SiteOne Landscape Supply, Inc.

Previous wording

We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have an established presence in Canada. Our customers are primarily residential and commercial landscape professionals who specialize in the design, installation, and maintenance of lawns, gardens, golf courses, and other outdoor spaces. As of March 29, 2026, we had over 680 branch locations in 45 U.S. states and five Canadian provinces. Through our expansive North American network, we offer a comprehensive selection of approximately 180,000 SKUs, including hardscapes (such as pavers, natural stone, and blocks), irrigation supplies, fertilizer and control products (e.g., herbicides), landscape accessories, nursery goods, outdoor lighting, and ice melt products to green industry professionals. We also provide value-added consultative services to complement our product offerings and to help our customers operate and grow their businesses.

Current wording

We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have an established presence in Canada. Our customers are primarily residential and commercial landscape professionals who specialize in the design, installation, and maintenance of lawns, gardens, golf courses, and other outdoor spaces. As of June 28, 2026, we had over 680 branch locations in 45 U.S. states and five Canadian provinces. Through our expansive North American network, we offer a comprehensive selection of approximately 180,000 SKUs, including hardscapes (such as concrete pavers and natural stone), irrigation, agronomics (including fertilizer, seed, control products, and ice melt), landscape accessories, nursery, and outdoor lighting to green industry professionals. We also provide value-added consultative services to complement our product offerings and to help our customers operate and grow their businesses.

Previous wording

The first quarter of 2026 was characterized by continued economic uncertainty and weak consumer sentiment related to current geopolitical conflicts, inflation and affordability concerns, and elevated interest rates. While we benefitted from steady growth in the maintenance end market and believe our commercial initiatives drove market share gains during the quarter, the current environment continued to negatively affect consumer confidence and discretionary spending which resulted in soft demand in the new residential construction and repair and upgrade end markets. Accordingly, we anticipate sustained pressure on Net sales growth and Net income for the foreseeable future. In addition, oil prices have increased significantly in response to the conflict in the Middle East, resulting in rising energy costs and corresponding negative impacts on discretionary spending. We have taken various actions to mitigate supply chain disruptions and the related impacts to commodity prices, including the implementation of price increases on certain products and measures to offset rising fuel costs. For the three months ended March 29, 2026, Net sales increased $0.7 million to $940.1 million. Organic Daily Sales decreased 1% compared to the prior year period, primarily due to unfavorable weather and soft demand in the new residential construction and repair and upgrade end markets, partially offset by positive pricing by approximately 3%. The positive pricing trend that began in the second half of the 2025 Fiscal Year (as defined below) has continued and overall prices are projected to increase 2% to 3% for the 2026 Fiscal Year. Gross margin increased 90 basis points for the three months ended March 29, 2026 primarily due to the benefits of price realization and execution of our commercial initiatives, partially offset by higher freight and distribution costs as well as continued deflationary impacts from commodity products like grass seed and PVC pipe. Selling, general and administrative expenses (“SG&A”) increased 2% for the three months ended March 29, 2026, primarily reflecting the impact of acquisitions with higher operating costs. Net loss attributable to SiteOne was $26.6 million for the three months ended March 29, 2026, compared to $27.3 million for the same period of 2025, primarily due to an increase in Gross profit as a result of the improvement in gross margin, partially offset by higher SG&A. Net cash used in operating activities was $122.1 million for the three months ended March 29, 2026, compared to $129.6 million for the three months ended March 30, 2025, primarily driven by the decrease in Net loss and a slightly lower seasonal investment in working capital compared to the prior year period.

Current wording

The second quarter of 2026 continued to present challenges driven by economic uncertainty and weak consumer sentiment related to current geopolitical conflicts, inflation and affordability concerns, and rising interest rates. Our new residential construction and repair and upgrade end markets further softened during the quarter. Accordingly, we anticipate sustained pressure on Net sales growth and Net income for the foreseeable future. We have taken various actions to mitigate supply chain disruptions and the related impacts to commodity prices, including the implementation of price increases on certain products and measures to offset the effects of rising fuel costs. For the three months ended June 28, 2026, we achieved Net sales growth of 5%, primarily driven by acquisitions. Organic Daily Sales increased 1% for the three months ended June 28, 2026, primarily due to price contribution of approximately 3%, partially offset by softer end market demand. The positive pricing trend that began in the second half of the 2025 Fiscal Year (as defined below) has continued and overall prices are projected to increase approximately 3% for the 2026 Fiscal Year. Gross margin increased 50 basis points for the second quarter primarily due to the benefits of price realization and execution of our commercial initiatives, partially offset by higher freight and distribution costs as a result of fuel inflation, the addition of our fifth distribution center, and deflation in certain commodity products. Selling, general and administrative expenses (“SG&A”) increased 6% for the three months ended June 28, 2026, primarily reflecting the impact of acquisitions. Net income attributable to SiteOne increased to $139.3 million for the three months ended June 28, 2026, compared to $129.0 million for the same period of 2025, primarily due to improved gross margin, partially offset by lower sales volume and higher SG&A. Net cash provided by operating activities was $31.1 million for the six months ended June 28, 2026, compared to $7.1 million for the six months ended June 29, 2025, primarily driven by higher Net income and a positive contribution from working capital changes.

Previous wording

Our financial statements included in this report have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Our fiscal year is a 52- or 53-week period ending on the Sunday nearest to December 31 in each year. Our fiscal year ending January 3, 2027 (the “2026 Fiscal Year”) includes 53 weeks and our 2025 Fiscal Year included 52 weeks. Additionally, our fiscal quarters end on the Sunday nearest to March 31, June 30, and September 30, respectively. The three months ended March 29, 2026 and March 30, 2025 both included 13 weeks.

Current wording

Our financial statements included in this report have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Our fiscal year is a 52- or 53-week period ending on the Sunday nearest to December 31 in each year. Our fiscal year ending January 3, 2027 (the “2026 Fiscal Year”) includes 53 weeks and our 2025 Fiscal Year included 52 weeks. Additionally, our fiscal quarters end on the Sunday nearest to March 31, June 30, and September 30, respectively. The three months ended June 28, 2026 and June 29, 2025 both included 13 weeks. The six months ended June 28, 2026 and June 29, 2025 both included 26 weeks.

Previous wording

•In January 2025, our majority-owned subsidiary, Devil Mountain Wholesale Nursery, LLC (“Devil Mountain”), acquired the assets and assumed the liabilities of Pacific Nurseries, LLC (“Pacific Nurseries”). With one location in Colma, California, Pacific Nurseries is a wholesale distributor of nursery products to landscape professionals.

Current wording

•In January 2025, our then majority-owned subsidiary, Devil Mountain Wholesale Nursery, LLC (“Devil Mountain”), acquired the assets and assumed the liabilities of Pacific Nurseries, LLC (“Pacific Nurseries”). With one location in Colma, California, Pacific Nurseries is a wholesale distributor of nursery products to landscape professionals.

Previous wording

In the following discussion of our results of operations, we make comparisons between the three months ended March 29, 2026 and March 30, 2025 (in millions, except percentages).

Current wording

In the following discussion of our results of operations, we make comparisons between the three and six months ended June 28, 2026 and June 29, 2025 (in millions, except percentages).

Previous wording

Net sales increased $0.7 million to $940.1 million for the three months ended March 29, 2026 compared to $939.4 million for the three months ended March 30, 2025. Organic Daily Sales decreased 1% compared to the prior year period due to unfavorable weather and soft demand in the new residential construction and repair and upgrade end markets. Based upon year-over-year price changes in our highest selling SKUs, we estimate price increases contributed 3% to Organic Daily Sales during the three months ended March 29, 2026. Organic Daily Sales for agronomic products (fertilizer, control products, ice melt, equipment, and other products) increased 2% due to improved pricing, partially offset by the later start to the Spring selling season which resulted in delayed seasonal applications. Organic Daily Sales for landscaping products (irrigation supplies, hardscapes, landscape accessories, nursery goods, and outdoor lighting) decreased 3% due to the effects of adverse weather as well as soft demand in the new residential construction and repair and upgrade end markets. Acquisitions contributed $12.4 million, or 1%, to the Net sales growth for the first quarter of 2026.

Current wording

Net sales for the three months ended June 28, 2026 increased 5% to $1,530.7 million, compared to $1,461.6 million for the three months ended June 29, 2025, and increased 3% to $2,470.8 million for the six months ended June 28, 2026, compared to $2,401.0 million for the six months ended June 29, 2025. These increases were due primarily to contributions from acquisitions. Organic Daily Sales increased 1% in the second quarter and were flat in the first half of 2026 due primarily to price inflation in response to rising costs and our commercial initiatives, partially offset by softer end market demand. We estimate price increases contributed 3% for the three and six months ended June 28, 2026 based upon year-over-year price changes in our highest selling SKUs. Organic Daily Sales for agronomic products (fertilizer, control products, ice melt, equipment, and other products) increased 5% during the second quarter and 4% during the first half of 2026 due primarily to price inflation in response to rising costs. Organic Daily Sales for landscaping products (irrigation supplies, hardscapes, landscape accessories, nursery goods, and outdoor lighting) were flat during the second quarter and decreased 1% during the first half of 2026 due to weak demand in the new residential construction and repair and upgrade end markets. Acquisitions contributed $49.2 million, or 3%, to the Net sales growth for the second quarter of 2026 and $61.6 million, or 3%, to the Net sales growth for the six months ended June 28, 2026.

Previous wording

Cost of goods sold for the three months ended March 29, 2026 decreased 1% to $621.3 million compared to $629.6 million for the three months ended March 30, 2025. The decrease in Cost of goods sold was due to lower Inventory costs, net of supplier incentives and discounts, partially offset by an increase in Freight, handling, and distribution expenses and Other Costs of goods sold primarily attributable to higher freight and distribution costs as well as acquisitions.

Current wording

Cost of goods sold increased 4% to $966.2 million for the three months ended June 28, 2026, compared to $930.2 million for the three months ended June 29, 2025, and increased 2% to $1,587.5 million for the six months ended June 28, 2026, compared to $1,559.8 million for the six months ended June 29, 2025. The increase in Cost of goods sold, including Inventory costs, net of supplier incentives and discounts, and Freight, handling, and distribution expenses, was primarily attributable to acquisitions as well as fuel inflation and the addition of our fifth distribution center that commenced operations in the fourth quarter of 2025.

Previous wording

Gross profit for the three months ended March 29, 2026 increased 3% to $318.8 million compared to $309.8 million for the three months ended March 30, 2025. Gross profit growth was driven by lower Cost of goods sold. Gross margin increased 90 basis points to 33.9% for the first quarter of 2026 compared to 33.0% for the first quarter of 2025. The increase in gross margin is primarily due to the benefits of price realization and execution of our commercial initiatives, partially offset by higher freight and distribution costs as a result of rising fuel costs, the addition of our fifth distribution center that commenced operations in the fourth quarter of 2025, as well as deflation in certain commodity products.

Current wording

Gross profit increased 6% to $564.5 million for the three months ended June 28, 2026, compared to $531.4 million for the three months ended June 29, 2025, and increased 5% to $883.3 million for the six months ended June 28, 2026, compared to $841.2 million for the six months ended June 29, 2025. Gross profit growth was primarily driven by higher Net sales and improved price realization. Gross margin increased 50 basis points to 36.9% for the second quarter of 2026, compared to 36.4% for the second quarter of 2025, and increased 70 basis points to 35.7% for the six months ended June 28, 2026, compared to 35.0% for the six months ended June 29, 2025. The increase in gross margin is primarily due to the benefits of price realization and execution of our commercial initiatives, partially offset by higher freight and distribution costs as a result of fuel inflation, the addition of our fifth distribution center, and deflation in certain commodity products.

Previous wording

Income tax benefit was $9.8 million for the three months ended March 29, 2026 compared to $9.4 million for the three months ended March 30, 2025. The effective tax rate was 28.9% for the first quarter of 2026 compared to 25.5% for the first quarter of 2025. The change in the effective tax rate was primarily due to an increase in the amount of excess tax benefits from stock-based compensation recognized as a component of Income tax benefit in the Consolidated Statements of Operations. Excess tax benefits of $0.2 million were recognized for the first quarter of 2026 compared to tax deficiencies of $0.3 million for the first quarter of 2025.

Current wording

Income tax expense was $38.5 million for the six months ended June 28, 2026, compared to $35.6 million for the six months ended June 29, 2025. The effective tax rate was 25.0% for the six months ended June 28, 2026, compared to 25.4% for the six months ended June 29, 2025. The decrease in the effective tax rate was primarily due to an increase in the amount of excess tax benefits from stock-based compensation recognized as a component of Income tax expense in the Consolidated Statements of Operations. Excess tax benefits of $0.2 million were recognized for the six months ended June 28, 2026, compared to tax deficiencies of $0.3 million for the six months ended June 29, 2025.

Previous wording

Net loss attributable to SiteOne decreased $0.7 million to $26.6 million for the three months ended March 29, 2026 compared to $27.3 million for the three months ended March 30, 2025. The decrease in Net loss attributable to SiteOne was primarily due to an increase in Gross profit as a result of the improvement in gross margin, partially offset by lower sales volume and higher SG&A.

Current wording

Net income attributable to SiteOne increased $10.3 million to $139.3 million for the three months ended June 28, 2026, compared to $129.0 million for the three months ended June 29, 2025, and increased $11.0 million to $112.7 million for the six months ended June 28, 2026, compared to $101.7 million for the six months ended June 29, 2025. The increase in Net income attributable to SiteOne for the three and six months ended June 28, 2026, compared to the three and six months ended June 29, 2025 was primarily due to an increase in Gross profit as a result of the improvement in gross margin, partially offset by lower sales volume and higher SG&A.

Previous wording

(d) Represents professional fees and settlement of litigation, performance bonuses, and retention and severance payments related to historical acquisitions. Also included is the cost of inventory that was stepped up to fair value during the second quarter of 2024 related to the purchase accounting of Devil Mountain as well as charges during the fourth quarter of 2025 and 2024 for consolidating or closing certain branch locations. We cannot predict the timing or amount of any such fees or payments. These amounts are recorded in Cost of goods sold and Selling, general and administrative expenses in the Consolidated Statements of Operations.

Current wording

(d) Represents professional fees and settlement of litigation, performance bonuses, and retention and severance payments related to historical acquisitions. Also included is the cost of inventory that was stepped up to fair value related to the purchase accounting of Devil Mountain as well as charges during the fourth quarter of 2025 and 2024 for consolidating or closing certain branch locations. We cannot predict the timing or amount of any such fees or payments. These amounts are recorded in Cost of goods sold and Selling, general and administrative expenses in the Consolidated Statements of Operations.

Previous wording

In October 2022, our Board of Directors approved a share repurchase authorization for up to $400.0 million of our common stock. We intend to purchase shares under the repurchase authorization from time to time on the open market at the discretion of management, subject to strategic considerations, market conditions, and other factors. The share repurchase authorization does not have an expiration date and may be amended, suspended, or terminated by our Board of Directors at any time. During the three months ended March 29, 2026, we repurchased 155,130 shares of our common stock for approximately $20.0 million at an average price per share of $128.90. In April 2026, we repurchased 6,399 shares of our common stock for approximately $0.8 million at an average price of 124.82 under a 10b5-1 plan that authorized the purchase of the Company’s common stock. For the 2026 Fiscal Year through April 29, 2026, we repurchased 161,529 shares of our common stock for approximately $20.8 million at an average price per share of $128.74. As of April 29, 2026, the dollar value of shares that may yet be purchased under the share repurchase authorization was $193.5 million.

Current wording

In October 2022, our Board of Directors approved a share repurchase authorization for up to $400.0 million of our common stock. We intend to purchase shares under the repurchase authorization from time to time on the open market at the discretion of management, subject to strategic considerations, market conditions, and other factors. The share repurchase authorization does not have an expiration date and may be amended, suspended, or terminated by our Board of Directors at any time. During the six months ended June 28, 2026, we repurchased 952,216 shares of our common stock for approximately $113.8 million at an average price per share of $119.46. In July 2026, we repurchased 100,692 shares of our common stock for approximately $10.0 million at an average price of $99.29 under a 10b5-1 plan that authorized the purchase of the Company’s common stock. For the 2026 Fiscal Year through July 29, 2026, we repurchased 1,052,908 shares of our common stock for approximately $123.8 million at an average price per share of $117.53. As of July 29, 2026, the dollar value of shares that may yet be purchased under the share repurchase authorization was $90.5 million.

Previous wording

Our borrowing base capacity under the ABL Facility was $418.1 million as of March 29, 2026, after giving effect to $149.0 million of revolving credit loans under the ABL Facility and outstanding letters of credit of $32.9 million. Our borrowing base capacity under the ABL Facility was $577.8 million as of December 28, 2025, after giving effect to outstanding letters of credit of $22.2 million. As of March 29, 2026, we had total cash and cash equivalents of $84.0 million, total gross long-term debt of $539.5 million, and total finance lease obligations (excluding interest) of $132.7 million.

Current wording

Our borrowing base capacity under the ABL Facility was $443.0 million as of June 28, 2026, after giving effect to $124.1 million of revolving credit loans under the ABL Facility and outstanding letters of credit of $32.9 million. Our borrowing base capacity under the ABL Facility was $577.8 million as of December 28, 2025, after giving effect to outstanding letters of credit of $22.2 million. As of June 28, 2026, we had total cash and cash equivalents of $87.4 million, total gross long-term debt of $510.9 million, and total finance lease obligations (excluding interest) of $137.3 million.

Previous wording

Working capital was $1,073.4 million as of March 29, 2026, an increase of $61.4 million compared to $1,012.0 million as of December 28, 2025. The change in working capital was primarily attributable to the seasonality of our business.

Current wording

Working capital was $1,098.4 million as of June 28, 2026, an increase of $86.4 million, compared to $1,012.0 million as of December 28, 2025. The increase in working capital was primarily attributable to the seasonality of our business and acquisitions.

Previous wording

Our gross long-term debt balance increased $150.1 million since December 28, 2025. This increase was primarily attributable to funding the seasonal increase in our working capital and higher acquisition investments and capital expenditures. We have current maturities on our long-term debt of $3.9 million, which relates to the term loan facility. The projected interest payments on our debt only pertain to obligations and agreements outstanding as of March 29, 2026 and expected payments for agent administration fees. The projected interest payments are calculated for future periods through maturity dates of our long-term debt using interest rates in effect as of March 29, 2026. Certain of these projected interest payments may differ in the future based on changes in floating interest rates or other factors and events, including our entry into interest rate swap contracts and amendments of the term loan facility and the ABL Facility. The total amount of interest on long-term debt increased $2.9 million since December 28, 2025 to $97.9 million, primarily due to the increase in borrowings under the ABL facility. Refer to “Note 9. Long-Term Debt” in the notes to the consolidated financial statements for further information regarding our debt instruments.

Current wording

Our gross long-term debt balance increased $121.5 million since December 28, 2025. This increase was primarily attributable to funding a seasonal increase in working capital as well as higher acquisition investments, share repurchases, and capital expenditures. We have current maturities on our long-term debt of $3.9 million, which relates to the term loan facility. The projected interest payments on our debt only pertain to obligations and agreements outstanding as of June 28, 2026, and expected payments for agent administration fees. The projected interest payments are calculated for future periods through maturity dates of our long-term debt using interest rates in effect as of June 28, 2026. Certain of these projected interest payments may differ in the future based on changes in floating interest rates or other factors and events, including our entry into interest rate swap contracts and amendments of the term loan facility and the ABL Facility. The total amount of projected interest on long-term debt increased by $21.6 million since December 28, 2025, to $116.6 million, primarily due to borrowings under the ABL Facility. Refer to “Note 9. Long-Term Debt” in the notes to the consolidated financial statements for further information regarding our debt instruments.

Previous wording

Net cash used in investing activities was $101.6 million for the three months ended March 29, 2026 compared to $21.0 million for the three months ended March 30, 2025. The increase reflected higher acquisition investments and capital expenditures in the first three months of 2026 compared to the same period of 2025. Capital expenditures were $23.0 million for the first three months of 2026 compared to $14.8 million for the same period of 2025 due to increased investments in branch locations.

Current wording

Net cash used in investing activities was $116.5 million for the six months ended June 28, 2026, compared to $37.9 million for the six months ended June 29, 2025. The increase reflected higher acquisition investments and capital expenditures in the first six months of 2026 compared to the same period of 2025. Capital expenditures were $40.6 million for the first six months of 2026 compared to $29.1 million for the same period of 2025 due to increased investments in branch locations and information technology.

Previous wording

Cash flow provided by financing activities

Current wording

Cash flow (used in) provided by financing activities

Previous wording

On July 2, 2024, Landscape Holding and Landscape entered into the Second Amendment that amends and restates the Second Amended and Restated Credit Agreement, dated as of March 23, 2021. The Second Amendment provides for, among other things, an aggregate principal amount of approximately $392.7 million in Tranche B Term Loans, and makes certain other changes to the existing credit agreement. Proceeds of the Tranche B Term Loans were used, among other things, (i) to repay in full the term loans outstanding immediately prior to the effectiveness of the Second Amendment, (ii) to repay certain loans outstanding under the ABL Facility, and (iii) to pay fees, costs, and expenses related to the foregoing transactions. The Tranche B Term Loans bear interest, at Landscape Holding’s option, at either (i) an adjusted Term SOFR rate plus an applicable margin equal to 1.75% (with a Term SOFR floor of 0.50%) or (ii) an alternative base rate plus an applicable margin equal to 0.75%. Voluntary prepayments of the Tranche B Term Loans are permitted at any time, in minimum principal amounts, without premium or penalty, unless in connection with certain repricing transactions that occur within the first six months after the date of effectiveness of the Second Amendment. The Tranche B Term Loans will mature on March 22, 2030. The interest rate on the outstanding balance of the Tranche B Term Loans was 5.42812% and 5.50012% as of March 29, 2026 and December 28, 2025, respectively.

Current wording

On July 2, 2024, Landscape Holding and Landscape entered into the Second Amendment that amends and restates the Second Amended and Restated Credit Agreement, dated as of March 23, 2021. The Second Amendment provides for, among other things, an aggregate principal amount of approximately $392.7 million in Tranche B Term Loans, and makes certain other changes to the existing credit agreement. Proceeds of the Tranche B Term Loans were used, among other things, (i) to repay in full the term loans outstanding immediately prior to the effectiveness of the Second Amendment, (ii) to repay certain loans outstanding under the ABL Facility, and (iii) to pay fees, costs, and expenses related to the foregoing transactions. The Tranche B Term Loans bear interest, at Landscape Holding’s option, at either (i) an adjusted Term SOFR rate plus an applicable margin equal to 1.75% (with a Term SOFR floor of 0.50%) or (ii) an alternative base rate plus an applicable margin equal to 0.75%. Voluntary prepayments of the Tranche B Term Loans are permitted at any time, in minimum principal amounts, without premium or penalty, unless in connection with certain repricing transactions that occur within the first six months after the date of effectiveness of the Second Amendment. The Tranche B Term Loans will mature on March 22, 2030. The interest rate on the outstanding balance of the Tranche B Term Loans was 5.38718% and 5.50012% as of June 28, 2026 and December 28, 2025, respectively.

Previous wording

Landscape Holding and Landscape (collectively, the “ABL Borrowers”) are parties to the credit agreement dated December 23, 2013 (as amended by the First Amendment to the Credit Agreement, dated June 13, 2014, the Second Amendment to the Credit Agreement, dated January 26, 2015, the Third Amendment to the Credit Agreement, dated February 13, 2015, the Fourth Amendment to the Credit Agreement, dated October 20, 2015, the Omnibus Amendment to the Credit Agreement, dated May 24, 2017, the Sixth Amendment to the Credit Agreement, dated February 1, 2019, and the Seventh Amendment to the Credit Agreement, dated July 22, 2022, the “ABL Credit Agreement”) providing for an asset-based credit facility (the “ABL Facility”) of up to $600.0 million, subject to borrowing base availability, with a maturity date of July 22, 2027. The ABL Facility is secured by a first lien on the inventory and receivables of the ABL Borrowers. The ABL Facility is guaranteed by SiteOne Landscape Supply Bidco, Inc. (“Bidco”), an indirect wholly-owned subsidiary of the Company, and each direct and indirect wholly-owned U.S. restricted subsidiary of Landscape. Availability is determined using borrowing base calculations of eligible inventory and receivable balances less the current outstanding ABL Facility and letters of credit balances.

Current wording

Landscape Holding and Landscape (collectively, the “ABL Borrowers”) are parties to the credit agreement dated December 23, 2013 (as amended by the First Amendment to the Credit Agreement, dated June 13, 2014, the Second Amendment to the Credit Agreement, dated January 26, 2015, the Third Amendment to the Credit Agreement, dated February 13, 2015, the Fourth Amendment to the Credit Agreement, dated October 20, 2015, the Omnibus Amendment to the Credit Agreement, dated May 24, 2017, the Sixth Amendment to the Credit Agreement, dated February 1, 2019, and the Seventh Amendment to the Credit Agreement, dated July 22, 2022, the “ABL Credit Agreement”) providing for an asset-based credit facility (the “ABL Facility”) of up to $600.0 million, subject to borrowing base availability. The ABL Facility is secured by a first lien on the inventory and receivables of the ABL Borrowers. The ABL Facility is guaranteed by SiteOne Landscape Supply Bidco, Inc. (“Bidco”), an indirect wholly-owned subsidiary of the Company, and each direct and indirect wholly-owned U.S. restricted subsidiary of Landscape. Availability is determined using borrowing base calculations of eligible inventory and receivable balances less the current outstanding ABL Facility and letters of credit balances.

Previous wording

Loans under the ABL Credit Agreement bear interest, at Landscape Holding’s option, at either (i) an adjusted Term SOFR rate equal to Term SOFR plus 0.10% (subject to a floor of 0.00%) plus an applicable margin of 1.25% or 1.50% or (ii) an alternate base rate plus an applicable margin of 0.25% or 0.50%, in each case depending on the average daily excess availability under the ABL Credit Agreement, and in each case subject to a 0.125% reduction when the Consolidated First Lien Leverage Ratio (as defined in the ABL Credit Agreement) is less than 1.50:1.00. Additionally, undrawn commitments under the ABL Credit Agreement bear a commitment fee of 0.20% or 0.25%, depending on the average daily undrawn portion of the commitments under the ABL Credit Agreement.

Current wording

Loans under the ABL Credit Agreement bear interest, at Landscape Holding’s option, at either (i) an adjusted Term SOFR rate equal to Term SOFR plus an applicable margin of 1.25% or 1.50% or (ii) an alternate base rate plus an applicable margin of 0.25% or 0.50%, in each case depending on the average daily excess availability under the ABL Credit Agreement, and in each case subject to a 0.125% reduction when the Consolidated First Lien Leverage Ratio (as defined in the ABL Credit Agreement) is less than 1.50:1.00. Additionally, undrawn commitments under the ABL Credit Agreement bear a commitment fee of 0.20% or 0.25%, depending on the average daily undrawn portion of the commitments under the ABL Credit Agreement.

Previous wording

The weighted average interest rate on outstanding balances under the ABL Facility was 4.89829% as of March 29, 2026. There was no outstanding balance under the ABL Facility as of December 28, 2025. The commitment fees on unfunded amounts was 0.25% as of March 29, 2026 and December 28, 2025.

Current wording

The weighted average interest rate on outstanding balances under the ABL Facility was 4.75248% as of June 28, 2026. There was no outstanding balance under the ABL Facility as of December 28, 2025. The commitment fees on unfunded amounts was 0.25% as of June 28, 2026 and December 28, 2025.

Previous wording

Loans under the Devil Mountain ABL Facility bear interest at either (i) an adjusted Term SOFR rate equal to Term SOFR plus an applicable margin of 1.90% or 2.10% or (ii) an alternate base rate plus an applicable margin of 0.80% or 1.00%, subject to a 0.20% reduction when the Fixed Charge Coverage Ratio (as defined in the Devil Mountain ABL Facility) is greater than 2.00:1.00. Additionally, undrawn commitments under the Devil Mountain ABL Facility bear a commitment fee of 0.25% on the actual undrawn portion of the commitments under the Devil Mountain ABL Facility based upon the daily utilization for the previous quarter. The interest rate on the outstanding balance under the Devil Mountain ABL Facility was 5.56766% and 5.77272% as of March 29, 2026 and December 28, 2025, respectively.

Current wording

Loans under the Devil Mountain ABL Facility bear interest at either (i) an adjusted Term SOFR rate equal to Term SOFR plus an applicable margin of 1.90% or 2.10% or (ii) an alternate base rate plus an applicable margin of 0.80% or 1.00%, subject to a 0.20% reduction when the Fixed Charge Coverage Ratio (as defined in the Devil Mountain ABL Facility) is greater than 2.00:1.00. Additionally, undrawn commitments under the Devil Mountain ABL Facility bear a commitment fee of 0.25% on the actual undrawn portion of the commitments under the Devil Mountain ABL Facility based upon the daily utilization for the previous quarter. There was no outstanding balance as of June 28, 2026. The interest rate on the outstanding balance under the Devil Mountain ABL Facility was 5.77272% as of December 28, 2025.