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A uniform and workplace supply services company, much like Cintas.

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• Uniform Rental Services: Vestis provides rental, cleaning, maintenance, and delivery of work uniforms and apparel for various industries.
• Facility Services: The company offers products and services designed to help businesses maintain clean, safe, and healthy environments, including floor mats, cleaning supplies, and restroom services.

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Vestis (VSTS) primarily sells its uniform and facility services to other companies (B2B).

Due to the nature of its business, which involves serving a highly diversified and fragmented customer base across numerous industries, Vestis does not typically disclose specific "major customers" that individually account for a significant portion of its revenue in its public filings. Therefore, there are no specific customer companies that can be listed as major customers.

Instead, Vestis serves a wide array of businesses, ranging from small local enterprises to large corporations, across various sectors. Its customer base is characterized by its breadth rather than reliance on a few large named accounts. Vestis customers operate in industries such as:

• Manufacturing and Industrials
• Healthcare
• Automotive
• Food Service and Hospitality
• Government and Education
• Retail
• Utilities

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Jim Barber, President and Chief Executive Officer

Mr. Barber joined Vestis in June 2025. He previously had a distinguished 35-year career at UPS, where he most recently served as Chief Operating Officer, overseeing a complex global delivery network. He began his career at UPS as a delivery driver and held various leadership positions, including President of UPS International and President of UPS Europe. Mr. Barber has served on the boards of C.H. Robinson and previously on the boards of US Foods, UNICEF USA, and the Folks Center for International Business.

Kelly Janzen, Executive Vice President and Chief Financial Officer

Ms. Janzen joined Vestis in February 2025. Prior to Vestis, she served as Senior Vice President and Chief Financial Officer of BlueLinx Corporation from March 2020 to August 2023. She was also a finance executive in residence at Fernweh Group and worked as CFO for Dabico Airport Solutions from January 2024 to May 2024. Her experience also includes roles as Senior Vice President and Chief Accounting Officer of WestRock, Vice President and Chief Accounting Officer of Baker Hughes, and Vice President Finance and Chief Accounting Officer of McDermott International. She spent over 10 years in progressive finance and accounting leadership roles at General Electric.

Bill Seward, Executive Vice President and Chief Operating Officer

Mr. Seward joined Vestis in September 2024. He previously served as President of UPS Supply Chain Solutions, where he managed global logistics, freight forwarding, warehousing, and distribution. Before rejoining UPS in 2019, Mr. Seward was Executive Vice President and Chief Commercial Officer for Stericycle, Inc.

Butch Bouchard, Executive Vice President, Chief Legal Officer, General Counsel & Corporate Secretary

Mr. Bouchard joined Vestis in February 2025. He brings over 30 years of experience in legal and operational leadership roles, including 17 years as a public company General Counsel for Team, Inc.

Wendy Zacchio, Senior Vice President, Chief Information Officer and Chief Digital Officer

Ms. Zacchio joined Vestis in October 2025. Prior to Vestis, she was Enterprise Chief Information Officer at Zelis, responsible for enterprise platforms, cybersecurity, and global technology. Before that, she served as Chief Information Officer of International Markets at Cigna, overseeing technology and teams across more than 30 countries.

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The key risks to Vestis's business (VSTS) are primarily centered around operational underperformance, significant financial challenges, and ongoing legal and governance issues.

1. Declining Revenue, Customer Churn, and Operational Weaknesses: Vestis has consistently faced challenges with customer retention, evidenced by "lower adds over stops" and a net decline in customer additions, leading to a decrease in revenue from existing clients. The company has struggled to secure new customer contracts at a rate sufficient to offset lost business. This operational weakness has resulted in financial underperformance and the withdrawal of fiscal year guidance, raising concerns about the long-term viability of its revenue model.
2. Financial Distress and High Leverage/Debt: Vestis exhibits indicators of financial distress, including declining operating and net margins, and a distressed Altman Z-Score, which suggests a potential risk of bankruptcy. The company operates with a significant level of leverage, reflected in its high debt-to-equity ratio. Furthermore, its reliance on a revolving accounts receivable securitization facility exposes it to financial risks if customer credit quality deteriorates or if adverse conditions in the securitization market arise.
3. Legal and Governance Risks: Vestis is currently subject to a securities fraud class action lawsuit. This lawsuit alleges that the company and its executives misled investors by misrepresenting growth prospects and failing to disclose operational weaknesses. An independent investigation is also underway to examine potential fiduciary breaches by the company's officers and directors. These legal and governance challenges pose risks of significant litigation costs, potential regulatory scrutiny, reputational damage, and a sustained erosion of investor confidence.

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Vestis (VSTS) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives aimed at customer expansion, pricing optimization, and retention.

1. New Customer Acquisition: Vestis is focusing on accelerating new business wins by targeting both national accounts and small and medium-sized enterprises (SMEs). The company has noted momentum with new sales and a strong pipeline for national accounts, with efforts to professionalize the field sales team for SME growth.
2. Value-Based Pricing and Optimized Product Mix: The company is shifting towards a value-based pricing model to ensure prices reflect the value delivered and the cost of service. This strategy also involves a more deliberate management of the product mix to prioritize profitability over sheer volume, maximizing capacity utilization with a focus on margin-accretive growth.
3. Cross-selling to Existing Customers (Route Sales): Vestis aims to expand revenue by increasing penetration within its existing customer base through cross-selling additional products and services. This initiative, often referred to as "route sales," has shown significant growth and contributes to in-year revenue.
4. Enhanced Customer Retention: Improving customer retention rates is a key focus to reduce lost business and stabilize recurring revenue. Vestis has been actively working on improving retention, which contributes to overall revenue growth by minimizing churn.

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Share Repurchases

• Vestis' amended credit agreement restricts share repurchases until specific leverage targets are achieved.
• As of available data, Vestis has reported $0.00 in share repurchases.

Share Issuance

• Vestis became an independent public company on October 2, 2023, through a spin-off from Aramark.
• Aramark shareholders received one share of Vestis common stock for every two shares of Aramark common stock held, resulting in approximately 131 million shares distributed at the time of the spin-off.
• As of May 2, 2025, Vestis had 131,782,772 shares of common stock outstanding.

Capital Expenditures

• Vestis reported capital expenditures of $79 million for fiscal year 2024.
• The company anticipates capital expenditures of $77 million for fiscal year 2025.
• Capital expenditures are focused on investing in growth areas and accelerating decision-making processes, leveraging increased flexibility as a standalone company.