool Treatment Chemicals in the U.S. was estimated at USD 266.7 million in 2024.
• The addressable market for Swimming Pool Equipment through stores in the U.S. was approximately USD 7.9 billion in 2024 and is projected to be USD 8.0 billion in 2025.
• The addressable market for Above Ground Pools in the U.S. was estimated at approximately USD 876 million in 2024.

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For Leslie's (LESL), the following are identified as expected drivers of future revenue growth over the next 2-3 years:

1. Expansion of the PRO Pool Segment: Leslie's is focusing on growing its professional (PRO) customer segment, which has shown strong performance, with PRO-Pool sales increasing by 9% year-over-year in Q1 2025. The company is strategically expanding its model to serve PRO customers across its entire network of over 1,000 physical locations, rather than just designated stores, thereby significantly broadening its market reach within this high-value customer group.
2. Strategic Pricing Transformation and Revitalized Marketing Initiatives: The company has launched strategic pricing changes and reinvigorated its marketing efforts. These initiatives are designed to boost customer engagement and drive overall growth.
3. Enhanced Loyalty Program and Customer Acquisition: Leslie's is committed to enhancing its operational efficiency and improving the customer experience through various initiatives, including a revamped loyalty program. These efforts aim to foster customer loyalty and support ongoing customer acquisition, particularly after a reported loss of residential customers.
4. Increased Adoption of AccuBlue Home Device: The accelerated adoption of the AccuBlue Home device, a smart water technology, is expected to cultivate greater customer loyalty. This, in turn, is anticipated to increase revenue per customer and improve net margins.
5. Growth in E-commerce Sales: E-commerce sales are on an upward trend and currently represent nearly 20% of Leslie's total sales. This growing digital channel is expected to be a continued driver of revenue growth for the company.

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Share Repurchases

• On December 3, 2021, Leslie's Board of Directors authorized a share repurchase program for up to $300 million of its common stock over three years, expiring on December 31, 2024.
• The company repurchased and retired 7.5 million shares of common stock for $151.9 million (or $152.1 million including offering costs) on December 16, 2021, concurrent with a secondary offering.
• No shares were repurchased during the three and six-month periods ended March 29, 2025, and March 30, 2024. As of September 30, 2024, $147.7 million remained on the authorization, but no stock had been repurchased in calendar year 2024.

Share Issuance

• In September 2021, selling stockholders conducted a secondary offering of 15,820,000 shares of common stock at $22.00 per share; Leslie's did not receive any proceeds from this offering.
• A similar secondary offering of 12,500,000 shares by selling stockholders was priced in December 2021, from which Leslie's did not receive any proceeds.
• Leslie's completed an initial public offering (IPO) in October 2020, selling 30,000,000 shares at $17.00 per share, generating approximately $465 million in net proceeds for the company.

Inbound Investments

• The company's initial public offering in October 2020 raised approximately $465 million in net proceeds for Leslie's, which were intended for debt repayment, working capital, and general corporate purposes.
• Prior to its IPO, Leslie's was a portfolio company of L Catterton.

Outbound Investments

• Leslie's did not engage in any acquisitions during the nine months ending June 29, 2024, despite opening 13 new locations.

Capital Expenditures

• Leslie's capital expenditures averaged $34.394 million annually for the fiscal years 2021 to 2025.
• Capital expenditures were $28.931 million in 2021, $31.726 million in 2022, $38.577 million in 2023, $47.244 million in 2024, and $25.491 million in 2025.
• For fiscal year 2026, capital expenditures are projected to be between $20 million and $25 million, with a focus on maintenance, productivity investments, and generating positive free cash flow, including investments related to IT systems, location improvements, and distribution centers.