# EDGAR Filing Document

**Accession Number:** 0001317685
**File Stem:** 0001317685-26-000011
**Filing Date:** 2026-3
**Character Count:** 629871
**Document Hash:** 83932b85e34b7e5a337fd6963c8824a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001317685-26-000011.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001317685-26-000011

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 178

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alliance Laundry Holdings Inc.
- **CENTRAL INDEX KEY:** 0001317685
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFRIGERATION & SERVICE INDUSTRY MACHINERY [3580]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 980444708
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42897
- **FILM NUMBER:** 26751342

**BUSINESS ADDRESS:**
- **STREET 1:** 221 SHEPARD ST
- **CITY:** RIPON
- **STATE:** WI
- **ZIP:** 54971
- **BUSINESS PHONE:** 920-748-3121

**MAIL ADDRESS:**
- **STREET 1:** 221 SHEPARD ST
- **CITY:** RIPON
- **STATE:** WI
- **ZIP:** 54971

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALH Holding Inc.
- **DATE OF NAME CHANGE:** 20150914

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALH Holding Inc
- **DATE OF NAME CHANGE:** 20050214

?xml version='1.0' encoding='ASCII'? all-20251231

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

⌧ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025**

**OR**

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

For the transition period from _____ to ______

Commission file number 001-42897

**Alliance Laundry Holdings Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Delaware | 3582 | 45-4862460 |
| (State or other jurisdiction of<br>incorporation or organization)<br>| (Primary Standard Industrial<br>Classification Code Number)<br>| (I.R.S. Employer<br>Identification Number)<br>|

---

**221 Shepard Street**

**Ripon, WI 54971**

Registrant's telephone number, including area code: (920) 748-3121

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

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Class A common stock, par value $0.01<br> ALH | New York Stock Exchange |

---

Securities registered pursuant to section 12(g) of the Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □ No⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □ No⌧

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 ⌧ No □

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 ⌧ No□

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal

control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that

prepared or issued its audit report. □

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the

filing reflect the correction of an error to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received

by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes □ No ⌧

The registrant was not a public company as of June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, and

therefore cannot calculate the aggregate market value of its voting common equity held by non-affiliates as of such date. The registrant's common stock

began trading on The New York Stock Exchange on October 9, 2025.

As of March 6, 2026, there were 197,944,735 shares of Common Stock outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the registrant's Proxy Statement for the 2026 Annual Meeting of Stockholders, which will be filed by the registrant on or prior to 120 days

following the end of the registrant's fiscal year ended December 31, 2025, are incorporated by reference in Part III of this Form 10-K.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **[PART I](#i8364880237134c8fabc4a4c601af1d41_10)** | **[PART I](#i8364880237134c8fabc4a4c601af1d41_10)** |  |
| [Item 1.](#i8364880237134c8fabc4a4c601af1d41_13) | [Business](#i8364880237134c8fabc4a4c601af1d41_13) | [5](#i8364880237134c8fabc4a4c601af1d41_13) |
| [Item 1A.](#i8364880237134c8fabc4a4c601af1d41_16) | [Risk Factors](#i8364880237134c8fabc4a4c601af1d41_16) | [17](#i8364880237134c8fabc4a4c601af1d41_16) |
| [Item 1B.](#i8364880237134c8fabc4a4c601af1d41_19) | [Unresolved Staff Comments](#i8364880237134c8fabc4a4c601af1d41_19) | [44](#i8364880237134c8fabc4a4c601af1d41_19) |
| [Item 1C.](#i8364880237134c8fabc4a4c601af1d41_22) | [Cybersecurity](#i8364880237134c8fabc4a4c601af1d41_22) | [44](#i8364880237134c8fabc4a4c601af1d41_22) |
| [Item 2.](#i8364880237134c8fabc4a4c601af1d41_25) | [Properties](#i8364880237134c8fabc4a4c601af1d41_25) | [45](#i8364880237134c8fabc4a4c601af1d41_25) |
| [Item 3.](#i8364880237134c8fabc4a4c601af1d41_28) | [Legal Proceedings](#i8364880237134c8fabc4a4c601af1d41_28) | [46](#i8364880237134c8fabc4a4c601af1d41_28) |
| [Item 4.](#i8364880237134c8fabc4a4c601af1d41_31) | [Mine Safety Disclosures](#i8364880237134c8fabc4a4c601af1d41_31) | [47](#i8364880237134c8fabc4a4c601af1d41_31) |
| **[PART II](#i8364880237134c8fabc4a4c601af1d41_34)** | **[PART II](#i8364880237134c8fabc4a4c601af1d41_34)** |  |
| [Item 5.](#i8364880237134c8fabc4a4c601af1d41_37) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of](#i8364880237134c8fabc4a4c601af1d41_37)<br>[Equity Securities](#i8364880237134c8fabc4a4c601af1d41_37)<br>| [48](#i8364880237134c8fabc4a4c601af1d41_37) |
| [Item 6.](#i8364880237134c8fabc4a4c601af1d41_40) | [\[Reserved\]](#i8364880237134c8fabc4a4c601af1d41_40) | [50](#i8364880237134c8fabc4a4c601af1d41_40) |
| [Item 7.](#i8364880237134c8fabc4a4c601af1d41_43) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#i8364880237134c8fabc4a4c601af1d41_43) | [50](#i8364880237134c8fabc4a4c601af1d41_43) |
| [Item 7A.](#i8364880237134c8fabc4a4c601af1d41_91) | [Quantitative and Qualitative Disclosures About Market Risk](#i8364880237134c8fabc4a4c601af1d41_91) | [62](#i8364880237134c8fabc4a4c601af1d41_91) |
| [Item 8.](#i8364880237134c8fabc4a4c601af1d41_94) | [Financial Statements and Supplementary Data](#i8364880237134c8fabc4a4c601af1d41_94) | [65](#i8364880237134c8fabc4a4c601af1d41_94) |
| [Item 9.](#i8364880237134c8fabc4a4c601af1d41_202) | [Changes in and Disagreements with Accountants On Accounting and Financial Disclosure](#i8364880237134c8fabc4a4c601af1d41_202) | [118](#i8364880237134c8fabc4a4c601af1d41_202) |
| [Item 9A.](#i8364880237134c8fabc4a4c601af1d41_205) | [Controls and Procedures](#i8364880237134c8fabc4a4c601af1d41_205) | [118](#i8364880237134c8fabc4a4c601af1d41_205) |
| [Item 9B.](#i8364880237134c8fabc4a4c601af1d41_208) | [Other Information](#i8364880237134c8fabc4a4c601af1d41_208) | [119](#i8364880237134c8fabc4a4c601af1d41_208) |
| [Item 9C.](#i8364880237134c8fabc4a4c601af1d41_211) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i8364880237134c8fabc4a4c601af1d41_211) | [119](#i8364880237134c8fabc4a4c601af1d41_211) |
| **[PART III](#i8364880237134c8fabc4a4c601af1d41_214)** | **[PART III](#i8364880237134c8fabc4a4c601af1d41_214)** |  |
| [Item 10.](#i8364880237134c8fabc4a4c601af1d41_217) | [Directors, Executive Officers and Corporate Governance](#i8364880237134c8fabc4a4c601af1d41_217) | [120](#i8364880237134c8fabc4a4c601af1d41_217) |
| [Item 11.](#i8364880237134c8fabc4a4c601af1d41_220) | [Executive Compensation](#i8364880237134c8fabc4a4c601af1d41_220) | [120](#i8364880237134c8fabc4a4c601af1d41_220) |
| [Item 12.](#i8364880237134c8fabc4a4c601af1d41_223) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder](#i8364880237134c8fabc4a4c601af1d41_223)<br>[Matters](#i8364880237134c8fabc4a4c601af1d41_223)<br>| [120](#i8364880237134c8fabc4a4c601af1d41_223) |
| [Item 13.](#i8364880237134c8fabc4a4c601af1d41_226) | [Certain Relationships and Related Transactions, and Director Independence](#i8364880237134c8fabc4a4c601af1d41_226) | [120](#i8364880237134c8fabc4a4c601af1d41_226) |
| [Item 14.](#i8364880237134c8fabc4a4c601af1d41_229) | [Principal Accountant Fees and Services](#i8364880237134c8fabc4a4c601af1d41_229) | [120](#i8364880237134c8fabc4a4c601af1d41_229) |
| **[PART IV](#i8364880237134c8fabc4a4c601af1d41_232)** | **[PART IV](#i8364880237134c8fabc4a4c601af1d41_232)** |  |
| [Item 15.](#i8364880237134c8fabc4a4c601af1d41_235) | [Exhibits and Financial Statement Schedules](#i8364880237134c8fabc4a4c601af1d41_235) | [121](#i8364880237134c8fabc4a4c601af1d41_235) |
| [Item 16.](#i8364880237134c8fabc4a4c601af1d41_238) | [Form 10-K Summary](#i8364880237134c8fabc4a4c601af1d41_238) | [124](#i8364880237134c8fabc4a4c601af1d41_238) |
|  | [Signatures](#i8364880237134c8fabc4a4c601af1d41_241) | [125](#i8364880237134c8fabc4a4c601af1d41_241) |

---

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This annual report on Form 10-K (the "Annual 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 Annual Report. You should read this Annual 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;

• 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" (refer to Part I, Item 1A, of this Annual Report on

Form 10-K)

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.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

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 Annual Report. 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 Annual 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 Annual 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.

**<u>Summary of Risk Factors</u>**

Our business is subject to a number of risks, including risks that may prevent us from achieving our business

objectives or may adversely affect our business, financial condition and results of operations, which could cause the trading

price of our common stock to decline and could result in a partial or total loss of your investment. You should consider

these risks before making a decision to invest in shares of our common stock. These risks are discussed more fully in "Item

1A. Risk Factors" in this Annual Report. The following is a summary of some of the principal risks we face:

• Risks Relating to Our Business.

◦ We operate in a competitive market and the introduction of new products and technologies involves risks, and we

may not realize the degree or timing of benefits initially anticipated.

◦ Our business depends on the performance of our third-party distributors, route operators and suppliers who are

subject to additional risks that are beyond our control, including those that could harm our business, financial

condition and results of operations.

◦ We do not have long-term purchase commitments from our distributors, suppliers and retailers and may have to

rely on distributor, supplier and retailer forecast in making production decisions.

◦ Price fluctuations or shortages of raw materials could adversely affect our operations.

◦ We face inventory risk caused by inherent uncertainty in inventory forecasting and production planning.

◦ We depend on suppliers, including single-source suppliers and, in certain cases, sole-source suppliers, to

consistently supply us with components for our products.

◦ Global economic downturns could negatively impact our suppliers and customers.

◦ Failure to achieve and maintain a high level of product and service quality could damage our reputation with

customers, increase our costs or negatively impact our results and market share.

◦ Our financing programs to end-customers expose us to additional risks.

◦ Past growth may not be indicative of future growth.

◦ We may encounter certain risks and incur certain expenses when implementing our business strategy to continue

to grow our international business, particularly in emerging markets. We are also adversely affected by ongoing

international conflicts and related disruptions in the global economy.

◦ We are exposed to the risk of foreign currency fluctuations.

◦ The costs and difficulties of acquiring and integrating complementary businesses and technologies.

◦ A decline in future operating performance could result in impairment of goodwill or other intangible assets, which

could have a material adverse effect on our financial condition, results of operations or cash flows.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

• Risks Relating to Government Regulation and Litigation.

◦ Our international operations require us to comply with applicable trade, export controls and foreign anti-

corruption laws and regulations of the U.S. government and various other countries.

◦ Tariffs and other trade restrictions could adversely affect our business and financial results.

◦ We could incur costs in complying with environmental health and safety ("EHS") laws and regulations.

◦ The risks related to environmental, social and governance ("ESG") and sustainability laws, regulations, policies

and initiatives.

◦ Energy efficiency, water usage standards and product-related standards could adversely affect our industry.

◦ We are subject to risks of future legal proceedings.

◦ Changes in accounting standards may adversely affect us. Our business may be impacted by new or changing tax

laws or regulations or by how judicial authorities apply tax laws.

• Risks Relating to Intellectual Property Matters.

◦ Failure to adequately protect our intellectual property rights may have a material adverse effect on our results of

operations or our ability to compete.

◦ Failure to protect the confidentiality of our trade secrets or other proprietary information could harm our business,

financial condition, results of operations and competitive position.

◦ If our trademarks, trade names and domain names are not protected, maintained and enforced, we may not be able

to build name recognition in our markets of interest and our competitive position may be harmed*.*** 

• Risks Relating to Data Compliance, Cybersecurity and Artificial Intelligence.

◦ Failure to comply with data privacy and security laws, regulations and other obligations.

◦ Our use of AI technologies may not be successful, which may adversely affect our reputation and business.

• Risks Relating to Indebtedness.

◦ Our credit agreements and other financing arrangements contain covenants, financial tests, and other restrictions

that may limit our ability to operate and grow our business; failure to comply could result in default, acceleration,

or increased borrowing costs and reduced liquidity.

◦ Interest rate volatility, including changes in SOFR or other benchmark rates, could increase our interest expense;

any hedging strategies may be costly and may not fully mitigate this exposure.

• Risks Relating to Our Common Stock.

◦ We may require additional capital to meet our financial obligations and support business growth, and this capital

may not be available on acceptable terms, if at all, and such additional capital and other equity issuances we make

may cause dilution to existing stockholders.

◦ Our stock price could be extremely volatile and, as a result, you may not be able to resell your shares at or above

the price you paid for them, and you could lose all or part of your investment as a result.

◦ Future sales, or the perception of future sales, by us or our existing stockholders of a substantial amount of our

common stock in the public market could cause the price of our common stock to fall.

◦ Our principal stockholder currently controls the direction of our business. Our principal stockholder's interests in

our business may conflict with the interests of our other stockholders, and we are a controlled company under the

governance standards of the NYSE.

◦ The requirements of being a public company may strain our resources, increase our costs, divert management's

attention, and affect our ability to attract and retain executive management and qualified board members.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

• Risks Relating to our Organizational Structure.

◦ Some provisions of Delaware law, our Stockholders Agreement and our amended and restated certificate of

incorporation and bylaws may deter third parties from acquiring us and diminish the value of our common stock.

**Part I**

**Item 1. Business**

**Our Company**

***Every Day is Laundry Day.***

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.

According to a third-party market study, the total addressable market for commercial, residential and industrial laundry

systems was approximately $82 billion in 2023. Within this market, the commercial laundry systems industry generated

nearly $7.4 billion in revenues during the same year. We are focused on this large and attractive commercial laundry

market where our systems' quality, durability and reliability are key strategic advantages with our channel partners,

customers and end users. End users of our systems include healthcare facilities, fire stations, hotels, laundromats,

communal laundry facilities and many other commercial applications where hygiene is critical. We believe the criticality of

laundry equipment to these users' operations creates a discerning customer base that appreciates the quality and economic

attractiveness of highly effective and reliable equipment. We leverage our scale and focus to deliver a compelling total

value proposition to this diverse customer base.

We estimate that we hold approximately 40% of the commercial laundry market in North America and have leading

positions in growing markets around the world. The commercial laundry market benefits from a regular replacement cycle

driven by a large base of installed machines, which provides us with an advantage as the largest incumbent manufacturer

and offers us a high level of revenue consistency to support our growth ambitions. In addition, residential customers are

increasingly demanding commercial-quality products for the home, and our machines represent a compelling fit for this

select but growing segment of the residential market.

Commercial laundry customers view laundry systems as infrastructure to support core business operations or as

revenue-generating assets. Avoidance of downtime and repair costs, as well as effective processing of large volumes of

laundry, are important drivers of machine economics and help our end-customers run their businesses effectively.

As such, customers focus on total cost of ownership when making purchasing decisions, which often involve

investments of hundreds of thousands of dollars.

Our systems are known for their use of high-quality materials in their construction, their build quality and the

extensive testing regimen they undergo, resulting in best-in-class performance. Our culture of operational excellence and

continuous improvement supports the maintenance of these exceptionally high-quality standards. As a result, we believe

we offer an attractive total cost of ownership, and our customers purchase our machines because of their reliability,

durability and effectiveness. This dynamic allows us to sell our products at a price premium versus competitor offerings

while securing a high degree of loyalty from our customers when they need to replace a machine.

We sell our systems through an extensive global network of approximately 600 distributors and through direct sales

channels in certain key markets. Distributors are a critical part of the commercial laundry market as they are frequently the

first point of contact for end-customers and are highly influential in educating those customers about equipment features

and highlighting the key factors in making a purchasing decision. We have valuable and difficult-to-replicate relationships

with our distributors that have been built over decades. Approximately 94% of our North American distributors have been

with the Company for ten years or more. Our distribution partners often see us as the vendor of choice given our focus on

quality, insights into customer needs, the attractive economics of our machines and our support teams staffed with highly

trained personnel. Our direct sales channel complements our distribution network by bringing us closer to end-customers

and enhancing strategic flexibility, particularly in select markets that we believe represent significant growth opportunities.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

We operate through two geographic reporting segments with our North America segment representing 74% of 2025

revenue and our International segment representing the remaining 26%. Our historical financial performance has benefited

from consistent and predictable growth at attractive margins, and we have a strong cash generation profile accompanied by

minimal capital expenditure requirements given our well-invested manufacturing footprint. For the twelve-month period

ended December 31, 2025, our net revenue was $1.7 billion, net income was $101.8 million (with a net income margin of

approximately 6%), Adjusted EBITDA was $436.5 million (with an Adjusted EBITDA Margin of approximately 26%) and

capital expenditures were approximately 3% of net revenue. See "[Management's Discussion and Analysis of Financial](#i8364880237134c8fabc4a4c601af1d41_1)

[Condition and Results of Operations—Non-GAAP Financial Measures](#i8364880237134c8fabc4a4c601af1d41_1) and Key Operating Metrics" regarding our use of

Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures, and a reconciliation of these

measures to their most directly comparable financial measure calculated in accordance with GAAP.

**Our History**

Our business began in 1908 in Ripon, Wisconsin when we introduced a hand-operated washer to the marketplace.

Industry leading features were introduced under the Speed Queen brand with the introduction of stainless steel wash tubs in

1938 and automatic washers and dryers in 1952. The spirit of innovation, quality and reliability persists to this day. We

manufacture durable products with high-quality steel that are meticulously tested and augmented by novel technologies.

More recently, we introduced our pioneering ProCapture lint capture technology in 2023 and have developed our digital

platform that can be leveraged across our brands to monitor product performance, business revenues and provide fleet

management efficiencies, among other benefits. We sell our highly engineered products across a portfolio of five strategic

brands: Speed Queen (which, according to a third-party market study, has the highest Net Promoter Score in North

America), Huebsch, UniMac, IPSO and Primus.

**Business Segments**

We operate in a global market that is estimated to be worth nearly $7.4 billion and our business is organized into two

reportable segments: North America and International.

***North America***

Our North America segment consists of the United States and Canada. We have sales and support teams based both at

our Ripon, Wisconsin locations and remotely to support our end markets though a mixture of independent distributors,

direct sales to communal laundry room operators and our company-owned distribution offices. While the majority of

products sold in the North America segment are produced in our U.S. manufacturing facilities, some specialist machines

are sourced from our other global facilities. We believe we are the number one supplier of commercial laundry equipment

in terms of market share in North America.

***International***

Our International segment comprises all countries outside of the United States and Canada. Sales are primarily made

through independent distributors who cover an allocated territory, usually in either a single country or region, and who we

support through regionally based sales and support teams. Additionally, we have direct sales offices in three key European

markets (France, Spain and Italy) and Brazil, where we believe the opportunity justifies our direct presence. As with our

North America segment, we operate a multi-brand strategy in each market, with multiple distributors representing one or

more brands. The majority of our systems sold in each region are made at our facilities in that region. We believe we are

the number one supplier of commercial laundry equipment in terms of market share in Latin America and Asia Pacific

(excluding China), and the number three supplier in Europe.

**Our Industry**

The commercial laundry systems industry, which, according to a third-party market study, generated nearly $7.4

billion in revenues in 2023, is comprised of three core end markets that cover the products and services the Company

provides:

• *<u>On-Premise Laundry ("OPL")</u>*: Businesses or institutions that process large volumes of laundry in support of their

core business, including healthcare facilities, fire stations and hotels;

• *<u>Vended</u>*: Businesses, such as laundromats and communal laundry operators, that operate commercial systems for

end users who pay for use; and

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• <u>Commercial In-Home</u>: Residential consumers who pay a premium to have the reliability and effectiveness of

commercial systems in their homes.

***On-Premise Laundry***

OPLs are operated by end users in a wide range of distinct sectors, including healthcare facilities, fire stations, hotels

and any other sector where clean laundry is critical to supporting the end user's core business. Ultimately, if the laundry

systems of OPL customers are not functioning, their businesses cannot operate.

User requirements in this segment vary significantly in terms of load capacities, cycle times, water efficiency and other

features, some of which can be driven by regulation or other policies. For example, the ability to sterilize large volumes of

linens in healthcare and the ability to wash highly specialized firefighting gear are both critical to health and safety but also

require distinct capabilities. OPLs choose commercial laundry systems based on ability to meet these specific industry

requirements, as well as total cost of ownership, manufacturer reputation and reliability.

***Vended***

The Vended market includes laundromat businesses and communal laundry operators, which manage laundry facilities

in apartments, universities and other institutions. Both laundromats and communal laundry operators utilize a pay-per-use

model to generate revenue, meaning if their laundry systems are down, they lose the ability to generate revenue and will

need to incur additional costs to get back up and running. As such, reliability and durability are key purchasing criteria to

minimize equipment downtime and the need for costly repair visits.

The laundromat market in North America represents a large installed base, estimated to be 1.1 million machines in the

United States alone, according to a third-party market study. A significant portion of the installed base is replaced each

year, generating a large and attractive recurring revenue stream where market position, scale, incumbency, product

reliability and brand reputation are important to retain and gain market share as machines are replaced.

In developed laundromat markets there is a secular shift away from traditional sole proprietor models to

professionalized operators managing multi-site operations. These professional operators are upgrading and expanding store

formats, adding higher capacity machines and leveraging digital tools to earn more revenue per store. In addition to the

shifting operating models for laundromats in developed markets, many emerging economies are in the early stages of

laundromat penetration, representing a significant opportunity for future growth.

Communal laundry facilities are managed primarily by operators who purchase, own, install and service the equipment

under contracts with property owners or management companies. Sophisticated route operators with multiple locations are

increasingly seeking technology, such as remote monitoring and digital control, to unlock cost savings and other operating

efficiencies. Internationally, high-density metropolitan regions are seeing growth in multi-unit housing with small sized

living units, driving demand for communal laundry facilities.

***Commercial In-Home***

The Commercial In-Home market is comprised of households and individual users who purchase commercial units to

meet their reliability, quality and heavy-duty laundry needs.

In-home customers have become increasingly frustrated with traditional residential machines, which are typically sold

based on lowest price or most features, but have lower-quality construction mainly comprised of plastic materials.

Frustration with traditional residential machines is generating strong demand for commercial systems from customers who

are willing to pay a premium for high quality, durable, reliable and long-lasting laundry systems.

**Products and Services**

We offer a full line of stand-alone commercial laundry systems, as well as provide the service parts and value-added

aftermarket services those systems require. Our products range from small-chassis washers and dryers to large-chassis

laundry equipment with load capacities of up to 400 pounds. Our small-chassis systems utilize smaller frame designs, while

our large-chassis systems are constructed on frames built to withstand significant load sizes. Most of our large-chassis

products are designed to withstand up to 30,000 cycles, with some rated up to 48,000 cycles.

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***Washers***

*Washer Extractors.* 

Our washer extractor products are used to process 20 to 400 pounds of laundry per load. In addition to washing

laundry, these products also extract water from the laundry with spin speeds that produce up to approximately 500 G-force,

which reduces water retention, drying time and energy costs. We build our washer extractor products to be extremely

durable to handle this high level of G-force, which they frequently endure many times a day given our systems are in

constant use. The durability of our washer extractors reduces breakdowns and malfunctions that can increase operating

costs and machine downtime. We sell our washer extractors to a variety of end markets and customers. We sell smaller

washer extractors that process up to 100 pounds of laundry per load to laundromats, while we sell our larger washer

extractors that process up to 400 pounds of laundry per load to on-premise laundry customers. We also produce a

specialized hygienic washer extractor, often called a medical barrier washer, for the healthcare industry.

*Topload Washers.* 

Topload washers are small-chassis products with the capability to process up to 16 pounds of laundry per load with

spin speeds that produce up to approximately 200 G-force. These products are sold primarily to operators of communal

laundry rooms in the Vended end market and to individual consumers in the Commercial In-Home end market. Our topload

washers are available with a traditional wash system or with a "smart" inverter drive system that adjusts the water level and

wash action to match load size. We have recently added matte black machines to our product range, providing consumers

with more aesthetic optionality.

Our topload washers are among the highest rated Commercial In-Home washers available on the market. *Consumer* 

*Reports* ranked Speed Queen as the most reliable appliance brand for the six years the designation was awarded.

Additionally, Speed Queen has the highest Net Promoter Score in North America, according to a third-party market study.

Many of our Commercial In-Home topload washers are ENERGY STAR™ certified. The ENERGY STAR™

certification, which is issued by the U.S. federal government, denotes products that use less energy, helping users reduce

the impact on the environment and save money on utility bills.

*Frontload Washers.* 

Frontload washers are small-chassis machines that a user loads via a door at the front of the machine. Our frontload

washers can be purchased with a matching small-chassis dryer or a customer can purchase a stacked system, which

includes both a small-chassis frontload washer and dryer in a single unit.

Many of our Vended and OPL frontload washers are also ENERGY STAR™ certified.

***Dryers***

*Tumblers.* 

Tumblers are large dryers with the capability of drying up to 200 pounds of laundry per load. Tumblers are sold

primarily to laundromats and on-premise laundry facilities under all five of our brands.

Our tumblers have industry-leading technology capabilities. Our Over-Dry Prevention Technology ("OPTidry") is a

novel design that more accurately gauges load dryness. Our ProCapture technology, a patent-pending technology we

introduced in 2023, captures over 90% of dryer lint on first-run drying cycles compared to approximately 63% in

conventional lint screen solutions. Increased lint capture helps reduce service, maintenance and cleaning costs.

*Small-Chassis Dryers.* 

Small-chassis dryers are smaller capacity machines with the capability of processing up to 18 pounds of laundry per

load. These products have capacity of 7.0 cubic feet, among the largest capacity for a small-chassis system in the industry.

Many of our residential small-chassis dryers are ENERGY STAR™ certified.

***Combination Washer and Dryer***

In 2021, we introduced a combination washer extractor and tumbler in two capacities. Our combination washer and

dryers offer a unique space saving solution that combines large capacity commercial washing and drying functionalities

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into a single drum. These units are marketed primarily under our *Speed Queen* brand and are sold in our Asia Pacific and

Latin American markets.

***Touch Screen Technology***

Our touch screen control platform on washer extractors and tumblers is a best-in-class touch LCD control that provides

unprecedented value to our customers by providing ease of use and programming and increased revenue generating

options. This control platform works in tandem with our proprietary cloud-connected technology solutions that link over

200,000 machines globally, serving more than three million users.

***Service Parts and Aftermarket***

We sell the service parts used to support our estimated eight million unit installed base of equipment, which we

calculate assuming a ten-year average useful life of our products. We estimate that the market replacement rate of our

equipment is seven to thirteen years, meaning there is a substantial useful life over which we need to provide the parts to

service equipment. The demand for service parts generated by our large installed base provides us with a source of

recurring, predictable and higher margin revenue. In total, our aftermarket parts program supports the sale of more than

150,000 parts online.

***Consumables***

We also see a growing demand for detergents, softeners and other chemicals across both the OPL and Vended end

markets. In the OPL end market, we see growth in demand for direct injection of chemical products, which has long been

the preferred solution in many applications. In the Vended end market, a growing trend towards chemical inclusive pricing

in both developed and new markets is driving demand for the high margin recurring sales.

***Other Value-Added Services***

We believe that we offer an unmatched range of complementary services and customer support. We believe these

services—such as equipment financing, laundromat site selection assistance, investment seminar training programs,

computer-aided commercial laundry room design, sales and service training for distributors, technical assistance and on-

call installation and repair service—are significant drivers of high customer satisfaction and retention. Among these, our

equipment financing program is a particularly valuable offering, enabling customers to access and finance essential

equipment through flexible arrangements tailored to their operational needs. We believe this program has contributed

positively to our revenue growth and supports our broader strategy of delivering comprehensive solutions to our customer

base. Our philosophy is to anticipate our customers' needs and provide them with services far beyond traditional customer

support.

In addition to our highly desirable physical laundry systems and extensive support infrastructure, we also offer market

leading technology solutions across our OPL and Vended end markets. Our technology strategy is centered around

leveraging our connected machines to provide a comprehensive suite of technology offerings designed for different end

markets. Speed Queen Insights, Huebsch Command, Primus i-Trace and IPSO Connect provide industry-leading control

and insights to Vended laundry customers through functionalities such as performance reporting, issue and error alerts,

machine control and programming, a mobile payment platform with an integrated loyalty program and an integrated CRM

and marketing system. UniMac Core is a cloud-based monitoring and reporting management tool that helps on-premise

laundry managers take control of laundry efficiency by allowing them to manage their laundry operations from anywhere

and at any time. UniMac's FireLinc™ system gives fire departments a powerful tool that makes record keeping simple

through digital capabilities and fire equipment bar code scanning. We also have a financing website for our existing

laundromat customers, which allows them to manage bills, statements and account balances. We continue to enhance our

digital offerings with a focus on sustainability solutions, automation technologies, and ecosystem integrations that

differentiate our offerings in the commercial laundry space.

Our digital products have demonstrated strong market adoption and drive incremental recurring revenue through

subscription services while deepening customer relationships and loyalty to our equipment ecosystem. Our chargeable

Partner API Ecosystem enables third-party developers to integrate with our platform, giving them access to remotely

control and program machines and analyze performance data in their products, creating additional value for our customers,

especially in international markets where localized payment options require bespoke solutions that would not be

economical for us to support, and new revenue streams for our business. Our cybersecurity investments ensure the integrity

and reliability of our connected platforms, while our centralized data analytics capabilities enhance our internal visibility

into equipment performance and market trends to inform future product innovations. This convergence of physical and

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digital innovation creates significant competitive barriers, as customers benefit from an integrated ecosystem that becomes

increasingly valuable over time, strengthening our market position across all segments.

**Our Competitive Strengths**

***We Offer a Premier Portfolio of Commercial Laundry Systems***

In commercial laundry, product and service quality are critical. Our systems are engineered for efficiency, reliability

and long-lasting performance to ensure these high standards are met. This starts in our engineering department where we

have designed and developed features that improve the durability, reliability and utility of our systems, and extends through

to the quality of our materials and manufacturing. Our services are comprehensive and add value to customer operations,

starting with site selection, design and financing, and extending through the lifecycle with genuine parts, technical support

and warranties. As a result, we have tremendous customer allegiance and brand loyalty.

***Our Unparalleled Scale is Advantageous***

In our commercial end markets, we are approximately two times larger than the next competitor, and in total have an

estimated installed base of eight million units, which we calculate assuming a ten-year average useful life of our products,

across approximately 150 countries. As a result, there is a sizeable ecosystem of operators, technicians and users of our

equipment who interact with our systems every day, resulting in highly sticky relationships. Our installed base also helps to

generate sizeable replacement cycle tailwinds as customers upgrade their Alliance systems over time. Moreover, it allows

us to support a scaled research and development and manufacturing effort, investing in engineering advancements that

meaningfully improve the customer value proposition.

***We Have a Global Manufacturing Footprint and Rigorous Testing Capabilities***

We operate six strategically located facilities globally and we believe we are the only manufacturer that produces

commercial equipment across North America, Europe and Asia Pacific. This "local for local" strategy delivers supply chain

resiliency and strengthens our cost position. Our manufacturing footprint spans approximately 2.7 million square feet and

our facilities have significant vertical integration, which enables greater control over the manufacturing process. The

quality control process within our facilities is world-class and includes AI-powered defect monitoring, tests on 100% of

machines produced and randomized audits, including full teardowns of finished products. We maintain approximately 800

dedicated testing bays, and we have '24x7' testing capability across the globe, a critical capability that supports our mission

to offer the highest quality products in the industry.

**Global Manufacturing Footprint**

![Image 17.jpg](all-20251231_g1.jpg)

![](all-20251231_g2.gif)

**PRIBOR, CZECH**

**REPUBLIC**

383k

sq. ft

![](all-20251231_g3.gif)

**RIPON, WI #1 &** 

**#2**

1,567k

sq. ft

![](all-20251231_g4.gif)

**GUANGZHOU, CHINA**

60K

sq. ft

![](all-20251231_g5.gif)

**MANITOWOC, WI**

426k

sq. ft

![](all-20251231_g6.gif)

**CHONBURI, THAILAND**

278k

sq. ft

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***We Employ a Tailored Go-to-Market Strategy with Established Channel Relationships***

Our success is enabled by our global channel partner network and direct sales channels. We have built a hard-to-

replicate network of approximately 600 independent distributors worldwide that sell into approximately 4,000 independent

retail locations. Our relationships with many of our distributors and their sales teams and technicians are long-standing, and

we continue to invest in resources to assist them with training, which results in a deep understanding of our technology and

trust in our systems. Our channel partners are also structurally incentivized to sell our systems because end-consumers

value our products' superior total cost of ownership metrics and our partners benefit from our products' attractive

economics. We supplement our expansive independent distribution and retail network with our direct sales offices and

direct sales to communal laundry operators to enhance strategic flexibility and access underpenetrated markets.

***We Have a Proven Track Record of Innovation and Application Engineering Expertise***

Innovation is a core focus of our business and we have history of developing industry-leading products and digital

tools that address the specific needs of our customers. For example, our recently introduced ProCapture Cyclonic Filtration

technology captures over 90% of lint on first-run drying cycles—compared to approximately 63% in traditional machines

—helping reduce maintenance frequency, lower labor costs and mitigate operational risks from lint buildup in high-usage

environments. We complement our equipment innovation with a proprietary suite of digital tools that simplify operations

and maximize profitability for multi-store laundromat owners and communal laundry room operators. Our integrated

platform enables customers to remotely adjust pricing, process payments, monitor machine usage and identify maintenance

needs in real time. Ultimately, these innovations, tailored to the distinct application requirements of our customers,

strengthen relationships and drive long-term value across our ecosystem.

***We Have Demonstrated Consistent Best-in-Class Financial Performance***

Alliance has demonstrated exceptional performance over time, with a revenue compound annual growth rate of

approximately 9.7% over our fifteen most recent fiscal years, as well as a net income margin in 2025 of approximately 6%

and an Adjusted EBITDA Margin in 2025 of approximately 26%. See "[Management's Discussion and Analysis of](#i8364880237134c8fabc4a4c601af1d41_1)

[Financial Condition and Results of Operations—Non-GAAP Financial Measures and Key Operating Metrics](#i8364880237134c8fabc4a4c601af1d41_1)" regarding

our use of Adjusted EBITDA Margin, which is a non-GAAP financial measure, and a reconciliation to its most directly

comparable financial measure calculated in accordance with GAAP. Our consistent financial performance through

economic cycles is due to the mission-critical nature of our products, our focus on operational excellence, the reliability of

replacement cycle revenue and the benefits of a diversified end market and customer base. Our operational teams drive

continuous improvement and efficiency to enhance profitability, while our sales teams focus on winning high-margin

customers. Our business model is capital efficient, with capital expenditures equaling on average approximately 3% of net

revenue over the last three years.

***We Have a Seasoned and Experienced Management Team***

We are led by a team of industry veterans with decades of combined experience in the commercial laundry space. The

team has fostered a customer-focused culture that has delivered exceptional and consistent financial performance through

the cycle. Our leadership team has executed a number of strategic initiatives, including new product and technology

launches, expansion into new international markets, acquisitions and integrations of complementary businesses and the

implementation of lean manufacturing processes throughout our operations to drive greater efficiency, among others.

**Our Growth Strategies**

We have a long track record of growth because of the strength of our business model and organization. We intend to

extend our leadership position in the market by leveraging the following growth strategies:

***Maintain Relentless Focus on Product Quality to Drive Share Gains***

Demand in the commercial laundry systems market is driven by the replacement cycle. We expect existing customers

to continue to purchase our machines and new customers to migrate to us from our competitors at the time of replacement.

Our existing customers return and we win new customers due to the performance of our machines over their life cycles,

which require fewer expensive maintenance events and offering greater uptime over a longer operating life. In a poll of

industry customers, equipment performance was ranked as the most important purchasing factor.

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***Continue to Develop Innovative Products to Accelerate the Replacement Cycle*** 

Given our scale and focus, we have been able to make significant investments in the development of new technologies

and capabilities that accelerate the replacement cycle of our machines. Between 2021 and 2025, we spent over $115 million

on research and development. The engineering advancements resulting from this investment have real utility to our

customers, improving performance and accelerating the replacement of existing systems.

***Support the Ongoing Evolution of the Laundromat Market***

We believe there is a compelling shift underway in the laundromat industry as sophisticated, commercially-focused

investors revamp store designs and the laundromat user experience. Leveraging our unparalleled scale, we will continue to

support this new class of entrepreneurs to build and expand their businesses across multi-site operations with larger store

footprints and larger capacity machines. We are well positioned to capitalize on this trend, offering a full suite of set-up

services, including: site selection, design, operator training and equipment financing, which enable operators to scale faster.

Additionally, our comprehensive digital platform enables management of multi-site operations and lowers operational cost

through remote monitoring, digital payments and data-driven decision making.

***Serve Growing Demand for Commercial Machines from Commercial In-Home Customers***

We believe there is an exciting opportunity to significantly expand our share in the residential market, as demand for

our commercial laundry systems is growing from users who are becoming increasingly frustrated with lower quality

residential machines. We serve this market with commercial machines, generating commercial-like margins and satisfying

the demands of homeowners that are focused on reliability and total cost of ownership.

***Penetrate and Develop High-Potential International Markets***

The global commercial laundry industry remains underpenetrated in many regions, presenting meaningful long-term

growth opportunities. We focus on high-potential geographies where structural trends—such as rising GDP, population

growth, urbanization, increasing household income, and evolving lifestyles—point to growing demand for commercial

laundry solutions. In these markets, our local teams help to establish and scale the commercial laundry ecosystem. For

example, in Thailand, we provided operational training, digital tools and other support to local laundromat entrepreneurs to

accelerate the creation of the laundromat industry.

***Drive Consistent Operational Improvements to Further Expand Margins***

We intend to further expand margins through the continued implementation of cost-down initiatives and an ongoing

focus on operational excellence. We will build on our demonstrated track record of durable margin improvement through

several initiatives, including: monitoring our global supply chain to identify raw material cost saving opportunities,

enhancing labor efficiency by optimizing plant operations, further automating our manufacturing facilities to improve

productivity, leveraging our engineering capabilities to develop more cost effective products and eliminating component

redundancy.

**Sales and Marketing**

We go to market through our independent distributors, direct sales offices and direct sales to scaled communal laundry

route operators.

Our independent distributor and route operator customers are supported by teams of regional sales managers and our

broader complementary support offering, which includes equipment financing, laundromat site selection assistance,

investment seminar training materials, commercial laundry room design, sales and service training and technical assistance.

Our direct distribution offices also benefit from this complementary infrastructure to support their sales, service and install

personnel employed to support key markets.

In the Vended and OPL end markets, our distributors sell directly to the operators of the laundry systems, whereas in

the North American Commercial In-Home market they utilize a network of independent appliance retailers to sell to end

consumers.

We support our sales force and distributors through a full complement of marketing activities. These activities take a

variety of forms such as traditional and digital marketing development and support, trade advertising, lead generation,

multi-media projects, print literature, direct mail and public relations activities. In addition, our representatives attend trade

shows to introduce new products, grow relationships with existing customers, develop new customer relationships and

generate sales leads for our products and services.

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**Distributors and Customers**

We maintain an extensive global network of approximately 600 independent distributors and work with the largest

route operators in the jurisdictions where we operate to deliver our products to our end-customers.

We define an "independent distributor" as an entity that holds inventory of our products and markets and sells those

products to, and services our products for, our end-customers. Our end-customers are businesses and individuals who

ultimately utilize our product, such as laundromats, hotels and restaurants.

We have deeply established and difficult-to-replicate relationships with our distributors that have been built over

decades. Our distribution partners often see us as the vendor of choice due to our focus on quality, insights into customer

needs, the attractive economics of our machines and our support teams staffed with highly trained personnel.

The vast majority of our distribution is conducted through our independent third-party distributors. Approximately

71% of our global revenue is generated through independent third-party distributors that primarily resell to equipment users

and operators in our end markets. Some of those third-party distributors may also operate some of the equipment

themselves in communal laundry and laundromat settings. Because we do not monitor end-use information after selling to

third-party distributors, we cannot further disaggregate revenue from these channels. The remaining approximately 29% of

our global revenue comprises (i) direct sales to communal laundry room operators (representing approximately 9% of

global revenue) and (ii) sales made through our domestic and international sales offices (representing approximately 13%

and 6%, respectively, of our global revenue) which transact either directly or through local and regional distributors and

dealers. Our top ten distributors globally accounted for approximately 30% of our annual revenue in 2025, and no single

distributor accounted for more than 5% of such revenue. Given that no distributor makes up more than 5% of our annual

revenue, we believe that no single end-customer accounts for more than 5% of our annual revenue.

**Competition**

Our industry is highly fragmented with few global players and many small regional players. We have few large

competitors within the stand-alone commercial laundry equipment industry of the United States and Canada. We believe

that we are the only participant to serve our Vended and OPL markets with a full line of topload washers, washer-

extractors, frontload washers, tumbler dryers and standard dryers in this region.

We also have several large competitors within the international stand-alone commercial laundry equipment industry

who participate in these regions of the world alongside several other local manufacturers.

In the Commercial In-Home end market, our products principally compete against high-priced residential machines

from consumer brands.

**Research and Development**

Given our scale and focus, we have been able to make significant investments in the development of new technology

and capabilities that accelerate the replacement cycle of our machines. Between 2021 and 2025, we spent over $115 million

on research and development activities. The engineering advancements resulting from this investment have real utility to

our customers through new products, improving performance and accelerating the replacement of existing systems.

This development is delivered by our global engineering organization of approximately 207 laundry experts based

across our three global engineering hubs in the U.S., Czech Republic and Thailand. They work in industry-leading

facilities, which contain approximately 800 testing bays, and operate with '24x7' testing capability across the globe to

minimize time to market for product innovations while maintaining our highest quality standards. In addition, our research

and development efforts also deliver continuous improvement on existing designs, enhance reliability and performance of

our equipment, improve energy efficiency and ensure regulatory compliance of our laundry products. Our team of

engineers and technical leaders continuously collaborate with our sales and marketing leaders, as well as key customers, to

ensure we identify and meet customer needs.

Our U.S. location in Ripon, Wisconsin is an ISO 17025 Certified Laboratory as part of Underwriters Laboratories'

Data Acceptance Program. We believe we are the only manufacturer in the industry to have this ability, allowing us to

significantly reduce time-to-market for innovations that require certifications.

Our digital innovation strategy has transformed our business from traditional equipment manufacturing to a

technology-enabled solutions provider. We have invested significantly in our proprietary cloud-connected platform that

currently links over 200,000 machines globally and serves more than three million users. This platform, marketed under

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our various brand names including Speed Queen Insights, Huebsch Command and UniMac CORE, allows us to deliver

value-added services that extend beyond hardware.

Our digital research and development approach is highly customer-centric, with cross-functional teams that include

product managers, quality assurance specialists and developers working directly with customers through extensive field

testing. Recent innovations include our QR code-based payment solution that eliminates the need for app installation, AI-

driven operational insights that provide plain-English recommendations to operators and self-healing machine capabilities

that can resolve some common issues without technician intervention. We have strategically expanded our digital

development teams in Thailand to accelerate our global product delivery capabilities while maintaining consistent quality

standards. Looking ahead, our digital innovation roadmap focuses on sustainability solutions, automation technologies and

deeper ecosystem integrations that will continue to differentiate our offerings in the commercial laundry space.

**Manufacturing**

We operate six strategically located facilities globally and we believe we are the only manufacturer that produces

across North America, Europe and Asia Pacific. This "local for local" strategy delivers supply chain resiliency and

strengthens our cost position. Our manufacturing footprint spans approximately 2.7 million square feet and our facilities

have significant vertical integration, which enables greater control over the manufacturing process.

---

| | | |
|:---|:---|:---|
| **Country** | **Facilities** | **Approx. Sq. Ft.** |
| United States | 3 | 2,000,000 |
| Czech Republic | 1 | 380,000 |
| Thailand | 1 | 280,000 |
| China | 1 | 60,000 |

---

Our manufacturing operations primarily engage in fabricating, machining, painting, assembling and finishing

operations, but also operate as finished goods and service parts distribution centers. The facilities are organized to focus on

specific product groups although each facility serves multiple end markets and segments.

The U.S. facilities produce our small-chassis topload washers, frontload washers and dryers as well as large-chassis

washer extractors and dryers. The other facilities all produce large-chassis washer extractors and dryers while the Czech

Republic also produces barrier washers and ironers. This diversification of production supports our "local for local"

strategy and enables us to respond quickly to local requirements. This strategy also allowed us to temporarily move

production of some large-chassis equipment between our U.S. and Thai facilities and some small-chassis assembly from

the U.S. to the Czech Republic to maximize available labor during COVID-19 restrictions.

We have invested approximately $371 million in capital expenditures in our manufacturing facilities over the past ten

years, including opening new facilities in the U.S. and Thailand. Current global production is at approximately 84% of

capacity and we believe we have more than sufficient capacity to fulfill our medium-term growth objectives and beyond

while maintaining our approximate 3% of net revenue annual capital expenditure spend target.

We are committed to continuous improvement in all aspects of our business and operations in order to maintain our

industry leading position and all our manufacturing facilities are certified by the International Standardization Organization

("ISO").

---

| | |
|:---|:---|
| **Country** | **ISO Certification** |
| United States | 9001 |
| Czech Republic | 9001 14001 45001 50001 |
| Thailand | 9001 14001 45001 50001 |
| China | 9001 14001 45001 |

---

**Suppliers and Materials**

We purchase substantially all our raw materials and components from a variety of independent suppliers. Where

possible and cost effective we aim to do this as close to each of our manufacturing facilities as possible, sourcing in region

for consumption in the same region.

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Key material inputs for manufacturing processes include motors, stainless and carbon steel, aluminum castings,

electronic controls, corrugated boxes and plastics. While we believe most of our raw materials and component parts are

generally available from multiple suppliers at competitive prices, due to the nature of some of our purchases, including

some co-developed components, we do have some single- and sole-source suppliers and are exposed to commodity

markets.

Our largest single input material is steel and we aim to secure supply agreements for extended periods of time at fixed

prices to mitigate the risk of market fluctuations. We believe we currently have sufficient steel under contract for the near

term. For further discussion of the possible effects of the cost and availability of raw materials on our business, see the

"[Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)" section.

**Employees**

As of December 31, 2025, we employed 3,923 full-time employees and 50 part-time employees. Of these employees,

2,730 are located in the United States and 1,243 are located outside of the United States (including 674, 354, 74 and 38

employees in the Czech Republic, Thailand, China and France, respectively). The United Steelworkers union represented

1,691 employees at our Wisconsin facilities. All employees at our Pribor, Czech Republic facility are subject to a collective

bargaining agreement, and certain employees at the facility are represented by a trade union. All employees at our

Guangzhou, China facility are subject to a collective bargaining agreement and represented by a workers' union. All

employees at our Saint-Priest, France facility are represented by a social and economic committee. We believe that our

current labor relations are good and no labor disruptions are anticipated in the foreseeable future.

In December 2021, the United Steelworkers union ratified a five-year contract with us. The contract became effective

on January 1, 2022 and expires February 28, 2027, and contains provisions that are usual and customary. There have been

no work stoppages at any of our Wisconsin facilities for more than 50 years.

**Intellectual Property**

We rely upon a combination of trade secrets, copyrights, trademarks, patents, confidentiality policies and procedures,

nondisclosure agreements and technical measures designed to protect the intellectual property and commercially valuable

confidential information and data used in our business. We also develop proprietary software, primarily for our firmware

and digital products. We license our intellectual property to third parties for them to develop vended payment systems that

are compatible with our equipment. We also receive licenses to third-party intellectual property, some of which is

integrated into our products.

We take steps to safeguard our trade secrets and proprietary information. These measures include internal access

controls, nondisclosure agreements with employees and third parties and cybersecurity protocols designed to prevent

unauthorized disclosure of sensitive business information. We also monitor and pursue action against infringements of our

intellectual property, such as trademark rights and trade secrets.

We believe we have taken reasonable measures to protect this portfolio of intellectual property rights, but we cannot be

assured that none of these intellectual property rights may be challenged and found invalid or unenforceable. See the "[Risk](#i8364880237134c8fabc4a4c601af1d41_1)

[Factors](#i8364880237134c8fabc4a4c601af1d41_1)" section for further discussion of intellectual property matters.

**Regulatory Matters**

We are subject to foreign, federal, state and local laws and regulations that impact our business, including the design,

manufacture, marketing, sale, servicing, packaging, labeling, handling, storage, transportation and use of our commercial

and residential laundry equipment. These laws and regulations relate to matters such as product safety and certification,

product labeling, energy and water efficiency standards, environmental protection, workplace health and safety, and ESG

and sustainability. In the United States, our operations are regulated by agencies such as the Consumer Product Safety

Commission, Federal Trade Commission and DOE, as well as the Environmental Protection Agency and the Occupational

Safety and Health Administration. Our international operations are also subject to regulation by equivalent regulatory

agencies and frameworks of the countries in which we operate and sell our products. Violations of such laws and

regulations could result in fines and penalties, enforcement actions, third-party claims, cessation of operations and other

sanctions. In addition, compliance with such laws and regulations in the future could prove to be costly and could affect

various aspects of our business.

We and our operations are also subject to and affected by foreign, federal, state and local EHS regulations, including

with respect to climate concerns. In particular, our business is subject to governmental regulation of energy and water

usage and efficiency standards, emissions of air pollutants, including greenhouse gas emissions, discharges of wastewater

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and stormwater, releases of hazardous materials to soil and water, the transportation, treatment, storage and disposal of

hazardous wastes and exposure to hazardous materials in current or former products, the workplace or the environment,

among other things. See "[Item 1A. Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)—Risks Relating to Government Regulation and Litigation—We could

incur significant costs in complying with EHS laws and regulations and could be adversely affected by liabilities or

obligations imposed under such laws." and "[Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)—Risks Relating to Government Regulation and Litigation—

Energy efficiency, water usage standards and other product-related standards could adversely affect our industry."

Changes in laws and regulations or government policies could affect our operations worldwide. Additionally, the

evolving and increased fragmentation of regulatory requirements may increase our costs by requiring the development of

country-specific variants, the monitoring and compliance of additional regulations as well as additional testing and

certifications. The laws, regulations and policies applicable to our products and services change regularly, and certain

regulatory changes may render our products and technologies noncompliant. In addition, we are also subject to evolving

standards and requirements related to ESG and sustainability matters. For example, the CSRD enacted in the European

Union and certain laws enacted in California will require us to report on various sustainability-related information,

including greenhouse gas emissions. See"[Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)—Risks Relating to Government Regulation and Litigation—We are

subject to risks related to environmental, social and governance ("ESG") and sustainability laws, regulations, policies and

initiatives."

Our operations are also subject to and could be affected by the changing landscape related to tariffs and trade

regulations. U.S. laws, regulations, orders and other measures concerning the export or re-export of products, software,

services and technology, and other trade-related activities involving non-U.S. countries and parties affect the operations of

our company and our affiliates. These potential effects are further discussed in "[Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)—Risks Relating to

Government Regulation and Litigation—Our international operations expose us to worldwide economic conditions;

unfavorable global economic conditions could lead to reduced revenues and negatively impact our results of operations."

For further discussion of risks related to other government regulations, see "[Item 1A. Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)—Risks Relating to

Government Regulation and Litigation."

**Available Information**

The Company's website is www.alliancelaundry.com. Our annual reports on Form 10-K, quarterly reports on Form 10-

Q, current reports on Form 8-k and amendments to those reports (if applicable) are available free of charge through the

"Investors" link as soon as reasonably practicable after they are filed with the Securities and Exchange Commission (SEC).

We have also posted on our website our Code of Business Conduct and Ethics, which govern our officers, directors,

employees and contractors. All reports we file with the SEC are also available free of charge via EDGAR through the

SEC's website at https://www.sec.gov. The information on these websites is not part of this report and is therefore not

incorporated herein by reference.

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**Item 1A. Risk Factors**

*An investment in our common stock involves risks. Before making an investment decision, you should carefully* 

*consider the following risks and uncertainties, together with the other information contained in this Annual Report. The* 

*risks and uncertainties described below are not the only ones we face. If any of these risks actually occur, our business,* 

*prospects, operating results or financial condition could suffer materially, the trading price of our common stock could* 

*decline and you could lose all or part of your investment. These disclosures reflect the Company's beliefs and opinions as* 

*to factors that could materially and adversely affect the Company and its securities in the future. References to past events* 

*are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not* 

*such factors have occurred in the past or their likelihood of occurring in the future.*

*Some statements in this Annual Report, including statements in the following risk factors, constitute forward-looking* 

*statements. See the section titled "Cautionary Note Regarding Forward-Looking Statements*.*"* 

**Risks Relating to Our Business**

***We design, manufacture and service products that incorporate innovative technologies. The introduction of new*** 

***products and technologies involves risks, and we may not realize the degree or timing of benefits initially anticipated.***

Our future success depends on designing, developing, producing, selling and supporting innovative products with

innovative technologies and anticipating industry changes. The regulations and policies applicable to our products, as well

as our customers' product and service needs, change from time to time. Moreover, regulatory and policy changes, including

those relating to energy infrastructure, consumption and efficiency, as well as other events and their impacts, may render

our products and technologies non-compliant or non-competitive and may subject us to operational, compliance, business

and reputational risks and increased costs. See "Item 1A. Risk Factors - Risks Relating to Government Regulation and

Litigation-Energy efficiency, water usage standards and other product-related standards could adversely affect our

industry." Our ability to realize the anticipated benefits of our technological advancements or product improvements-

including those associated with regulatory or policy changes-depends on a variety of factors, including: meeting

development, production and regulatory approval schedules; meeting performance plans and expectations; the availability

of raw materials and parts; our suppliers' performance; our distributors' performance; the hiring, training and deployment

of qualified personnel; achieving efficiencies; identifying emerging regulatory and technological trends; validating

innovative technologies; the level of customer interest in new technologies and products; and the costs and customer

acceptance of our new or improved products.

Our research and development efforts, including those aimed at advancing the environmental sustainability of our

products, such as reducing product water and energy consumption, may not culminate in new technologies or timely

products, or may not meet the needs or expectations of our customers as effectively as competitive offerings. Our

competitors may develop competing technologies that gain market acceptance before or instead of our products. In

addition, we may not be successful in anticipating or reacting to changes in the regulatory environments in which our

products are sold, and the markets for our products may not develop or grow as we anticipate.

Additionally, our products and services also may incorporate technologies developed or manufactured by third parties,

which, when combined with our technology or products, creates additional risks and uncertainties. As a result, the

performance and market acceptance of these third-party products and services could affect the level of customer interest

and acceptance of our own products in the marketplace.

***We operate in a competitive market.***

We have several large competitors within the markets in which we operate. There can be no assurance that significant

new competitors or increased competition from existing competitors will not have a material adverse effect on our

business, financial condition, results of operations and cash flows. There can be no assurance that we will not encounter

increased competition in the future, which could have a material adverse effect on our business, financial condition, results

of operations and cash flows.

In addition, we may face competition from companies outside of the U.S. that may have lower costs of production

(including labor or raw materials). These companies may pass along these lower production costs to customers, resulting in

a lower price for products like ours. As a result, our revenues and profits could be adversely affected. Certain of our

competitors have more experience than we do in the international markets we compete in. As a result, certain of our

competitors may have preexisting relationships with customers and may have obtained regulatory approvals in foreign

jurisdictions, which may negatively affect our ability to compete successfully in these international markets.

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***Our business depends on the performance of our third-party distributors, route operators and suppliers who are subject*** 

***to additional risks that are beyond our control, including those that could harm our business, financial condition and*** 

***results of operations.***

We utilize third-party distributors to sell our products into international end-markets and route operators with global

delivery systems in order to manage the delivery of our products to such distributors. We rely on approximately 600

distributors worldwide who provide services from design and installation to aftermarket. Additionally, though our strategy

generally involves sourcing inputs from the same or nearby geographic regions as our manufacturing facilities, we continue

to face risks associated with supply disruptions or delays in shipments and supply chains regionally and globally. As a

result of our international operations, we are subject to risks associated with doing business in multiple jurisdictions,

including retailer and consumer boycotts due to actual or perceived ethical, environmental, social or political issues in

certain countries in which we do business and where our products are distributed, including reputational harm related to

substantiated or unsubstantiated human rights and labor concerns; the need to navigate and difficulty ensuring compliance

with existing and new laws and regulations in many jurisdictions, including those relating to labor conditions and

workplace safety, environmental protection, chemical regulations, water and energy usage, quality and safety standards,

imports, duties, taxes and other changes on imports; reduced protection for intellectual property rights in some countries;

disruptions or delays in shipments and supply chains globally; and changes in local economic conditions where

distributors, suppliers, route operators, retailers and customers are located. If our internal controls and compliance

programs do not adequately monitor, deter or prevent our employees as well as our distributors, route operators, suppliers

and other third parties with whom we do business from violating anti-bribery, anti-corruption or trade laws and regulations,

we may incur defense costs, fines, penalties, reputational harm, business disruptions and damage to our business.

In particular, compliance with sanctions and customs trade orders could affect the sourcing and availability of raw

materials used by our suppliers in the manufacturing of certain of our products. Our ability to successfully import such

materials may be adversely affected by changes in laws across jurisdictions. There are also increasing requirements and

expectations in various jurisdictions that companies proactively monitor the environmental and social performance of their

value chain, including compliance with a variety of labor practices and human rights considerations, as well as

consideration of a wider range of environmental and social matters, including the end-of-life considerations for products.

For example, various jurisdictions have adopted, or are considering adopting, regulations that would require organizations

to, among other things, conduct due diligence to identify certain environmental and human rights risks in their supply

chains and take steps to mitigate any such risks identified. We have been and may continue to be subject to costs associated

with such regulations, as well as any future regulations on the source of products or their component parts or materials,

including for the diligence pertaining to these matters and the cost of remediation and other changes to products, processes

or sources of supply as a consequence of such verification activities. The impact of such regulations may result in a limited

pool of acceptable suppliers, and we cannot guarantee that we will be able to obtain products in sufficient quantities at

competitive prices and of similar quality. Additionally, because our supply chain is complex, we may face regulatory

challenges in complying with applicable sanctions and trade regulations and reputational challenges with our consumers

and other stakeholders if we are unable to sufficiently verify the origins of the materials used in the products we sell. See

"Item 1A. Risk Factors - Risks Relating to Our Business—Tariffs and other trade restrictions could adversely affect our

business and financial results, and we may not be able to raise prices sufficiently to offset increased costs caused by any

such tariffs" for more information on tariff-related risks. Even if we comply with applicable regulations, we may be subject

to additional expectations and scrutiny from investors, business partners, wholesale partners, consumers or other

stakeholders on our environmental and human rights practices. These expectations are evolving quickly, and, as a result,

certain of our actions or decisions, either currently or in the future, may be perceived to not align with best practices or as

otherwise inconsistent with stakeholder expectations, which could damage our reputation and adversely impact our

business. See "Item 1A. Risk Factors - Risks Relating to Government Regulation and Litigation—We are subject to risks

related to environmental, social and governance ("ESG") and sustainability laws, regulations, policies and initiatives."

Further, if any distributors, route operators, suppliers, retailers or servicers are unable or unwilling to perform

according to the negotiated terms and timetable of its respective agreement for any reason or if any terminates its

agreement, we would be required to engage a substitute distributor, supplier, retailer or servicer. This would likely result in

significant project delays and increased costs, which could have a material adverse effect on our business, financial

condition, results of operations and cash flows.

***We do not have long-term purchase commitments from our distributors, suppliers and retailers and may have to rely on*** 

***distributor, supplier and retailer forecast in making production decisions, and any cancellation of purchase*** 

***commitments or orders may result in the waste of raw materials or work in process associated with those orders,*** 

***reducing both our revenues and profitability.*** 

A variety of conditions, both specific to our distributors and generally affecting the demand for these products, may

cause our distributors to cancel, reduce or delay orders. Cancellations, reductions or delays by a significant distributor or a

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number of distributors would result in a material reduction in our revenue. Those distributor decisions could also result in

excess and obsolete inventory or unabsorbed manufacturing capacity, which could reduce our profits or impair our cash

flow. On occasion, distributors require rapid increases in production, which could strain our resources, leading to a

potential reduction in our margins because of the additional costs necessary to meet those demands.

Our distributors generally do not make firm, long-term volume purchase commitments. In addition, industry trends

over the past five years have led to dramatically shortened lead times on purchase orders, as rapid product cycles have

become the norm. Although we sometimes enter manufacturing contracts with our customers, these contracts principally

clarify order lead times, inventory risk allocation and similar matters, rather than providing for firm, long-term

commitments to purchase a specified volume of products at a fixed price. As a result, distributors can generally cancel

purchase commitments or reduce or delay orders at any time. The large percentage of our sales to distributors in the

industry, which is subject to severe competitive pressure, rapid technological change and product obsolescence, increases

our inventory and overhead risks, among others, as we must maintain inventories of raw materials, work in process and

finished goods to meet customer delivery requirements, and those inventories may become obsolete if the anticipated

market demand does not materialize. Additionally, there has been consolidation of distributors in our industry. Increased

consolidation may result in fewer alternatives for distributors, which in turn could decrease our bargaining power as it

relates to pricing and purchase order terms.

We also make significant decisions, including determining the levels of business that we will seek and accept,

production schedules, component and raw material procurement commitments, facility requirements, personnel need, and

other resource requirements, based upon our estimates of distributor requirements. The short-term nature of our

distributors' commitments and the possibility of rapid changes in demand for these products reduce our ability to estimate

accurately their future requirements. Because many of our costs and operating expenses are fixed, a reduction in customer

demand can reduce our gross margins and operating results. To transact business, we assess the integrity and

creditworthiness of our distributors and suppliers and we may, based on this assessment, incur design and development

costs that we expect to recoup over several orders produced for the customer. Such assessments are not always accurate and

expose us to potential costs, including the write off costs incurred and inventory obsolescence if the orders anticipated do

not materialize. We may also occasionally place orders with suppliers based on a customer's forecast or in anticipation of

an order that is not realized. Additionally, from time to time, we may purchase quantities of supplies and materials greater

than required by customer orders to secure more favorable pricing, delivery or credit terms. These purchases can expose us

to losses from cancellation costs, inventory carrying costs or inventory obsolescence, and hence adversely affect our

business and operating results.

***Our business depends on our customers and their continued engagement with us.***

Our business depends upon the financial viability of our customers and the preservation of our relationships with them.

Some of our sales arrangements with these customers are by purchase order and are terminable at will at the option of

either party, rather than long-term contracts. For customers with long-term contracts, these customers have no obligation to

renew their contracts after their initial contract is satisfied, and in the normal course of business, some customers will elect

not to pursue additional contracts for our products. Any material cancellation, reduction or delay in purchases by these

customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Additionally, certain of our contractual arrangements with customers limit our ability to raise our prices during the term of

the contract. These limitations may restrict our ability to respond to inflationary pressures, resulting in a negative impact to

our business, financial condition, results of operations and cash flows.

Moreover, our continued success depends in part on our ability to sell additional products, updated products replacing

pre-existing products or enhancements to pre-existing products to our current customers. This may require increasingly

sophisticated and costly sales efforts. Similarly, the rate at which our customers purchase new products depends on a

number of factors, including general economic conditions and customer receptiveness to any price changes related to these

additional features and services.

***Price fluctuations or shortages of raw materials could adversely affect our operations.***

The major raw materials and components we purchase for our production process are carbon and stainless steel,

motors, aluminum castings, electronic controls, corrugated boxes and plastics. The price and availability of these raw

materials and components are subject to market conditions affecting supply. Many of the commodities that affect our raw

material and component costs have fluctuated significantly over the past several years, due to supply and demand trends,

government regulations and tariffs, currency exchange rates, transportation costs and global economic factors. We take

steps to contain such cost fluctuations by using hedge instruments or contracts, implementing price increases, increasing

our inventory or entering into fixed-price contracts. However, there can be no assurance that any such mitigation efforts,

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including holding excess inventory, will be effective, or that any such price increases would not negatively impact

customer demand, such that increases in raw material or component costs (to the extent we are unable to pass on such

higher costs to customers) will not have a material adverse effect on our business, financial condition, results of operations

and cash flows.

We purchase a portion of these raw materials and component parts from foreign suppliers using foreign currency, and

as a result, we are subject to exchange rate fluctuations. Complex global political and economic dynamics can affect

exchange rate fluctuations. For example, the implementation of tariffs, quotas, duties or other measures related to the level

of trade between the United States and other markets could impact the value of the U.S. dollar. It is difficult to predict

future fluctuations and the effect these fluctuations may have on our business, financial condition, results of operations and

cash flows. Our reliance on suppliers to secure the raw materials and components used in our products, and on service

providers to deliver our products, also exposes us to volatility in the prices and availability of these services. Because we

maintain limited raw material and component inventories, even brief unanticipated delays in delivery by suppliers,

including those due to capacity constraints, labor disputes, impaired financial condition of suppliers, weather emergencies

or natural or man-made disasters, may impair our ability to satisfy our customers' needs and could adversely affect our

business and financial performance.

***We face inventory risk caused by inherent uncertainty in inventory forecasting and production planning.***

We are exposed to inventory risks that may adversely affect our operating results as a result of new product launches,

changes in product pricing, defective products and associated product liability and changes in consumer demand and

spending patterns. We endeavor to accurately predict these changes and avoid overstocking or understocking products we

manufacture or sell. Demand for products, however, can change significantly between the time we order major raw

materials and components we purchase for our production process and the date of sale of our resulting inventory. In

addition, when we begin selling or manufacturing a new product, it may be difficult to establish third-party distributor

relationships for sale of such new product, determine appropriate product or component selection, or accurately forecast

demand. The acquisition of raw materials and components we purchase for our production process requires significant

lead-time and prepayment, and they may not be returnable. We carry a broad selection and significant inventory levels of

certain products, and at times we are unable to sell products in sufficient quantities or meet consumer demand. If our

inventory forecasting and production planning processes result in higher inventory levels exceeding the levels demanded

by customers or should our customers decrease their orders with us, our operating results could be adversely affected due

to costs of carrying the inventory and additional inventory write-downs for excess and obsolete inventory.

***We depend on suppliers, including single-source suppliers and, in certain cases, sole-source suppliers, to consistently*** 

***supply us with components for our products, and any failure to procure such components could have a material adverse*** 

***effect on our product inventories, sales, operating results and cash flows.***

We rely on single-source suppliers for certain proprietary component parts in our products. A single-source supplier is

a supplier from which we make all purchases of a particular component used in our products even though other suppliers of

the component exist. A sole-source supplier is a supplier from which we make all purchases of a particular component used

in our product, and the supplier is the only source of that particular component in the market. If these single-source or sole-

source suppliers were to cease or interrupt production or otherwise fail to supply these components to us, we would be

unable to obtain these proprietary component parts for an indeterminate period of time, which could adversely affect our

product inventories, sales, operating results and cash flows. These single-source and sole-source suppliers also expose us to

pricing risk.

Establishing additional or replacement suppliers for any of these materials or components, if required, could limit our

ability to manufacture our products, result in production delays and increased costs and adversely affect our ability to

deliver products to our customers on a timely basis or at all. Delays related to supplier changes could also arise due to

increased shipping times if new suppliers are located farther away from our markets or from other participants in our

supply chain. In addition, freight capacity issues continue to persist worldwide as there is much greater demand for

shipping and reduced capacity and equipment. If we are not able to identify alternate sources of supply for the components,

we might need to modify our product to use substitute components, which could cause delays in shipments, increase design

and manufacturing costs and increase prices for our products. Any such modified product might not be as effective as the

predecessor product or might not gain market acceptance. This could lead to customer or consumer dissatisfaction and

damage to our reputation and could materially and adversely affect our product inventories, sales, operating results and

cash flows.

Operations at any of our suppliers' facilities are subject to disruption for a variety of reasons, including, but not limited

to, work stoppages, labor relations, intellectual property claims against suppliers, information technology failures,

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cybersecurity incidents, data breaches and hazards such as fire, earthquakes, flooding or other natural or man-made

disasters. Such disruptions could interrupt our ability to manufacture certain products, which could negatively impact our

revenue and earnings performance. It may be difficult or impossible for us to obtain insurance to protect against any such

disruptions at an adequate coverage level or at all.

***Global economic downturns could negatively impact our suppliers and customers.***

Our suppliers and customers are subject to some of the same risks regarding worldwide economic conditions, and

therefore could be negatively affected by global economic downturns. Such downturns may tighten credit markets and

lower liquidity levels and there can be no assurance that conditions will improve. Lower credit availability may increase

borrowing costs for our customers and suppliers. In addition, some of our customers and suppliers may experience

financial problems due to reduced access to credit and lower revenues. Financial duress may prompt some of our suppliers

to seek to renegotiate supply terms with us, eliminate or reduce production of certain components we purchase or file for

bankruptcy protection. In addition, some of our customers may be unable to obtain financing to purchase products or meet

their payment obligations to us. Further, negative economic conditions could result in the insolvency of one or more of our

customers or suppliers.

***Failure to achieve and maintain a high level of product and service quality could damage our reputation with*** 

***customers, increase our costs or otherwise negatively impact our results and market share.***

Product and service quality issues could harm customer confidence in our products, company and our brands. If certain

of our product and service offerings do not meet applicable safety standards or our customers' expectations regarding

safety or quality, or if we fail to obtain or maintain applicable product safety certifications, we can experience lost sales or

increased costs and we can be exposed to legal, financial and reputational risks, including due to poor reviews on consumer

review platforms and through social media. Our ability to satisfy customer expectations and respond to any negative

feedback quickly and effectively may impact our results. Actual, potential or perceived product safety concerns could also

expose us to litigation as well as government enforcement actions. In addition, when our products fail to perform as

expected, we may be exposed to warranty, product liability, personal injury and other claims in the future.

While we maintain strict quality controls and procedures, we cannot be certain that these controls and procedures will

reveal defects in our products or their raw materials, which may not become apparent until after the products have been

placed in use in the market. Accordingly, there is a risk that products will have defects, which could require a product recall

or field corrective action. Product recalls and field corrective actions can be expensive to implement and may damage our

reputation, customer relationships and market share.

We provide our customers a warranty covering workmanship and, in some cases, materials in products we

manufacture, and we have in the past faced, and may in the future face, potential warranty or safety breaches in products

we manufacture. Certain of our product warranties also include coverage for the labor cost of the servicing company. If a

product fails to comply with the warranty, we may be obligated, at our expense, to correct any defect by repairing or

replacing the defective component, and we have in the past been, and may in the future be, required to incur such expense

to resolve warranty or safety claims. We maintain warranty reserves in an amount based primarily on the number of units

shipped and on historical and anticipated warranty claims. However, there can be no assurance that future warranty claims

will follow historical patterns or that we can accurately anticipate the level of future warranty claims. An increase in the

rate of warranty claims or the occurrence of unexpected warranty claims could materially and adversely affect our business,

financial condition, results of operations and cash flows.

In many jurisdictions, product liability claims are not limited to any specified amount of recovery. Personal injury or

property damage lawsuits resulting from product liability risks may involve individual and purported class actions. We

cannot be sure that our existing insurance or any additional insurance will provide adequate coverage against potential

liabilities and any such liabilities could adversely affect our business, financial condition, results of operations and cash

flows. In addition to direct expenditures for damages, settlements and defense costs, there is also a possibility of adverse

publicity as a result of product liability claims.

A recall or claim could require us to review our entire product portfolio to assess whether similar issues are present in

other products, which could result in a significant disruption to our business and which could have a further adverse impact

on our business, financial condition, results of operations and cash flows. There can be no assurance that we will not

experience any material warranty or product liability claims in the future, that we will not incur significant costs to defend

such claims or that we will have adequate reserves or insurance to cover any recall, repair and replacement costs.

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Product installation also frequently depends on third-party distributors or other service providers. Our inability to find

qualified technicians to perform these installation services, or any of these service providers damaging or failing to

properly install any of our products, could also expose us to warranty, product liability, personal injury or other claims in

the future. Moreover, as customers often see these downstream service providers as an extension of the Alliance business

despite their independence as third parties, any such issues could damage our reputation, customer relationships and market

share.

***Our financing programs to end-customers expose us to additional risks which could adversely affect our operations.***

We offer an extensive financing program to end-customers, primarily laundromat owners, to assist them in their

purchases of new equipment from our distributors or, in the case of route operators, from us. Typical terms for equipment

financing receivables range from two to twelve years. As of December 31, 2025, the average principal loan balance is

approximately $0.1 million. We fund these financing programs through our $530.0 million Asset Backed Equipment

Facility. In the case of a rapid amortization event or an event of default under our Asset Backed Equipment Facility, we

will not be permitted to request new borrowings thereunder. In this case, or if certain limits in the size of our Asset Backed

Equipment Facility are reached (either overall size or certain sublimits) or upon termination of our Asset Backed

Equipment Facility, we would be required to obtain additional funding to support our customer financing program. Our

inability to obtain such additional funding or our inability to securitize our equipment financing pursuant to the Asset

Backed Equipment Facility could limit our ability to provide our end-customers with financing, which could result in the

loss of sales and have a material adverse effect on our business, financial condition, results of operations and cash flows.

See "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," in this

Annual Report for further information regarding our Asset Backed Equipment Facility.

Our financing program also subjects us to additional regulatory requirements and compliance obligations. In particular,

the program requires that the Company be licensed as a lender in certain jurisdictions in which the Company operates. The

Company has been subject to, and in the future may be subject to, potential supervision, examinations or enforcement

actions by federal and state licensing and regulatory agencies or penalties for violations of financial services, consumer

protections and other applicable laws and regulations. If any proceedings or investigations are determined adversely to us

or result in legal actions, claims, regulatory proceedings, enforcement actions, or judgments, fines or settlements involving

a payment of material amounts, or if injunctive relief is issued against us, our business, financial condition, results of

operations and cash flows could be materially adversely affected.

***We are subject to risks associated with our Asset Backed Trade Receivables Facility.***

We may finance a portion of our working capital through our Asset Backed Trade Receivables Facility administered

by our special-purpose, bankruptcy-remote subsidiary, Alliance Laundry Trade Receivables LLC. Under this facility, we

sell newly originated trade receivables to the subsidiary, which in turn borrows against those receivables. The facility limit

is $120.0 million and the revolving period currently extends to May 1, 2028, after which no new borrowings may be

requested and outstanding balances are scheduled to amortize over 180 days, with any remaining amount due at maturity.

Borrowings bear interest at a floating rate equal to the daily 1-month SOFR plus 110 basis points, which was 4.8% as of

December 31, 2025 and we pay an unused commitment fee of 0.35% on unfunded commitments.

Our borrowing capacity is dependent on the size and performance of the eligible receivables pool and our compliance

with facility covenants and performance triggers. Sales slowdowns, increased customer delinquencies or dilutions, changes

in eligibility or concentration limits, or servicing issues could reduce availability, increase borrowing costs, or otherwise

limit our access to receivable collections. We may be unable to renew, refinance, or replace the facility on acceptable terms

before the end of the revolving period. We also face risk that the facility's lenders will default on its obligations and are

exposed to changes in interest rates. Although we consolidate the subsidiary and its assets and liabilities in our financial

statements, the receivables and related collections are pledged to facility lenders and subject to control provisions; as a

result, adverse developments under the facility could restrict access to collections and negatively affect our liquidity, results

of operations, and financial condition. See Note 6 - Asset Backed Facilities to our consolidated financial statements in this

Annual Report for further information regarding our Asset Backed Trade Receivables Facility.

***Past growth may not be indicative of future growth.***

Historically, we have experienced substantial sales growth through organic market share gains, geographic expansion,

technological innovation, new product offerings, increased demand and acquisitions that have increased our size, scope and

geographic footprint. However, our various business strategies and initiatives, including our growth initiatives, are subject

to business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond our control.

For example, delays in laundromat construction or increased permitting requirements may adversely impact our ability to

expand our business. In certain prior periods, our results in a particular period have been impacted by unanticipated delays

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in construction. If we are not able to continue to compete in our markets, expand into new markets and grow our existing

business, our business, financial condition, results of operations and cash flows could be adversely affected.

***We may encounter certain risks and incur certain expenses when implementing our business strategy to continue to*** 

***grow our international business, particularly in emerging markets.***

The continued execution of our strategy to grow our international business could cause us to incur unforeseen capital

expenditures or significant start-up expenses related to growth initiatives and cause us to incur losses on assets devoted to

the strategy. In addition, expansion of international marketing and advertising efforts could lead to a significant increase in

our marketing and advertising expenses and could increase our customer acquisition costs. Furthermore, certain

international markets may not be receptive to our products and services or we may face increased competition from lower

cost manufacturers. Any failure to continue to successfully execute this strategy could adversely affect our business,

financial condition, results of operations and cash flows.

Further, we expect that sales to emerging markets will continue to account for a meaningful portion of our sales as

developing nations and regions around the world increase their demand for our products. Emerging markets are subject to

different risks as compared to more developed markets, and operating a business in an emerging market can involve a

greater degree of risk than operating a business in more developed markets, including, in some cases, increased political,

economic and legal risks. There is no guarantee that future political or economic instability will not occur in countries in

which we operate, and the risks we may face with respect to these countries include the risk of unforeseen government

actions, acts of god, terrorism, hostage taking, military repression, extreme fluctuations in currency exchange rates, high

rates of inflation, labor unrest, war or civil unrest, expropriation and nationalization, renegotiation or nullification of

existing concessions, licenses, permits and contracts, changes in taxation policies, and restrictions on foreign exchange and

repatriation, as well as changing political conditions, currency controls, export controls and governmental regulations that

favor or require the awarding of contracts to local contractors or require foreign contractors to employ citizens of, or

purchase supplies from, a particular jurisdiction or other events. Moreover, emerging market governments and judiciaries

often exercise broad, unchecked discretion and are susceptible to abuse and corruption. Additionally, financial turmoil in

any emerging market country tends to adversely affect the value of investments in all emerging market countries as

investors move their money to more stable, developed markets. Financial problems or an increase in the perceived risks

associated with investing in companies in emerging economies could dampen foreign investment and adversely affect local

economies in which we operate. While these factors and their impact are difficult to predict, any one or more of them could

have a material adverse effect on our competitive position, results of operations, cash flows or financial condition.

***We are exposed to the risk of foreign currency fluctuations.***

Because a portion of our revenue is attributable to the sale of our products outside of the United States, we are exposed

to adverse as well as beneficial movements in exchange rates between the U.S. dollar and the relevant foreign currency.

Moreover, some of our operations are or will be conducted by subsidiaries organized in foreign countries. The results of

operations and financial position of these subsidiaries will be reported in the relevant foreign currencies and then translated

into U.S. dollars at the applicable exchange rates for inclusion in our consolidated financial statements, which are stated in

U.S. dollars. In addition, our balance sheet reflects non-U.S. dollar denominated assets and liabilities, including

intercompany balances eliminated in consolidation. Accordingly, fluctuations in exchange rates may give rise to gains or

losses when financial statements of non-U.S. operating subsidiaries are translated into U.S. dollars. The exchange rates

between many of these currencies, including the euro, Czech koruna, Thai baht and U.S. dollar, have fluctuated

significantly in recent years and may fluctuate significantly in the future. Such fluctuations may have a material adverse

effect on our results of operations and financial position and may significantly affect the comparability of our results

between financial periods.

Additionally, currency fluctuations may affect the prices we pay for the materials used in our products, and as a result,

our operating margins may be negatively impacted by higher costs for certain cross border transactions.

We also incur currency transaction risk whenever one of our operating subsidiaries enters into a transaction using a

different currency than its functional currency. While we attempt to reduce currency transaction risk by matching cash

flows and payments in the same currency and entering into foreign exchange contracts for hedging purposes, we cannot

provide assurance that we will be successful in reducing or hedging our exposure.

***Our international operations expose us to worldwide economic conditions; unfavorable global economic conditions*** 

***could lead to reduced revenues and negatively impact our results of operations.***

We compete in various geographic regions and markets around the world and increasingly manufacture and sell our

products outside of the United States. For the year ended December 31, 2025, approximately 26% of our net revenue was

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attributable to products sold outside of the United States. Beyond our locations in the U.S., we have manufacturing

facilities located in the Czech Republic, Thailand and China, and sales offices in nine different countries. We also export

our products to other foreign countries, and expanding international sales is part of our growth strategy.

International operations generally are subject to various risks, including political, military, religious and economic

instability, local labor market conditions, the imposition of tariffs, the impact of government regulations, foreign national

priorities, government budgets, the effects of income and withholding tax, foreign exchange controls, repatriation of

earnings, investments, governmental expropriation and differences in business practices. We may incur increased costs and

experience delays or disruptions in product deliveries and receipt of payments in connection with international

manufacturing and sales that could result in a loss of revenue. Unfavorable changes in the political, regulatory and business

climate of various foreign jurisdictions in which we operate could have a material adverse effect on our business, financial

condition, results of operations and cash flows. Additionally, government policies on international trade and investments

such as import quotas, capital controls, taxes or tariffs or similar trade barriers, whether imposed by individual

governments or regional trade blocs, can affect demand for our products and services, impact the competitive position of

our products or services or encumber our ability to manufacture or sell products in certain countries.

In addition, we may also be affected by broader macroeconomic trends. We have experienced, and expect to continue

to experience, fluctuations in sales and results of operations due to economic and business cycles. Several economic

factors, including, but not limited to, gross domestic product, availability of consumer credit, interest rates, consumer

sentiment and debt levels, fiscal and credit market uncertainty and foreign currency exchange rates, generally affect

demand for our products. Higher unemployment rates, higher fuel and other energy costs, higher deficit spending and debt

levels and higher tax rates adversely affect demand. A decline in economic activity and conditions in the markets in which

we operate has had an adverse effect on our financial condition and results of operations in recent years, and future declines

and adverse conditions could have a similar adverse effect.

The occurrence or continuation of any or all of these events could have a material adverse effect on our business,

financial condition, results of operations and cash flows.

***Our business, financial condition and results of operations could be adversely affected by ongoing international*** 

***conflicts and related disruptions in the global economy.***

The global economy has been negatively impacted by the military conflict between Russia and Ukraine, the ongoing

conflict between Israel and Hamas, and the US-Israel-Iran conflict has caused political, economic and military instability in

Israel and surrounding regions. Our business may indirectly be adversely affected by these conflicts and their respective

effects, including as a result of financial and economic sanctions imposed by governments in the U.S., United Kingdom

and European Union, among others, on certain industry sectors and parties in Russia.

We are unable to predict the impact of either the Russia-Ukraine conflict or the Israel-Hamas conflict on our business

or the global economy. The impact of further escalation of geopolitical tensions related to these conflicts or other

unforeseen conflicts, including increased trade barriers or restrictions on global trade, is unknown and could result in

heightened cybersecurity threats, protracted or further increased inflation, lower consumer demand, fluctuations in interest

and foreign exchange rates and increased volatility in financial markets, among other things, any of which could adversely

affect our business, financial condition, results of operations and cash flows.

***The costs and difficulties of acquiring and integrating complementary businesses and technologies could impede our*** 

***future growth, diminish our competitiveness and harm our operations.***

As part of our growth strategy, from time to time we consider selective acquisitions of complementary businesses. We

might not be able to identify suitable acquisition candidates or business relationships, negotiate acceptable terms for such

acquisitions or relationships or obtain necessary financing on acceptable terms for such acquisitions or relationships. Even

if we consummate acquisitions, such acquisitions could be dilutive to earnings. Moreover, the margins for these companies

might differ from our historical gross and operating margins, resulting in a material adverse effect on our results of

operations.

Additionally, we are responsible for liabilities associated with businesses that we acquire to the extent we are not

entitled to receive indemnification from the relevant sellers or coverage under our insurance policies. Our due diligence

reviews may not identify all of the material issues necessary to accurately estimate the cost and potential loss contingencies

of a particular transaction.

Acquisitions also involve numerous other risks, including:

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• problems implementing adequate financial reporting and disclosure controls and procedures for the newly

acquired business;

• the challenges in achieving strategic objectives, cost savings and other anticipated benefits;

• unanticipated liabilities, costs or expenses, including post-closing impairment charges as well as expenses

associated with eliminating duplicate facilities;

• difficulties in integrating acquired businesses with our operations, including with respect to technological

integration, applying our internal controls to these acquired businesses, or in managing strategic investments;

• diversion of management's attention and other resources;

• failure to retain existing, key personnel of the acquired business; and

• the ability to obtain the financing necessary to complete acquisitions on attractive terms, or at all.

***Our ability to attract, develop and retain key executives and other qualified employees is crucial to our results of*** 

***operations and future growth.***

We are dependent on the continued services and performance of our senior management team and certain other key

employees. An inability to hire, develop, engage and retain a sufficient number of qualified employees or to effectively

manage succession planning could materially hinder our business, which could have a material adverse effect on our

business, financial condition, results of operations and cash flows. We do not currently maintain life insurance policies with

respect to key employees.

Additionally, we are dependent on a labor force with technical and manufacturing industry experience to operate our

businesses successfully. From time to time there may be shortages of skilled labor which may make it more difficult or

more expensive for us to attract and retain qualified employees. An inability to attract and retain qualified individuals or

increases in our costs to do so could have a material adverse effect on our business, financial condition, results of

operations and cash flows.

***Adverse relations with employees could harm our business.***

As of December 31, 2025, 1,691 of our employees at our Wisconsin facilities are represented by the United

Steelworkers union and subject to a collective bargaining agreement, all of our employees at our Guangzhou, China facility

are represented by a workers' union and subject to a collective bargaining agreement, and all of our employees at our

facility in Pribor, Czech Republic are subject to a collective bargaining agreement, with certain of those employees

represented by a worker's union. The Wisconsin collective bargaining agreement requires certain minimum full-time

hourly employment levels, unless deviations from those levels are caused by specified events, such as sales fluctuations or

events beyond our reasonable control. However, there can be no assurance that we can successfully maintain such

employment levels at our Wisconsin facilities. In many cases, before we take significant actions with respect to these

production facilities, such as workforce reductions or closures, we must reach agreement with the relevant union or

employee works council, which may result in operational inefficiencies or impede our ability to carry out our cost

reduction efforts. Additionally, these agreements have historically been renewed for two to five year terms, and are

therefore subject to periodic renegotiation, and the terms of future agreements may impose additional costs and operating

inefficiencies on our business. The current union agreement with the United Steelworkers expires February 28, 2027.

Although we have not experienced any recent labor disruptions, strikes or other forms of labor unrest in connection

with our personnel, there can be no assurance that labor disruptions by employees will not occur in the future. Such activity

could result in the incurrence of additional costs, as well as limitations on our ability to operate or provide products and

services to our customers, which may materially affect our business, financial condition, results of operations and cash

flows.

In addition, the transportation and delivery of raw materials to our manufacturing facilities and of our products to our

customers by workers employed by third parties that are members of labor unions is critical to our business. Any work

stoppages by these workers could have a material adverse effect on our business, financial condition, results of operations

and cash flows.

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***We may not realize expected benefits from our cost reduction efforts, and our profitability or our business otherwise*** 

***might be adversely affected.***

We continue to focus on our cost reduction efforts in order to drive improvement across direct material procurement,

labor efficiency and product design optimization. However, these activities are complex and may involve or require

changes to our operations. If we do not successfully manage these activities, expected efficiencies and benefits might be

delayed or not realized. Additionally, risks associated with these actions and other workforce management issues include:

unfavorable political responses and reputational harm; unforeseen delays in the implementation of the restructuring

activities; additional costs; unforeseen negative impact on product quality; adverse effects on employee morale; the failure

to meet operational targets due to the loss of employees or work stoppages; and difficulty managing our operations during

or after facility consolidations, any of which may impair our ability to achieve anticipated cost reductions, harm our

business or reputation, or have a material adverse effect on our competitive position, business, financial condition, results

of operations or cash flows.

***Unexpected events, including natural or man-made disasters or telecommunications failures, may increase our cost of*** 

***doing business or disrupt our operations.***

The occurrence of one or more unexpected events or natural or man-made disasters, including fires, tornadoes,

tsunamis, hurricanes, earthquakes, floods and other forms of severe weather, telecommunications failures or other

disruptions impacting information technology systems in the U.S. or in other countries in which we operate or in which our

suppliers, distributors or customers are located could adversely affect our operations and financial performance. Natural or

man-made disasters, pandemic illness, equipment failures, power outages or other unexpected events could result in

physical damage to, and complete or partial closure of, one or more of our manufacturing facilities or distribution centers,

temporary or long-term disruption in the supply of component products from some local and international suppliers,

disruption in the transport of our products to distributors and end-users, delay in the delivery of our products to our

distribution centers or our inability to communicate with our distributors, customers or suppliers. Existing insurance

arrangements may not provide protection for all costs and disruption that may arise from such events. The occurrence of

any of these events could also increase our insurance and other operating costs.

***Our goodwill and other intangible assets represent a substantial amount of our total assets. A decline in future*** 

***operating performance could result in impairment of goodwill or other intangible assets, which could have a material*** 

***adverse effect on our business, financial condition, results of operations or cash flows.***

As of December 31, 2025, goodwill and other intangible assets totaled $1.4 billion, or approximately 50% of our total

assets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired in connection with the

August 2015 acquisition of Alliance Laundry Holdings by our principal stockholder (the "BDTCP Transaction") and

subsequent acquisitions exceeding the fair value of acquired net assets. We assess annually whether there has been

impairment in the value of our goodwill and other intangible assets. If future operating performance at one or more of our

reporting units were to fall significantly below current levels, we could be required to recognize a non-cash charge to

operating earnings for goodwill or record an impairment charge related to other intangible assets. Significant negative

industry or economic trends, disruptions to our business, planned or unexpected significant changes in the use of the assets,

and sustained market capitalization declines may result in recognition of impairments to goodwill or certain other

intangible assets. Any significant goodwill or intangible asset impairment could reduce earnings in such period and have a

material adverse effect on our business, financial condition, results of operations or cash flows.

***We have remediated the material weaknesses previously reported in our internal control over financial reporting, but if*** 

***we identify additional material weaknesses in the future or fail to maintain an effective system of internal control we*** 

***may not be able to accurately and timely report our financial results, which may affect investor confidence and cause us*** 

***to incur additional costs resulting in adverse impacts to our results of operations.***

As a public company, we are required to establish and periodically evaluate procedures with respect to our disclosure

controls and procedures and our internal control over financial reporting. In connection with the preparation and audit of

our financial statements as of December 31, 2024, management and our independent registered public accounting firm

determined that the Company had not maintained appropriately designed controls to prevent or detect material

misstatements to our consolidated financial statements. Specifically, a material weakness was identified relating to our

failure to design, implement and maintain an adequate review and approval process with respect to manual or non-routine

journal entries. After completing several remedial actions as described in Part II, Item 9A "Controls and Procedures" we

have remediated the previously identified material weaknesses as of December 31, 2025.

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However, there can be no assurance that the measures we have taken to date, or any actions we may take in the future,

will be effective in preventing or mitigating potential future material weaknesses. Our current controls and any new

controls that we develop may become inadequate because of changes in conditions in our business. Further, additional

weaknesses in our disclosure controls and procedures and internal control over financial reporting may be discovered in the

future. If we are then unable to remediate the material weaknesses in a timely manner and further implement and maintain

effective internal control over financial reporting or disclosure controls and procedures, our ability to record, process, and

report financial information accurately, and to prepare financial statements within required time periods could be adversely

affected, which could result in material misstatements in our financial statements that may continue undetected or a

restatement of our financial statements for prior periods. This may negatively impact the public perception of the Company

and cause investors to lose confidence in the accuracy and completeness of our financial reports, harm our ability to raise

capital on favorable terms, or at all, in the future, and subject us to litigation or investigations by regulatory authorities,

which could require additional financial and management resources or otherwise have a negative impact on our financial

condition.

In addition, we have incurred and expect to continue to incur significant expenses and devote substantial management

effort toward our efforts to achieve and maintain effective internal control over financial reporting. As a result of the

complexity involved in complying with the rules and regulations applicable to public companies, our management's

attention may be diverted from other business concerns, which could harm our business, operating results, and financial

condition. Although we have already implemented various actions to remediate the material weakness, we may find in the

future that we do not have adequate systems, processes or personnel with the appropriate level of knowledge over financial

reporting required of public companies and may need to take additional remediation steps in the future, or engage outside

consultants, which will increase our operating expenses.

**Risks Relating to Government Regulation and Litigation**

***Our international operations require us to comply with applicable trade, export controls and foreign anti-corruption*** 

***laws and regulations of the U.S. government and various other countries.***

Doing business on a worldwide basis requires us and our subsidiaries to comply with the trade and sanctions laws and

regulations of the U.S. government and various other countries, and our failure to successfully comply with these laws and

regulations may expose us to liabilities. These laws and regulations apply to companies, individual directors, officers and

employees, and to the activities of agents acting on our behalf, and may restrict our operations, trade practices and

partnering activities.

For example, we cannot provide products or services to certain countries or individuals subject to U.S. economic

sanctions or export controls restrictions administered by the Office of Foreign Assets Control of the U.S. Department of the

Treasury or the U.S. Department of Commerce. In addition, our international operations are subject to U.S. and non-U.S.

anti-corruption laws and regulations, such as the U.S. Foreign Corrupt Practices Act (the "FCPA"). The FCPA prohibits us

from directly or indirectly offering or providing anything of value to a "foreign official" for the purpose of improperly

influencing official decisions or obtaining or retaining business or otherwise obtaining an improper business advantage,

and requires us to maintain adequate record-keeping and internal accounting practices to accurately reflect the transactions

of the company. In addition, some of the countries in which we operate have a high degree of corruption. As a result of the

above activities, we are exposed to the risk of violating the FCPA and other anti-corruption laws. Recent years have seen a

substantial increase in anti-bribery law enforcement activity, including increased enforcement activity by non-U.S.

regulators and increases in criminal and civil proceedings brought against companies and individuals. While we have

established certain safeguards and policies designed to promote compliance with applicable laws, these safeguards and

policies may prove to be less than effective and our employees or agents may engage in conduct for which we might be

held responsible. Violations of these laws or regulations could result in significant sanctions including fines, onerous

compliance requirements, the denial of export privileges, criminal fines and imprisonment, civil penalties, disgorgement of

profits, injunctions, as well as remedial measures, and can also subject us to reputational damage and loss of authorizations

needed to conduct aspects of our international business, which could adversely affect our reputation, business, financial

condition, results of operations and cash flows.

***Tariffs and other trade restrictions could adversely affect our business and financial results, and we may not be able to*** 

***raise prices sufficiently to offset increased costs caused by any such tariffs.***

Our business is impacted by international or cross-border trade, including the import and export of products and goods

into and out of the U.S., and trade tensions among nations. We purchase key parts and components from international

suppliers and use these parts and components in many of our products. Any country in which our products are produced or

sold may eliminate, adjust or impose new quotas, duties, tariffs, safeguard measures, anti-dumping duties, cargo

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restrictions to prevent terrorism, restrictions on transfer of currency, or other charges or restrictions, any of which could

have an adverse effect on our business, financial condition, results of operations and cash flows. See "Item 1A. Risk

Factors - Risks Relating to Our Business—Price fluctuations or shortages of raw materials could adversely affect our

operations." Further, any emerging protectionist or nationalist trends in the U.S. or any of the countries in which our

products are produced or sold could affect the trade environment. In 2025, the Trump Administration announced additional

tariffs on goods from all countries pursuant to the International Emergency Economic Powers Act. These tariffs were later

found to have exceeded presidential authority and were invalidated by the courts. Following such ruling, President Trump

implemented a 150-day "global tariff" of 10% effective February 24, 2026, using presidential powers under the Trade Act

of 1974, and indicated a desire to increase such "global tariff" to 15% and to seek to extend such tariffs under other

statutes. We sell our products globally, and if other countries enact retaliatory tariffs in response to U.S. trade policy, our

sales into such countries may be adversely impacted.

To date, tariffs have not materially impacted our business or financial results, in large part due to our "local for local"

production approach, by which our manufacturing plants in each region fulfill the majority of the volume requirements in

their respective regions. Currently, our largest import exposure arises out of Mexico; however, the majority of our imported

goods from Mexico currently originate under the U.S.-Mexico-Canada Agreement ("USMCA") and thus enter the U.S.

tariff-free. The USMCA is currently undergoing its mandatory Joint Review, with all three countries required to agree by

July 1, 2026 on whether to extend the agreement for an additional 16 years. Key issues under review include increased

trade deficits, Chinese investment and transshipment through Mexico, and potential strengthening of rules of origin

requirements. If the parties do not agree to extend the USMCA, or if the agreement is amended to impose more restrictive

terms, our imports from Mexico could become subject to increased tariffs or other trade restrictions. We carry some

exposure arising from export of materials from China, but this has historically been an immaterial part of our cost base. We

cannot ensure that tariffs will not materially impact on our business or financial results in the future.

In order to mitigate the impacts that various tariffs may have on the cost and availability of our manufacturing inputs,

we have taken, and in the future may take, various actions, including increasing prices to our customers through permanent

price increases or surcharges, increasing inventory levels on hand in advance of tariffs or to protect against material

availability, and transitioning our sourcing over the long term away from vendors in countries most impacted by tariffs. At

this time, the overall effectiveness of our responses in managing these challenges remains uncertain and depends on

multiple factors, including the duration and potential expansion of current tariffs, future changes to tariff rates, scope of

enforcement, retaliatory measures by impacted exporting countries, inflationary effects and broader macroeconomic

responses or changes to consumer purchasing behavior. If we are unable to effectively mitigate tariff-related risks through

price increases or inventory and source adjustments, financial performance and growth prospects could be negatively

affected.

Any of these mitigation efforts comes with risks to our reputation, business, financial condition, results of operations

and cash flows. Raising prices to end customers could result in them choosing a more cost effective manufacturer.

Increasing inventory stockpiles, if such stockpiles are not used in current production, could result in us having to lower

prices in order to sell down inventory or in inventory write-offs. Changing our sources of raw materials may require us to

increase our cost of engineering in order to test and approve these new sources, negatively impact the availability of

inventory when needed for production, or diminish overall product quality.

***We could incur significant costs in complying with EHS laws and regulations and could be adversely affected by*** 

***liabilities or obligations imposed under such laws.***

We are subject to comprehensive and frequently changing foreign, federal, state and local EHS laws and regulations,

including laws and regulations governing emissions of air pollutants, including greenhouse gas emissions, discharges of

wastewater and stormwater, releases of hazardous materials to soil and water, the transportation, treatment, storage and

disposal of hazardous wastes and the regulation of, and exposure to, hazardous materials in current or former products, the

workplace or the environment. We could incur significant costs, including fines, cleanup costs and third-party claims, as a

result of violations of or liabilities under these laws and regulations. We may also incur significant costs to achieve or

maintain compliance with EHS laws in the future, including for obligations to install pollution control equipment or

eliminate certain hazardous materials from our products.

In addition, it is difficult to accurately predict the nature and extent of environmental liabilities and obligations that

may result from laws or regulations adopted in the future and how existing or future laws and regulations will be

administered or interpreted. For example, changes in environmental laws, including laws relating to energy and water

consumption and efficiency and greenhouse gas emissions, will likely require additional investments in product designs,

which may be more expensive or difficult to manufacture, qualify for applicable certifications and sell, or may involve

additional product safety risks, and could increase environmental compliance expenditures. See "Item 1A. Risk Factors -

Risks Relating to Government Regulation and Litigation-Energy efficiency, water usage standards and other product-

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related standards could adversely affect our industry." Furthermore, various jurisdictions and regulators may take different

approaches to and impose differing or inconsistent requirements under environmental laws, which may make it more costly

or difficult for us to sell our products (including by requiring that we monitor such developments, incur increased test and

certification costs, increase time-to-market and develop additional country-specific variants for certain products) or prevent

us from selling certain products in certain geographic markets.

Our facilities and operations also are subject to various hazards incidental to the manufacturing and transportation of

commercial-grade laundry equipment. We are also subject to potential strict, joint and several liability for the investigation

and remediation of contamination, including contamination caused by other parties, at properties we currently own or

operate and previously owned or operated and at other properties where we or our predecessors have arranged for the

disposal of hazardous substances. Some of our facilities have a history of industrial and commercial operations or are

located on property with previously identified contamination, and we may incur significant additional costs, including

cleanup costs and other environmental liabilities, as a result of environmental conditions that are existing or discovered or

obligations that are imposed in the future. From time to time, we have been and may, in the future, be involved in

administrative and judicial proceedings, investigation and remediation activities, inquiries and other claims relating to these

and other environmental matters. Our existing insurance or any additional insurance may not provide adequate coverage

against potential liability resulting from any such liabilities, proceedings, inquiries and claims. As a result, the aggregate

amount of future cleanup costs and other environmental liabilities and obligations could have a material adverse effect on

our business, financial condition, results of operations and cash flows.

***We are subject to risks related to environmental, social and governance ("ESG") and sustainability laws, regulations,*** 

***policies and initiatives.***

There is continued focus from various stakeholders and regulatory authorities in the United States, European Union

and other jurisdictions in which we operate, on ESG and sustainability matters. Stakeholders' expectations are not uniform,

and proponents and opponents of various ESG- and sustainability-related matters have increasingly resulted in a range of

activism and legal and regulatory developments. If we do not succeed in meeting, or are perceived as failing to meet,

stakeholders' expectations, whether in support of or against ESG- and sustainability-related matters, or our publicly-stated

goals, or if we do not effectively respond to new or revised legal, regulatory or reporting requirements concerning such

matters, we may be subject to litigation risks, regulatory enforcement and sanctions, our reputation may suffer and our

stock price may be negatively affected, among other potential impacts. New, increasingly stringent, revised or conflicting

ESG and sustainability laws, regulations and expectations in and across the jurisdictions in which we do business may

increase compliance burdens and costs for us and for third parties throughout our global supply chain. For example, the

Corporate Sustainability Reporting Directive ("CSRD") enacted in the European Union and certain laws enacted in

California will require us to report on various sustainability-related information, including greenhouse gas emissions.

These laws also have been or may be subject to amendments, delays in implementation or legal challenges, the outcomes of

which are difficult to predict, as is their impact on us. In addition, there are existing and changing requirements and

expectations in various jurisdictions that may require us to proactively monitor the ESG practices of our value chain. See

"Item 1A – Risk Factors - Risks Relating to Our Business—Our business depends on the performance of our third-party

distributors, route operators and suppliers who are subject to additional risks that are beyond our control, including those

that could harm our business, financial condition and results of operations."

***Energy efficiency, water usage standards and other product-related standards could adversely affect our industry.***

Certain of our washer products are subject to foreign, federal, state and local laws and regulations which pertain to

energy and water usage and efficiency. There are federal standards for energy and water efficiency for both residential

(consumer) and small-chassis commercial washers. There is also a federal energy efficiency standard for residential

(consumer) dryers. Currently our equipment is required to be compliant with the guidelines of numerous regulatory

agencies worldwide.

We anticipate there will continue to be proposals and actions by legislators and regulators at the foreign, federal, state

and local levels to modify or expand laws and regulations relating to energy and water usage and efficiency and other

similar concerns. For example, in 2024, the U.S. Department of Energy (the "DOE") finalized new energy and water

efficiency standards for residential clothes washers and dryers which will require compliance from March 2028

("Efficiency Standards"). Compliance with these standards would require us to make changes to the design of certain of

our washer and dryer products, which would require significant engineering, manufacturing, design and equipment costs.

In February 2025, the DOE announced a postponement of the implementation of the Efficiency Standards and in May

2025, the DOE proposed to rescind or reduce 47 regulations related to electric and gas appliances, including water use and

conservation standards related to residential clothes washers. While the ultimate outcome of such regulatory developments,

as well as their future enforcement, is difficult to predict, these or other similar regulatory changes applicable to our

products may impact demand for, or the cost and difficulty of producing or selling, our products and services, create short-

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term market conditions which are economically disadvantageous to us, require additional investments, make our products

more expensive or difficult to qualify for applicable certifications, increase environmental compliance expenditures, or

involve additional product safety risks. Any of the foregoing could have a material adverse effect on our business, financial

condition, results of operations and cash flows.

***We are subject to risks of future legal proceedings.***

At any given time, we are a defendant in various legal proceedings and litigation arising in the ordinary course of

business. These may relate to, among other things, product safety, personal injuries, intellectual property rights,

cybersecurity incidents, contract-related claims, taxes, EHS matters, employee health and safety, competition laws and

laws governing improper business practices. For example, we have in the past been subject to litigation related to

allegations of anti-trust and labor law violations. The possibility of such litigation, and its timing, is in large part outside

our control. Although we maintain insurance policies, we can make no assurance that this insurance will be adequate to

protect us from all material expenses related to potential claims or that these levels of insurance will be available in the

future at commercially reasonable prices or at all.

Additionally, as a global business, we are subject to complex laws and regulations in the U.S. and other countries in

which we operate. These laws and regulations, including interpretations thereof, may change from time to time. A

significant judgment against us, the loss of a significant permit or other approval or the imposition of a significant fine or

penalty could have a material adverse effect on our business, financial condition, results of operations and cash flows. See

"Part II, Item 3. Legal Proceedings," in this Annual Report for further information regarding legal proceedings involving

the Company.

***Our employees and our third-party distributors, route operators and suppliers may engage in misconduct or other*** 

***improper activities, including non-compliance with regulatory standards and requirements.***

We are exposed to the risk that our employees and our third-party distributors, route operators and suppliers may

engage in fraudulent conduct, bribery or other illegal activity. Misconduct by these parties could include intentional,

reckless or negligent conduct or disclosure of unauthorized activities to us that violate the regulations of regulatory

authorities, including those laws requiring the reporting of true, complete and accurate information to such authorities, or

laws that require the reporting of financial information or data accurately. We are subject to extensive laws and regulations

intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices.

We have a code of conduct applicable to all of our employees as well as a business partners code of conduct applicable

to our third-party distributors, route operators and suppliers, but it is not always possible to identify and deter misconduct

by employees and other third parties, and the precautions we take to detect and prevent this activity may not be effective in

controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or

lawsuits stemming from a failure to comply with these laws or regulations. Failure of our employees and our third-party

distributors, route operators and suppliers to comply with applicable laws may subject us to litigation or other reputational

risks. Additionally, we have been in the past, and may again be in the future, subject to the risk that a person could allege

such fraud or other misconduct, even if none occurred. If any such actions are instituted against us, and we are not

successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business,

including the imposition of civil, criminal and administrative penalties, damages, monetary fines, contractual damages,

reputational harm, diminished profits and future earnings, and curtailment of our operations, any of which could adversely

affect our ability to operate our business and our results of operations.

***Changes in accounting standards may adversely affect us.***

Our financial statements are subject to the application of U.S. generally accepted accounting principles ("GAAP"),

which is periodically revised or expanded. Accordingly, from time to time, we are required to adopt new or revised

accounting standards issued by recognized authoritative bodies, including the Financial Accounting Standards Board

("FASB") and the Securities and Exchange Commission. Such changes could have a material impact on how we report our

financial condition and results of operations.

***Our business may be impacted by new or changing tax laws or regulations and actions by international, federal, state,*** 

***and local agencies, or by how judicial authorities apply tax laws.***

Our operations are subject to various international, federal, state and local tax laws and regulations. Tax laws are

dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. In many

cases, the application of tax laws is uncertain and subject to differing interpretations, especially when evaluated in the

context of a new administration for the U.S. federal government. Moreover, if and to the extent that the U.S. federal income

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tax code is changed as part of a comprehensive corporate tax reform plan or otherwise, our net income may be impacted

positively or negatively. Alternately, changes in tax laws could negatively impact our ability to continue to source high-

quality raw materials and components at costs similar to those which we currently obtain.

In 2025, changes to U.S. federal tax law and the limitation of the deductibility of our officer compensation under IRC

Section 162(m), increased our effective tax rate compared to the prior year. Further, the One Big Beautiful Bill Act

(OBBBA) was enacted on July 4, 2025 and amends key business tax provisions, including the "GILTI" provision, other

international provisions, interest deduction limitations and reinstates the ability to currently expense research and

experimental expenditures. While the OBBBA had no material impact on our provision for income taxes as of December

31, 2025, certain provisions of the OBBBA may change the timing of cash payments in the current fiscal year and future

periods. Additionally, future legislative or regulatory changes could increase our effective tax rate, alter the timing of cash

obligations and adversely affect our financial results and liquidity. We cannot predict future changes to tax laws and

regulations or the impact such changes may have on our business. See Note 15 - Income Taxes to our consolidated

financial statements in this Annual Report for further information regarding Income tax-related risks to the Company.

**Risks Relating to Intellectual Property Matters**

***Failure to adequately protect our intellectual property rights may have a material adverse effect on our results of*** 

***operations or our ability to compete.***

We attempt to protect our intellectual property rights in the U.S. and in foreign countries through a combination of

patent, trademark, copyright and trade secret laws, as well as licensing agreements and agreements preventing the

unauthorized disclosure and use of our intellectual property. These efforts are critical to safeguarding the proprietary

designs, technologies and control systems in our commercial laundry equipment that distinguish us in the market. We

cannot assure that these protections will be adequate to prevent competitors from copying or reverse engineering our

products, or independently developing and marketing products that are substantially similar to our own. We may be unable

to obtain or maintain adequate protections for certain of our intellectual property in the U.S. or foreign countries and third

parties may be able to successfully challenge, oppose or invalidate our intellectual property rights. Our patent and

trademark applications we may file in the future may never be granted and, even if we are successful in obtaining effective

protection, it is expensive to maintain these rights, both in terms of application and maintenance costs, and the time and

cost required to defend our rights could be substantial. Limited resources or strategic priorities might constrain our ability

to secure comprehensive intellectual property coverage across all regions where our products are sold, leaving

vulnerabilities in our portfolio.

Further, our intellectual property rights may not receive the same degree of protection in foreign countries as they

would in the U.S. because of the differences in foreign trademark, patent and other laws concerning proprietary rights. In

some markets, differing legal standards could allow competitors to exploit our innovations, undermining our ability to

maintain a differentiated position. The laws of some foreign countries do not afford intellectual property protection to the

same extent as the laws of the U.S., and many companies have encountered significant problems in protecting and

defending intellectual property rights in certain foreign jurisdictions. For example, the requirements for patentability may

differ in certain countries, particularly in developing countries. Moreover, our ability to protect and enforce our intellectual

property rights may be adversely affected by unforeseen changes in foreign intellectual property laws, particularly in

developing countries, and there may be unforeseen changes in intellectual property rights laws, which could make it

difficult for us to stop the infringement of our patents or the misappropriation or other violation of our other intellectual

property rights. Such failure or inability to obtain or maintain adequate protection of our intellectual property rights for any

reason could have a material adverse effect on our business, financial condition, results of operations and cash flows, as

third parties may be able to commercialize and use products and technologies that are substantially the same as ours to

compete with us without incurring the development and licensing costs that we have incurred.

***Failure to protect the confidentiality of our trade secrets or other proprietary information could harm our business,*** 

***financial condition, results of operations and competitive position.***

We rely on trade secrets and confidentiality agreements to protect our unpatented know-how, technology and other

proprietary information and to maintain our competitive position. However, trade secrets and know-how can be difficult to

protect. We seek to protect these trade secrets and other proprietary technology, in part, by entering into non-disclosure and

confidentiality agreements with parties who have access to them, such as certain of our employees, corporate collaborators,

outside contractors, consultants, advisors and other third parties, but we cannot guarantee that we have entered into such

agreements with each party that may have or has had access to our trade secrets or proprietary or confidential information,

including our technology and processes. In addition, despite these efforts, we have experienced and may in the future

experience breaches of confidentiality agreements and disclosure of our proprietary or confidential information (including

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our trade secrets) by these parties, including former employees. We may not be able to obtain adequate remedies for such

breaches. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive and

time-consuming, and the outcome is unpredictable.

In addition, some courts inside and outside the U.S. are less willing or unwilling to protect trade secrets. If any of our

trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have

no right to prevent them from using that technology or information to compete with us. If any of our trade secrets were to

be disclosed to or independently developed by a competitor or other third party, it could have a material adverse effect on

our competitive position, business, financial condition, results of operations and cash flows.

***If our trademarks, trade names and domain names are not adequately protected, maintained and enforced, we may not*** 

***be able to build name recognition in our markets of interest and our competitive position may be harmed.***

We rely on trademark registrations and enforcement measures to protect our brand identity, logos and other distinctive

marks and to maintain our competitive position in the marketplace. If we are unable to successfully register our trademarks,

trade names and domain names and establish name recognition based on our trademarks and trade names, we may not be

able to build name recognition in our target markets and our ability to maintain our competitive position in the marketplace

may be adversely affected. In addition, competitors or other third parties have in the past, and may in the future, adopt trade

names or trademarks similar to ours, thereby impeding our ability to build brand identity, interfering with our consumer

communications or infringing or otherwise decreasing the value of our trademarks, domain names and other intellectual

property and proprietary rights possibly leading to market confusion and potentially requiring us to pursue legal action.

Furthermore, the laws protecting trademarks and the regulations governing domain names and other intellectual property

and proprietary rights could change in ways that block or interfere with our ability to use relevant domains or our current

brands. In addition, there could be potential trade name or trademark infringement claims brought by owners of other

registered trademarks or trademarks that incorporate variations of our unregistered trademarks or trade names.

***We may become involved in legal proceedings to enforce our intellectual property rights or relating to allegations that*** 

***we have infringed third party intellectual property rights, the outcome of which would be uncertain and could be costly,*** 

***time-consuming, and have a material adverse effect on our business.***

Third parties may infringe, misappropriate or otherwise violate our intellectual property rights, which could require us

to pursue costly and time-consuming enforcement proceedings with uncertain outcomes. Despite our efforts to protect our

intellectual property, third parties may attempt to use our technologies, designs, brands or proprietary information without

our permission, which could adversely affect our commercial success. We may discover competing products or services in

the market that use our protected intellectual property without authorization. While we actively monitor for unauthorized

use of our intellectual property and may take enforcement actions, such as initiating claims or litigation against third parties

for infringement, misappropriation or other violation of our intellectual property rights or other proprietary rights or to

establish the validity of such rights, detecting and addressing all potential infringements can be difficult and resource-

intensive. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and

countersuits attacking the validity and enforceability of our intellectual property rights, and we may not always prevail in

these matters. Additionally, because of the substantial amount of discovery required in connection with intellectual

property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this

type of litigation. Any litigation, whether or not it is resolved in our favor, could result in the impairment or loss of portions

of our intellectual property, which may materially and adversely affect our business, financial condition, results of

operations and cash flows.

In some jurisdictions, particularly internationally, enforcement of our intellectual property rights may be especially

challenging or impractical. While we intend to protect our intellectual property rights in the major markets for our products,

we cannot ensure that we will be able to initiate or maintain similar efforts in all jurisdictions in which we may wish to

market our products. Additionally, even if we successfully enforce our rights, the process could be lengthy and expensive,

during which time the infringing products may cause market confusion or diminish our competitive position. These

challenges in protecting and enforcing our intellectual property rights against third-party infringement could have a

material adverse effect on our business, financial condition, results of operations and cash flows, and divert management's

attention from our core business operations.

Further, we have received, and may in the future receive, notices alleging infringement of the intellectual property

rights of third parties. Certain of such notices have proceeded to litigation, and similar claims may arise and proceed to

litigation in the future. These claims and related allegations, regardless of their merit or our defenses, could be time-

consuming, result in considerable litigation costs, result in injunctions against us or the payment of damages by us, require

significant amounts of management time, result in the diversion of significant operational resources and expensive changes

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to our business model, result in the payment of substantial damages or injunctions against us, result in ongoing royalty

payments or significant settlement payments, or require us to enter into costly royalty or licensing agreements, but such

licenses or arrangements may not be available on terms acceptable to us or at all. Any payments we are required to make or

any injunctions we are required to comply with as a result of such infringement actions could materially and adversely

affect our business, financial condition, results of operations and cash flows. In addition, we may be unable to obtain or use

on terms that are favorable to us, or at all, licenses or other rights with respect to intellectual property we do not own. These

risks have been amplified by the increase in third parties whose sole or primary business is to assert such claims.

Even if resolved in our favor, litigation or other legal proceedings relating to intellectual property may cause us to

incur significant expenses, have a material adverse effect on our business, financial condition, results of operations and

cash flows, and could distract our technical and management personnel from their normal responsibilities.

***We may be subject to claims that our employees, consultants, advisors or independent contractors have wrongfully used*** 

***or disclosed alleged trade secrets or other confidential information from their current or former employers, or other*** 

***third parties or claims asserting ownership of what we regard as our own intellectual property or proprietary rights.***

Although we try to ensure that our employees, consultants, advisors and independent contractors do not use the

confidential or proprietary information, trade secrets or know-how of others in their work for us, we may be subject to

claims that we or these individuals have, inadvertently or otherwise, improperly used or disclosed intellectual property

rights, confidential or proprietary information, trade secrets or know-how, of any such individual's current or former

employer or other third party. Additionally, to the extent we hire personnel from competitors, we may be subject to

allegations that such personnel have divulged proprietary or other confidential information to us.

Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to

paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in

defending against such claims, litigation could result in substantial costs and be a distraction to management.

Further, while it is our policy to require certain of our employees, suppliers, consultants, advisors and independent

contractors who may be involved in the conception or development of intellectual property rights to execute agreements

assigning such intellectual property rights to us, we cannot guarantee that we have entered into such agreements with each

party that may have developed intellectual property rights for us. Individuals involved in the development of intellectual

property rights for us, whether or not subject to such assignment agreements, may make adverse ownership claims to our

current and future intellectual property rights. The assignment of intellectual property rights in agreements entered into by

individuals involved in the development of intellectual property rights for us may be insufficient or breached, and we may

not be able to obtain adequate remedies for such breaches. We may be forced to bring claims against third parties, or

defend claims that they may bring against us, to determine the ownership of what we regard as our intellectual property

rights. Any of the foregoing could have a material adverse effect on our competitive position, business, financial condition,

results of operations and cash flows.

***Some of our products and services contain open source software, which may pose particular risks to our proprietary*** 

***software, products and services in a manner that could have a material and adverse effect on our business, financial*** 

***condition, results of operations and cash flows.***

We use open source software in connection with our products and services and anticipate using open source software

in the future. Our use of open source software may also pose particular cybersecurity risks to our proprietary software and

systems. Because the source code for open source software is publicly available, it may be easier for hackers and other

third parties to identify vulnerabilities and determine how to breach our sites and systems that rely on such software. Some

open source software licenses require users who distribute open source software as part of their own software product to

publicly disclose all or part of the source code to such software product or to make available any derivative works of the

open source code on unfavorable terms or at no cost, and we may be subject to such terms.

While we monitor our use of open source software and try to ensure that none is used in a manner that would require

us to disclose our proprietary source code or that would otherwise breach the terms of an open source agreement, such use

could inadvertently occur, or could be claimed to have occurred, in part because open source license terms are often

ambiguous. The terms of many open source licenses have not been interpreted by U.S. or foreign courts, and there is a risk

that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to

commercialize our technology. As a result, we could face claims from third parties claiming ownership of, or demanding

release of, derivative works that we have developed using such open source software, which could include proprietary

source code, or otherwise seeking to enforce the terms of the applicable open source license. These claims could result in

litigation and could require us to make our software source code freely available, purchase a costly license or cease offering

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the implicated products or services unless and until we can recode or reengineer such source code in a manner that avoids

infringement. This reengineering process could require us to expend significant additional research and development

resources, and we may not be able to complete the reengineering process successfully.

In addition to risks related to open source license requirements, use of certain open source software can lead to greater

risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties,

indemnification or other contractual protection regarding infringement claims or the quality of the code. Open source

licensors generally do not provide assurances of non-infringement or functionality, and there is typically no support

available. We cannot ensure that the authors of such open source software will implement or push updates to address

security risks, or that such software will continue to be maintained or developed. There is little legal precedent in this area

and any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of contract could

harm our business and could help third parties, including our competitors, develop products and services that are similar to

or better than ours. Any of the foregoing could have a material adverse effect on our competitive position, business,

financial condition, results of operations and cash flows. These risks may be difficult to eliminate or manage and, if not

adequately addressed, could have an adverse effect on our competitive position, business, financial condition, results of

operations and cash flows.

**Risks Relating to Data Compliance, Cybersecurity and Artificial Intelligence**

***The protection of our data involves risks regarding potential failure to comply with data privacy and security laws,*** 

***regulations and other obligations, which could damage our reputation, harm our operating results or result in*** 

***significant liabilities or other adverse consequences that could have a material and adverse effect on our business.***

We collect, store, process and transmit sensitive data, including personal information from customers, employees and

business partners, through our equipment financing program and Speed Queen and Huebsch apps, subjecting us to a

complex and evolving array of data privacy laws and regulations in the U.S. and abroad. These include the California

Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, the "CCPA"), which broadly

defines personal information and requires companies that process information of California residents to make disclosures to

consumers about their data collection, use and sharing practices, as well as imposes stringent requirements on how we

handle personal information, such as payment data, increasing our compliance burden and exposure to potential penalties.

The CCPA also gives California residents expanded privacy rights and protections, such as affording them the right to opt

out of certain data sharing with third parties, right to access and request deletion of their information and provides a new

cause of action for certain data breaches that result in the loss of personal information. This private right of action has

increased the likelihood of, and risks associated with, data breach litigation. The law also prohibits covered businesses from

discriminating against California residents (for example, charging more for services) for exercising any of their CCPA

rights. The CCPA provides for severe civil penalties and statutory damages for violations. Certain laws and regulations

may also require us to implement security measures to protect our systems and internet-of-things ("IoT") connected

devices. For example, the California Internet of Things Security Law, which became effective in 2020, requires us to

implement reasonable security measures for IoT devices, and failure to do so could expose us to penalties. Moreover, laws

in all 50 U.S. states require businesses to provide notice under certain circumstances to consumers whose personal data has

been disclosed as a result of a data breach. It is possible that new laws, regulations and other requirements, or amendments

to or changes in interpretations of existing laws, regulations and other requirements, may require us to incur significant

costs, implement new processes, or change our processing of information, including Personal Information, and business

operations. It is unclear how the laws and regulations relating to the collection, processing and use of personal data will

further develop in the U.S., and to what extent this may affect our operations in the future.

In addition, we are required to comply with various global data privacy regulations, such as the European Union's

General Data Protection Regulation (the "EU GDPR") and the United Kingdom ("UK") equivalent (the "UK GDPR" and,

together with the EU GDPR, the "GDPR"). The GDPR imposes stringent requirements for controllers and processors of

personal data of individuals within the European Economic Area ("EEA") or the UK. Companies that must comply with

the GDPR face increased compliance obligations and risk, including more robust regulatory enforcement of data protection

requirements. Additionally, although currently the EU GDPR and UK GDPR remain largely aligned, the UK has

announced plans to reform the country's data protection legal framework in its Data Reform Bill, which will introduce

significant changes from EU GDPR. This may lead to additional compliance costs and could increase our overall risk

exposure as we may no longer be able to take a unified approach across the EEA and the UK, and we will need to amend

our processes and procedures to align with the new framework. Implementing mechanisms to endeavor to ensure

compliance with the GDPR and relevant local legislation may be onerous and may adversely affect our business, financial

condition, results of operations and cash flows. While we have taken steps to comply with the GDPR where applicable, our

efforts to achieve and remain in compliance with GDPR may not be fully successful.

In addition to the foregoing, failure to safeguard personal data in our possession or control or to comply with

applicable privacy laws and regulations could result in regulatory investigations, reputational damage, orders to cease or

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change use of our data, significant fines-such as up to 20 million Euros (£17.5 million) or 4% of our annual global revenue

under the GDPR, whichever is greater-or civil litigation, including pursuant to a private right of action for data breaches

under the CCPA or pursuant to class-action litigation, which could heighten our legal and financial risks. These

proceedings and any subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust.

Further, while we strive to implement privacy policies that are accurate, comprehensive and compliant with applicable

laws, regulations, rules and industry standards, we cannot ensure that our privacy policies and other statements regarding

our practices will be sufficient to protect us from claims, proceedings, liability or adverse publicity relating to data privacy

and security. Although we endeavor to comply with our privacy policies, we may at times fail to do so or be alleged to

have failed to do so. Our privacy policies and other documentation that provide promises and assurances about data privacy

and security can subject us to potential government or legal action if they are found to be deceptive, unfair or

misrepresentative of our actual practices. Any inability to adequately address privacy concerns, even if unfounded, could

result in additional cost and liability to us, damage our reputation and harm our business.

***The protection of our data involves risks regarding security incidents which could damage our reputation, harm our*** 

***operating results or result in significant liabilities or other adverse consequences that could have a material and adverse*** 

***effect on our business.***

We rely on the proper functioning, availability and uninterrupted operation of our computer systems, hardware,

software, technology infrastructure and online sites and networks for both internal and external operations that are critical

to our business (collectively, "IT Systems") and any failure, interruption or breach in the security of such IT Systems could

severely disrupt our operations and adversely affect our business or financial condition. We own and manage some of these

IT Systems but also rely on third parties for a range of IT Systems and related products and services, including but not

limited to third-party-hosted solution providers.

Information security threats, including cybersecurity threats, could pose risks to the security of our systems and

networks, as well as the confidentiality, availability and integrity of our data. Cyberattacks are expected to accelerate on a

global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and

tools-including artificial intelligence ("AI")-that circumvent security controls, evade detection and remove forensic

evidence. Recently, the United States government has raised concerns about a potential increase in cyberattacks generally

as a result of the military conflict between Russia and Ukraine and the related sanctions imposed by the United States and

other countries and the ongoing conflict between Israel and Gaza and the US-Israel-Iran conflict. Although we maintain

systems and processes that are designed to protect the security of our technology infrastructure, security incidents-such as

physical or electronic break-ins, sabotage, intentional acts of vandalism, terrorism and other cyber-related attacks-can occur

that could compromise the security of our infrastructure, thereby exposing our confidential information to unauthorized

access by third parties. Any material incidents could cause us to experience financial losses that are either not insured

against or not fully covered through any insurance maintained by us and increased expenses related to addressing or

mitigating the risks associated with any such material incidents. Despite our efforts to ensure the integrity of our systems,

as cyber threats evolve and become more difficult to detect and successfully defend against, one or more cyber threats

might defeat the measures that we or our vendors take to anticipate, detect, avoid or mitigate such threats. For example, we

experienced a prior data breach incident on information systems of an acquired company that resulted in unauthorized

access to personal data. We detected the access and notified governmental agencies and impacted individuals in a

timeframe which we believe minimized any financial, operational and reputational risk, and at no point was our ability to

generate revenues disrupted. However, if future attacks occur, there is no assurance we will be able to detect the incident in

a timely manner or at all.

We also depend on the security of our networks and that of our third-party service providers. These infrastructures

may be vulnerable to cybersecurity incidents, acts of vandalism, computer viruses, misplaced or lost data, programming or

human errors or other similar events. While we generally perform cybersecurity diligence on our key service providers,

because we do not directly control any of such parties' information security operations, we cannot ensure the cybersecurity

measures they take will be sufficient to protect any information we share with them. Due to applicable laws and regulations

or contractual obligations, we may be held responsible for cyberattacks or other similar incidents attributed to our service

providers as they relate to the information we share with them. Any actual or perceived jeopardization of the security of our

customers' confidential information resulting from unauthorized use of our, or our third-party service providers', networks

could severely damage our reputation and our relationship with our customers as well as expose us to risks of litigation,

liability or other penalties, all of which could have a material adverse effect on our business, financial condition, results of

operations and cash flows.

We may be required to expend significant capital and other resources to protect against, remedy or alleviate these and

related problems, and we may not be able to remedy these problems in a timely manner, or at all.

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***Our connected products and IoT platform present unique cybersecurity risks.***

Our cloud-connected commercial laundry equipment platform encompasses a significant and growing number of

machines and serves millions of users globally. This IoT infrastructure expands our areas of vulnerability beyond

traditional enterprise systems. Vulnerabilities in device firmware, communication protocols, mobile applications, or cloud

services could be exploited to disrupt customer operations, compromise user data, or serve as an entry point for broader

network intrusions. The distributed nature of these devices across customer locations worldwide presents additional

challenges for monitoring, patching, and incident response. A security incident affecting our connected products could

damage customer trust, result in product liability claims, and require costly remediation efforts.

***The convergence of Operational Technology ("OT") and Information Technology increases our exposure to*** 

***cybersecurity risk.***

As a global manufacturer operating six production facilities across North America, Europe, and Asia, we rely on

operational technology systems to control and monitor manufacturing processes. The increasing integration of these OT

systems with our IT networks enhances operational efficiency but also introduces cybersecurity risks. A successful attack

on our OT environment could disrupt manufacturing operations, damage equipment, compromise product quality, or create

safety hazards. Securing OT systems presents distinct challenges, including managing legacy equipment with limited

security capabilities, accommodating extended asset lifecycles, and balancing security controls with operational continuity.

***Our use of AI technologies may not be successful, which may adversely affect our reputation, business and financial*** 

***condition.***

We currently use machine learning and AI technologies licensed from third parties to enhance our commercial laundry

equipment and systems. These AI technologies, which we integrate into our products and solutions and expect to expand

on, support features such as predictive maintenance, usage analytics and optimization of our laundry systems. The

integration of AI technologies into our laundry equipment and systems may result in new or enhanced governmental or

regulatory scrutiny, litigation, confidentiality or security risks, ethical concerns, legal liability or other complications. A

failure on our part to develop solutions to ensure compliance with regulatory regimes may result in unforeseen costs or

delays in deploying new and improved features using AI technologies. In some cases, we are subject to contractual

limitations from our AI technology providers that restrict how we can use certain data in connection with the training and

use of AI systems. Further, while we aim to develop and use AI responsibly and attempt to mitigate ethical and legal issues

presented by its use, we may ultimately be unsuccessful in identifying or resolving issues before they arise.

Uncertainty around emerging AI technologies may require additional investment in the development and maintenance

of proprietary datasets and machine learning models, development of new approaches related to the collection and use of

training data, and development of appropriate protections and safeguards for handling the use of customer data with AI

technologies, which may be costly and could impact our expenses. AI technologies from third parties that are incorporated

into our laundry systems and business processes may use algorithms, datasets or training methodologies that may be flawed

or contain deficiencies that could be difficult for us to detect during testing, and such AI technologies can pose risks from

an intellectual property, data protection and privacy perspective. Use of third-party AI-powered software in connection

with our business or services, may lead to the inadvertent disclosure or incorporation of our confidential information into

publicly available training sets, which may impact our ability to realize the benefit of, or adequately maintain, protect and

enforce our intellectual property or confidential information, harming our competitive position and business. As the

utilization of AI becomes more prevalent, we anticipate that it will continue to present new or unanticipated ethical,

reputational, technical, operational, legal, competitive and regulatory issues, among others. We expect that our

incorporation of AI in our business will require additional resources. We may not have adequate access to such resources

or the ability to attract talent in the product development, data science and engineering fields to develop and implement the

tools necessary to compete. Further, our competitors or other third parties may incorporate AI into their products more

quickly or more successfully than us, which could impair our ability to compete effectively.

Additionally, we may face challenges in adequately complying with new or changing laws, regulations or industry

standards, or contractual requirements regarding the use of licensed AI technologies and data in our commercial laundry

systems and solutions and may incur significant operational costs in our attempts to do so. It is possible that new laws and

regulations will be adopted in the United States and in non-U.S. jurisdictions, or that existing laws and regulations may be

interpreted in ways that would affect the operation of our products and solutions and the way in which we use AI and

similar technologies. We may not be able to adequately anticipate or respond to these evolving laws and regulations, and

we may need to expend additional resources to adjust our offerings in certain jurisdictions if applicable legal frameworks

are inconsistent across jurisdictions. Moreover, because these technologies are themselves highly complex and rapidly

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developing, it is not possible to predict all of the legal or regulatory risks that may arise relating to our use of such

technologies. Further, the cost to comply with such laws or regulations could be significant and would increase our

operating expenses, which could adversely affect our business, financial condition, results of operations and cash flows.

Any of the foregoing challenges presented with our use of AI may result in decreased demand for our laundry

solutions, harm to our business, results of operations or reputation, legal liability, regulatory action or failure to achieve

expected results.

**Risks Relating to Our Indebtedness**

***Our substantial indebtedness could adversely affect our financial condition.***

At December 31, 2025, we had $1,365.2 million of indebtedness outstanding, consisting of $1,365.0 million of

indebtedness outstanding under our Term Facility and $0.2 million of finance lease obligations. We also had $250.0

million of undrawn capacity under our Revolving Facilities. Beginning with the fiscal year ended December 31, 2025, our

Term Loan requires annual prepayments of a portion of "Excess Cash Flow," subject to specified leverage-based step-

downs, which may limit our ability to allocate cash to strategic investments, working capital or other corporate purposes.

See Note 18 - Debt to our consolidated financial statements in this Annual Report for more information on the Company's

Credit Agreement.

Our substantial indebtedness, combined with our other financial obligations and contractual commitments, could have

important consequences, including to:

• increase our vulnerability to adverse economic and industry conditions, which could place us at a competitive

disadvantage compared to our competitors that have relatively less indebtedness;

• require us to dedicate a substantial portion of our cash flows from operations to payments on our indebtedness,

thereby reducing the availability of our cash flows to fund working capital, capital expenditures, acquisitions,

research and development efforts, growth in international markets and other general corporate needs;

• limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;

and

• limit our ability to borrow additional funds, if needed, for working capital, capital expenditures, acquisitions,

product development and other corporate purposes.

***We require a significant amount of cash to service our indebtedness. Our ability to generate cash depends on many*** 

***factors beyond our control, and we may be unable to generate sufficient cash flow to service our debt obligations.***

Our ability to make scheduled payments of principal and interest with respect to our indebtedness will depend on our

ability to generate cash and on future financial results. This, to a certain extent, is subject to general economic, financial,

competitive, legislative, regulatory and other factors that are beyond our control.

There can be no assurances that our business will generate sufficient cash flow from operations to enable us to pay our

indebtedness when due. In such circumstances, we may need to refinance all or a portion of our indebtedness on or before

maturity, sell material assets or operations, delay capital expenditures, or raise additional debt or equity capital. Our ability

to refinance our debt will depend on the condition of the capital markets and our financial condition at that time. Any

refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which

could further restrict our business operations.

***Interest rate fluctuations could have an adverse effect on our financial results.***

We are exposed to market risk associated with adverse movements in interest rates. Specifically, we are primarily

exposed to changes in earnings and related cash flows on our variable interest rate debt obligations, including obligations

outstanding under our Term Facility and Revolving Facilities. As a result, increases in interest rates would increase the cost

of servicing our debt. Each 1% increase in underlying base interest rates on our variable-rate debt would increase our

annual forecasted interest expense by approximately $2.3 million on the non-hedged portion of our borrowings based on

balances as of December 31, 2025. See Note 18 - Debt for more information on the Company's debt and financing

arrangements. The impact of rising interest rates could be more significant for us than it would be for some other

companies because of our substantial indebtedness.

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***The agreements governing our indebtedness contain restrictions and limitations that could restrict our current and*** 

***future operations, particularly our ability to respond to change or pursue our business strategies.***

On August 19, 2024, our subsidiary, Alliance Laundry Systems LLC ("Alliance Laundry Systems" or the "U.S.

Borrower"), entered into a Credit Agreement (as amended on February 20, 2025 and as further amended on August 21,

2025, the "Credit Agreement") with Alliance Laundry Holdings LLC ("Holdings"), Alliance Laundry (Thailand) Company

Limited (the "Thai Borrower" and, together with the U.S. Borrower, the "Borrowers"), Citibank, N.A., as administrative

agent, and the lenders and issuing banks from time to time party thereto. The Credit Agreement provides for senior secured

credit facilities consisting of (1) a term loan facility in an aggregate principal amount of $2,075.0 million (the "Term

Facility," and the loans thereunder, the "Term Loans"), (2) a revolving credit facility with aggregate commitments of

$225.0 million (the "Primary Revolving Facility," and the loans thereunder, "Primary Revolving Facility Loans"),

including a $102.2 million letter of credit sub-facility, and (3) a revolving credit facility with aggregate commitments of

$25.0 million, all of which is available for letters of credit. The Credit Agreement contains a number of restrictive

covenants that impose restrictions on our ability to pursue our business plans and activities and that could limit our ability

to plan for or react to market conditions, meet capital needs or make acquisitions, including, among other things,

restrictions on our ability, to:

• incur or guarantee additional indebtedness;

• create or maintain liens;

• pay dividends or make other distributions in respect of equity interests, or redeem, purchase or retire equity

interests;

• make payments in respect of subordinated debt;

• make investments, loans, advances, guarantees and acquisitions;

• consolidate, merge, liquidate or dissolve;

• dispose of assets;

• enter into transactions with affiliates; and

• materially alter the conduct of our business.

The Revolving Facilities are also subject to a financial maintenance covenant that imposes on us a maximum first lien

secured net leverage ratio in the event usage under the Revolving Facilities exceeds a specified threshold. Our ability to

comply with this financial maintenance covenant may be affected by events beyond our control, including prevailing and

future economic, financial and industry conditions, and we cannot provide assurance that we will continue to comply with

this covenant in the future. If we are unable to comply with the financial maintenance covenant, we may have to request an

amendment or waiver from lenders under the Revolving Facilities. There is no assurance that we would be able to obtain

any such amendment or waiver, either on commercially reasonable terms or at all.

Our failure to comply with these covenants and restrictions could result in an event of default which, if not waived,

could result in the lenders terminating our ability to make further borrowings under the Revolving Facilities and

accelerating our outstanding indebtedness under the Term Facility, the Revolving Facilities and any other material

indebtedness. In the event of such acceleration, we may not have sufficient assets to satisfy our repayment obligations,

which could cause us to become bankrupt or insolvent. Additionally, if we are unable to satisfy our repayment obligations,

the lenders under the Term Facility and the Revolving Facilities will also have the right to proceed against the collateral

that secures those borrowings, which could have serious adverse consequences to our business, financial condition, results

of operations and cash flows. See "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and

Results of Operations," in this Annual Report for further information regarding our Term Facility and Revolving Facilities.

The repayment obligations under our outstanding debt may also have the effect of discouraging, delaying or preventing

a takeover of our company.

***Despite our current indebtedness levels, we and our subsidiaries may incur significant additional indebtedness in the*** 

***future. This could further exacerbate the risks associated with our substantial financial leverage.***

Although the Credit Agreement contains restrictions on the incurrence of additional indebtedness, these restrictions are

subject to several qualifications and exceptions, and the additional indebtedness incurred in compliance with these

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restrictions could be substantial. If new debt is added to our current debt levels, the related risks that we now face could

intensify.

***We may have future capital needs and may not be able to obtain additional financing on acceptable terms.***

Although we believe that our current cash position and the additional funding available under our Revolving Facilities

is sufficient for our current operations, we may require additional financing if our cash flow from operations is less than we

anticipate, if our cash requirements are more than we expect, if we intend to finance acquisitions or if our operating plan

changes because of factors currently unknown to us. In addition, we may seek additional capital due to favorable market

conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans.

Our ability to secure additional financing on favorable terms or at all and to satisfy our financial obligations under

indebtedness outstanding from time to time will depend upon our future operating performance and operating cash flows,

the condition of the capital markets, the availability of credit generally, economic conditions and financial, business and

other factors, many of which are beyond our control. Furthermore, if financing is not available when needed, or is available

on unfavorable terms, we may be unable to take advantage of business opportunities or respond to competitive pressures,

any of which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

If we incur additional debt or raise equity through the issuance of additional capital shares, the terms of the debt or capital

shares issued may give the holders rights, preferences and privileges senior to those of holders of our shares of common

stock offered hereby, particularly in the event of liquidation. The terms of the debt may also impose additional and more

stringent restrictions on our operations than we currently have. If we raise funds through the issuance of additional equity,

the percentage ownership of existing stockholders in our company would decline.

**Risks Relating to Ownership of Our Common Stock**

***We may require additional capital to meet our financial obligations and support business growth, and this capital may*** 

***not be available on acceptable terms, if at all, and such additional capital and other equity issuances we make may*** 

***cause dilution to existing stockholders.*** 

We may need to raise additional funds in the future to finance our operations or acquire complementary businesses.

However, debt or equity financing may not be available to us on acceptable terms, if at all. If we do obtain capital in future

offerings on a per-share basis that is less than the current price per share, the value of the price per share of your common

stock will likely be reduced. In addition, if we issue additional equity securities in a future offering and you do not

participate in such offering, there will effectively be dilution in your percentage ownership interest in the Company.

Further, we may in the future grant stock options and other awards to certain of our current or future officers, directors,

employees and consultants under additional plans or individual agreements. The grant, exercise, vesting or settlement of

these awards, as applicable, will have the effect of diluting your ownership interests in the Company. We may also issue

additional equity securities in connection with other types of transactions, including shares issued as part of the purchase

price for acquisitions of assets or other companies from time to time or in connection with strategic partnerships or joint

ventures, or as incentives to management or other providers of resources to us. Such additional issuances are likely to have

the same dilutive effect.

***Our stock price could be extremely volatile and, as a result, you may not be able to resell your shares at or above the*** 

***price you paid for them, and you could lose all or part of your investment as a result.***

The market price of our common stock may be highly volatile, and investors in our common stock may experience a

decrease, which could be substantial, in the value of their stock, including decreases unrelated to our operating performance

or prospects, and could lose all or part of their investment. The price of our common stock could be subject to wide

fluctuations in response to a number of factors, including those described elsewhere in this Annual Report and others such

as:

• variations in our operating performance and the performance of our competitors;

• actual or anticipated fluctuations in our quarterly or annual operating results;

• publication of research reports by securities analysts about us, our competitors or our industry;

• our failure or the failure of our competitors to meet analysts' projections or guidance that we or our competitors

may give to the market;

• additions or departures of key personnel;

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• strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic

investments or changes in business strategy;

• an increase in our indebtedness or the interest rates applicable to our indebtedness;

• future sales of our common stock or other securities;

• the passage of legislation or other regulatory developments affecting us or our industry;

• changes in legislation, regulation and government policy as a result of the U.S. presidential and congressional

elections;

• speculation in the press or investment community;

• changes in accounting principles;

• terrorist acts, acts of war or periods of widespread civil unrest;

• natural or man-made disasters and other calamities;

• changes in general market and economic conditions in our industry or the economy as a whole; and

• the other factors described in this "Item 1A. [Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)" and the section titled "Cautionary Note Regarding

Forward-Looking Statements."

Additionally, in the past, securities class action litigation has often been initiated against companies following periods

of volatility in their stock price. This type of litigation could result in substantial costs and divert our management's

attention and resources, and could also require us to make substantial payments to satisfy judgments or to settle litigation.

***Future sales, or the perception of future sales, by us or our existing stockholders of a substantial amount of our*** 

***common stock in the public market could cause the price of our common stock to fall.***

In connection with our IPO, each of our executive officers and directors, certain senior employees that are not

executive officers and certain former directors, and BDTBH, the funding vehicle through which our principal stockholder

and certain other institutional investors (the "Minority Investment Institutional Co-Investors") hold their respective

interests, which collectively owned approximately 99% of our outstanding common stock prior to our IPO, entered into a

lock-up agreement with the representatives of the underwriters in our IPO, which regulates their sales of our common stock

until April 6, 2026, subject to certain exceptions. The representatives may, in their sole discretion, release all or some

portion of the shares subject to lock-up agreements at any time and for any reason.

In addition to the lock-up agreements described above, certain of our current and former employees hold equity awards

or shares of our common stock that are subject to equity award or purchase agreements containing market standoff or lock-

up provisions, which covers the balance of all of our outstanding common stock owned prior to IPO. These provisions

generally prohibit the sale or transfer of any shares of our common stock acquired pursuant to such agreements, whether or

not any such awards have been exercised and the shares are held outright, until April 6, 2026. We have agreed to enforce

all such market standoff or lock-up restrictions and not to amend or waive any such provisions until April 6, 2026 without

first obtaining the written consent of the representatives, provided that we may release shares from such restrictions to the

extent such shares would be entitled to release under the lock-up agreements described above.

Sales of substantial amounts of our common stock in the public market in the future, the perception that such sales will

occur, or early release of these lock-up agreements could adversely affect the market price of our common stock and make

it difficult for us to raise funds through securities offerings in the future.

***We currently do not intend to declare dividends on our common stock in the foreseeable future and, as a result, your*** 

***only opportunity to achieve a return on your investment is if the price of our common stock appreciates.***

We currently do not expect to declare any dividends on our common stock in the foreseeable future. Instead, we

anticipate that all of our earnings in the foreseeable future will be used to support our operations, to finance the growth and

development of our business and to pay down debt. Any determination to declare or pay dividends in the future will be at

the discretion of our board of directors, subject to applicable laws and dependent upon a number of factors, including our

earnings, capital requirements and overall financial conditions. In addition, because we are a holding company, our ability

to pay dividends on our common stock is dependent upon cash dividends, distributions and other transfers from our

subsidiaries. The agreements governing certain indebtedness of our subsidiaries also impose restrictions on our ability to

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pay dividends, and we may be further restricted from doing so by the terms of any future debt or preferred securities.

Accordingly, your only opportunity to achieve a return on your investment in the Company may be if the market price of

our common stock appreciates and you sell your common stock at a profit. The market price for our common stock may

never exceed, and may fall below, the price that you pay for such common stock.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us, our*** 

***business or our market, or if they change their recommendation regarding our common stock adversely, the trading*** 

***price and trading volume of our common stock could decline.***

The trading market for our common stock will depend in part on the research and reports that securities or industry

analysts publish about us, our business, our market or our competitors. If any analysts cease coverage of us unexpectedly,

the price and trading volume of our common stock likely would be negatively impacted. If securities or industry analysts

who cover us downgrade our common stock or publish inaccurate or unfavorable research about us, the trading price of our

common stock would likely decline. If analysts publish target prices for our common stock that are below the then-current

public price of our common stock, it could cause the trading price of our common stock to decline significantly.

***Our principal stockholder currently controls the direction of our business. Our principal stockholder's interests in our*** 

***business may conflict with the interests of our other stockholders.***

Our principal stockholder currently owns 71.3% of our outstanding common stock. In connection with our IPO, we

entered into a stockholders agreement with our principal stockholder to govern the relationship between us and our

principal stockholder, including matters related to our corporate governance, rights to designate directors and additional

matters. The stockholders agreement provides that, so long as our principal stockholder beneficially owns at least 40% of

the aggregate outstanding shares of our common stock, our principal stockholder may designate a majority of the nominees

for election to our board of directors; so long as our principal stockholder beneficially owns at least 10% but less than 40%

of the aggregate outstanding shares of our common stock, our principal stockholder will continue to retain certain

designation rights under the Stockholders Agreement proportionate to its percentage ownership in our common stock. In

addition, so long as our principal stockholder beneficially owns at least 25% of the aggregate outstanding shares of our

common stock, our principal stockholder will have the right to appoint and remove the chairman of our board of directors

and the lead independent director, if any. This concentration of ownership may have the effect of deterring, delaying or

preventing a change of control of the Company, could deprive our stockholders of an opportunity to receive a premium for

their common stock as part of a sale of the Company and might ultimately affect the market price of our common stock.

We have opted out of Section 203 of the DGCL, which prohibits a publicly held Delaware corporation from engaging

in a business combination transaction with an interested stockholder for a period of three years after the interested

stockholder became such unless the transaction fits within an applicable exemption, such as board approval of the business

combination or the transaction which resulted in such stockholder becoming an interested stockholder. Therefore, after the

180-day lock-up period expires, our principal stockholder will be able to transfer control of us to a third party by

transferring their shares of our common stock (subject to certain restrictions and limitations), which would not require the

approval of our board of directors or our other stockholders.

Our principal stockholder may also have interests that differ from yours. For example, our principal stockholder, and

the members of our board of directors who are affiliated with our principal stockholder, by the terms of our certificate of

incorporation, will not be required to offer us any corporate opportunity of which it becomes aware and can take any such

corporate opportunity for itself or offer it to other companies in which it has an investment. We, by the terms of our

certificate of incorporation, will expressly renounce any interest or expectancy in any such corporate opportunity to the

extent permitted under applicable law, even if the opportunity is one that we or our subsidiaries might reasonably have

pursued or had the ability or desire to pursue if granted the opportunity to do so. In addition, our principal stockholder is in

the business of making investments in companies and may, from time to time, acquire and hold interests in businesses that

directly or indirectly compete with our business, as well as in businesses that are significant existing or potential customers.

***We are a "controlled company" within the meaning of the corporate governance standards of the NYSE. As a result, we*** 

***qualify for, and may in the future rely on, exemptions from certain corporate governance requirements. You do not*** 

***have the same protections afforded to stockholders of companies that are subject to such requirements.***

Our principal stockholder controls a majority of the voting power of shares eligible to vote in the election of our

directors. Because more than 50% of the voting power in the election of our directors will be held by an individual, group

or another company, we are a "controlled company" within the meaning of the corporate governance standards of the

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NYSE. As a controlled company, we may elect in the future not to comply with certain corporate governance requirements,

including the requirements that, within one year of the date of the listing of our common stock:

• our board of directors be composed of a majority of "independent directors," as defined under the NYSE's rules;

• the compensation of our executive officers be determined, or recommended to our board of directors for

determination, by a compensation committee comprised solely of independent directors; and

• our director nominees be selected, or recommended for our board of director's selection, by a nominating and

governance committee comprised solely of independent directors.

We do not intend to rely on these exemptions at this time but may decide to do so in the future. Accordingly, you will

not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance

requirements of the NYSE.

***The requirements of being a public company may strain our resources, increase our costs, divert management's*** 

***attention, and affect our ability to attract and retain executive management and qualified board members.*** 

As a public company, we incur significant legal, accounting, reporting and other expenses, including costs associated

with public company reporting requirements and costs of recruiting and retaining non-executive directors. We also incur

costs associated with compliance with the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer

Protection Act and related rules implemented by the SEC and the NYSE listing rules. The expenses incurred by public

companies generally for reporting and corporate governance purposes have been increasing. Our management will need to

devote a substantial amount of time to ensure that we comply with all of these requirements.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are

creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more

time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their

lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by

regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs

necessitated by ongoing revisions to disclosure and governance practices. We intend to continue to invest resources to

comply with evolving laws, regulations and standards, and this investment may result in increased general and

administrative expenses and a diversion of management's time and attention from revenue-generating activities to

compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended

by regulatory or governing bodies due to ambiguities related to practice, regulatory authorities may initiate legal

proceedings against us, which could have an adverse effect on our business, financial condition, results of operations and

cash flows.

These laws and regulations also could make it more difficult or costly for us to obtain certain types of insurance,

including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or

incur substantially higher costs to obtain the same or similar coverage. These laws and regulations could also make it more

difficult to attract and retain qualified persons to serve on our board of directors, our board committees or as executive

officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of

our common stock, fines, sanctions and other regulatory action and potentially civil litigation.

***Failure to comply with the requirements to design, implement and maintain effective internal controls over financial*** 

***reporting in accordance with Section 404 of the Sarbanes-Oxley Act could materially and adversely affect us.***

As a public company, we have significant requirements for enhanced financial reporting and internal controls. The

process of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and

react to changes in our business and the economic and regulatory environments and to expend significant resources to

maintain a system of internal controls that is adequate to satisfy our reporting obligations as a public company. Testing and

maintaining internal controls may divert our management's attention from other matters that are important to our business.

If we are unable to establish or maintain appropriate internal financial reporting controls and procedures, it could cause

us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our consolidated financial

statements and harm our operating results. Although we are required to disclose changes that have materially affected, or

are reasonably likely to materially affect, our internal control over financial reporting on a quarterly basis, we are not

required to make our first annual assessment of our internal control over financial reporting pursuant to Section 404 of the

Sarbanes-Oxley Act ("Section 404") until our second annual report on Form 10-K. This assessment will need to include

disclosure of any material weaknesses identified by our management in an internal control over financial reporting. In

addition, our independent registered public accounting firm will be required to formally attest to the effectiveness of our

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internal control over financial reporting pursuant to Section 404(b) commencing the year following our first annual report

required to be filed with the SEC.

In connection with the implementation of the necessary procedures and practices related to internal control over

financial reporting, we may identify deficiencies that we may not be able to remediate in time to meet the deadline imposed

by the Sarbanes-Oxley Act for compliance with the requirements of Section 404. In addition, we may encounter problems

or delays in completing the remediation of any deficiencies identified by us or our independent registered public

accounting firm in connection with the issuance of their attestation report.

We previously identified a material weakness in our internal control over financial reporting. We may not be able to

conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section

404 or our independent registered public accounting firm may not issue an unqualified opinion. If either we are unable to

conclude that we have effective internal control over financial reporting or our independent registered public accounting

firm is unable to provide us with an unqualified report, investors could lose confidence in our reported financial

information, which could cause the price of our common stock to decline, and we may be subject to investigation or

sanctions by the SEC.

**Risks Relating to our Organizational Structure**

***Some provisions of Delaware law, our Stockholders Agreement and our amended and restated certificate of*** 

***incorporation and bylaws may deter third parties from acquiring us and diminish the value of our common stock.***

Our Stockholders Agreement and our amended and restated certificate of incorporation and bylaws provide for, among

other things:

• division of our board of directors into three classes of directors, with each class as equal in number as possible,

serving staggered three-year terms;

• a prohibition on business combinations with interested stockholders (other than our principal stockholder and its

transferees) similar to that set forth in Section 203 of the DGCL;

• so long as our principal stockholder beneficially owns at least 40% of the aggregate outstanding shares of our

common stock, our principal stockholder may designate a majority of the nominees for election to our board of

directors;

• so long as our principal stockholder beneficially owns at least 25% of the aggregate outstanding shares of our

common stock, our principal stockholder will have the right to appoint and remove the chairman of our board of

directors and the lead independent director, if any;

• following the time when our principal stockholder no longer maintains beneficial ownership of at least a majority

of the aggregate outstanding shares of our common stock, there will be:

◦ restrictions on the ability of our stockholders to call a special meeting and the business that can be conducted

at such meeting or to act by written consent; and

◦ removal of directors by the affirmative vote of holders of 66 <sup>2</sup>/3% of the total voting power of our outstanding

shares of common stock, voting together as a single class, and, for so long as our board of directors remains

classified, only for cause;

• following the time when our principal stockholder no longer maintains beneficial ownership of at least 40% of the

aggregate outstanding shares of our common stock, there will be supermajority approval requirements for

amending or repealing certain provisions in the certificate of incorporation and bylaws;

• our ability to issue additional shares of common stock and to issue preferred stock with terms that our board of

directors may determine, in each case without stockholder approval (other than as specified in our certificate of

incorporation);

• the absence of cumulative voting in the election of directors; and

• advance notice requirements for stockholder proposals and nominations.

These provisions in our Stockholders Agreement and our amended and restated certificate of incorporation and bylaws

may discourage, delay or prevent a transaction involving a change in control of our company that is in the best interest of

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our minority stockholders. Even in the absence of a takeover attempt, the existence of these provisions may adversely

affect the prevailing market price of our common stock if they are viewed as discouraging future takeover attempts. These

provisions could also make it more difficult for stockholders to nominate directors for election to our board of directors and

take other corporate actions.

***The provision of our amended and restated certificate of incorporation requiring exclusive forum in certain courts in*** 

***the State of Delaware or the federal district courts of the United States for certain types of lawsuits may have the effect*** 

***of discouraging lawsuits against our directors and officers.***

Our amended and restated certificate of incorporation provides that, unless we, in writing, select or consent to the

selection of an alternative forum, all complaints asserting any internal corporate claims (defined as claims, including claims

in the right of the Company: (i) that are based upon a violation of a duty owed to us or our stockholders by a current or

former director, officer or other employee in such capacity; or (ii) as to which the DGCL confers jurisdiction upon the

Court of Chancery), to the fullest extent permitted by law, and subject to applicable jurisdictional requirements, shall be

brought solely in the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have, or declines to

accept, subject matter jurisdiction, another state court or a federal court located within the State of Delaware). Additionally,

unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States shall be

the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Our

Exchange Act of 1934, as amended (the "Exchange Act"). Any person or entity purchasing or otherwise acquiring or

holding any interest in our common stock shall be deemed to have notice of and to have consented to the forum selection

provisions described in our amended and restated certificate of incorporation. Although we believe these exclusive forum

provisions benefit us by providing increased consistency in the application of Delaware law and federal securities laws in

the types of lawsuits to which each applies, the exclusive forum provisions may limit a stockholder's ability to bring a

claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, or stockholders, which

may discourage lawsuits with respect to such claims. Our stockholders will not be deemed to have waived our compliance

with the federal securities laws and the rules and regulations thereunder as a result of our exclusive forum provisions.

Further, in the event a court finds either exclusive forum provision contained in our certificate of incorporation to be

unenforceable or inapplicable in an action, we may incur additional costs associated with resolving such action in other

jurisdictions, which could harm our business, financial conditions, results of operations and cash flows.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

We recognize the importance of developing, implementing and maintaining cybersecurity measures designed to

safeguard our information systems and protect the confidentiality, integrity and availability of our data.

**Risk management and strategy**

In the ordinary course of our business, we and our third-party service providers collect, maintain and transmit sensitive

data, including personal information from customers, employees and business partners, through our equipment financing

program and Speed Queen and Huebsch apps. The secure maintenance of this information is critical to our business and

reputation. In addition, we are heavily dependent on the functioning of our information technology infrastructure to carry

out our both internal and external operations. While we have adopted administrative, technical and physical safeguards to

protect such systems and data, our systems and those of third-party service providers may be vulnerable to a cyber-attack.

We have adopted processes designed to identify, assess and manage material risks from cybersecurity threats. Those

processes include frameworks to respond to and assess internal and external threats to the security, confidentiality, and

integrity of our data and information systems, along with other material risks to our operations, which we review with our

technology leadership and information security steering committee, and Audit Committee at least twice annually or

whenever there are material changes to our systems or operations.

Our technology department is tasked with evaluating and addressing cybersecurity risks in alignment with our business

objectives and operational needs. We have processes to detect potential vulnerabilities and anomalies through technical

safeguards. As part of our risk management process, we conduct regular security audits to assess and respond to internal

and external security threats and engage outside providers to conduct periodic internal and external penetration testing.

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We rely on third parties, including cloud vendors and consultants, for various business functions. Many of our third-

party service providers have access to our information systems and data, and we rely on such third parties for the

continuous operation of our business operations. We oversee third-party service providers by conducting vendor diligence.

Vendors are generally assessed for risk based on the nature of their service, access to data and systems and supply chain

risk and, based on that assessment, we conduct diligence that may include completing security questionnaires, onsite

evaluation, and scans or other technical evaluations.

**Governance**

Our Board of Directors has established oversight mechanisms to manage risks from cybersecurity threats. Our Audit

Committee has primary responsibility for cybersecurity oversight, including reviewing management's assessments of

information security, data protection, business continuity, and related internal controls. The Audit Committee also reviews,

with management and the Company's auditors, the adequacy and effectiveness of the Company's cybersecurity policies.

The Audit Committee, or the Board of Directors as a whole, is briefed on any material cybersecurity incidents that may

adversely affect the Company and on cybersecurity risks in general at least semiannually.

The Company's cybersecurity program is led by the Director of Cybersecurity, who has over 20 years of experience in

information security, including leadership roles at healthcare and global financial institutions. The Director of

Cybersecurity reports to the Chief Technology Officer. The Chief Technology Officer has more than 25 years of

experience in technology leadership, software development and enterprise systems. Working with teams across technology

operations, facilities, and firmware and software development, the cybersecurity team implements processes to identify,

assess, and manage material risks to our networks, third-party-hosted services, communications systems, hardware,

software, and critical data.

The cybersecurity team uses tools such as security-awareness training, dark-web monitoring, vulnerability scanning,

penetration testing, threat-intelligence services, and tabletop exercises to identify and manage risks. The Director of

Cybersecurity reports to the Audit Committee at least twice per year regarding risk assessments, control decisions,

service-provider oversight, testing results, security incidents, response activities, and recommended policy and procedure

updates.

Although we have experienced cybersecurity incidents in the past, as of the date of this report, we have not

experienced any risks from cybersecurity threats, including as a result of any previous cybersecurity incident, that have

resulted in a material effect on our business strategy, results of operations, or financial condition. Information security

threats, including cybersecurity threats, could pose risks to the security of our systems and networks, as well as the

confidentiality, availability and integrity of our data. Cyberattacks are expected to accelerate on a global basis in frequency

and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools—including artificial

intelligence ("AI")—that circumvent security controls, evade detection and remove forensic evidence. Any material

incidents could cause us to experience financial losses that are either not insured against or not fully covered through any

insurance maintained by us and increased expenses related to addressing or mitigating the risks associated with any such

material incidents. Despite our efforts to ensure the integrity of our systems, as cyber threats evolve and become more

difficult to detect and successfully defend against, one or more cyber threats might defeat the measures that we or our

vendors take to anticipate, detect, avoid or mitigate such threats. For more information, see "Item 1.A Risk Factors - The

protection of our data involves risks regarding security incidents which could damage our reputation, harm our operating

results or result in significant liabilities or other adverse consequences that could have a material and adverse effect on our

business."

**Item 2. Properties**

**Facilities**

***Headquarters and Office Locations***

Our global headquarters is located at 221 Shepard Street, Ripon, Wisconsin 54971. We expect that this approximately

1.7 million square foot corporate complex, of which we own and lease portions, will accommodate our growth plans for the

foreseeable future. In addition to our global headquarters, we lease sales offices across the United States, as well as in

Belgium, China, Brazil, France, Spain, Italy, Germany, Netherlands and the United Arab Emirates. We believe that our

current facilities are adequate to meet our immediate needs and believe that we should be able to renew any of our leases

without an adverse impact on our operations.

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***Manufacturing and Distribution Facilities***

We operate manufacturing facilities located in the United States (Ripon and Manitowoc, Wisconsin); Pribor, Czech

Republic; Chonburi, Thailand; and Guangzhou, China with an aggregate footprint of approximately 2.7 million square feet,

including our global headquarters. Our manufacturing operations primarily consist of fabricating, machining, painting,

assembling and finishing operations. We also operate finished goods and service parts distribution centers.

The following is a summary of our principal properties as of December 31, 2025, the majority of which are leased

spaces, including manufacturing, distribution, warehouse and sales office sites.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **No. of Facilities** | **No. of Facilities** | **No. of Facilities** | **No. of Facilities** |
| <br>**Locations** | **Manufacturing** | **Distribution /** <br>**Sales Offices with** <br>**Warehouses**<br>| **Sales / Corporate** <br>**Offices Only**<br>| **Warehouses** |
| **United States** |  |  |  |  |
| Wisconsin | 3 |  | 1 | 2 |
| Florida |  | 1 |  |  |
| Texas |  | 2 |  |  |
| California |  | 4 |  | 2 |
| New York |  | 2 |  |  |
| Georgia |  | 1 |  |  |
| Illinois |  | 1 |  | 1 |
| Washington |  | 1 |  |  |
| Oregon |  |  |  | 1 |
| Maryland |  | 1 |  | 1 |
| Pennsylvania |  |  |  | 1 |
| Utah |  | 1 |  |  |
| Tennessee |  | 1 |  |  |
| **Rest of World** |  |  |  |  |
| China | 1 |  | 1 | 1 |
| Czech Republic | 1 |  |  | 1 |
| Thailand | 1 |  |  | 1 |
| Brazil |  |  | 1 | 2 |
| France |  | 1 |  | 1 |
| Germany |  |  | 1 |  |
| Italy |  | 1 |  | 1 |
| Netherlands |  |  | 1 |  |
| Spain |  | 1 | 1 |  |
| UAE |  |  | 1 |  |
| Belgium |  |  | 1 |  |

---

**Item 3. 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.

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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. See "Item 1A. Risk Factors—Risks Relating to

Government Regulation and Litigation" for more information on the risk of potential legal proceedings and their associated

costs.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**Part II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity** 

**Securities**

**Securities Market Information**

Our common stock has been listed on the NYSE under the symbol "ALH" since October 9, 2025. Prior to that, there

was no public trading market for our common stock.

**Holders of Record**

As of March 6, 2026, there were approximately 43 stockholders of record for our common stock. The actual number of

stockholders is greater than this number of record holders, and includes stockholders who are beneficial owners, but whose

shares are held in street name by brokers and other nominees. This number of holders of record also does not include

stockholders whose shares may be held in trust by other entities.

**Dividend Policy**

We currently intend to retain all available funds and future earnings, if any, to fund the development and expansion of

our business and pay down debt, and we do not anticipate declaring or paying any cash dividends in the near term. The

declaration and payment by us of any future dividends to holders of shares of our common stock will be at the sole

discretion of our Board of Directors and will depend on our financial condition, earnings, cash needs, capital requirements

(including requirements of our subsidiaries), contractual, legal, tax and regulatory restrictions, and any other factors that

our Board of Directors deems relevant in making such a determination. Additionally, we are a holding company and do not

conduct any business operations of our own. As a result, our ability to pay cash dividends on shares of our common stock

is dependent upon cash dividends, distributions and other transfers from our subsidiaries. We may also enter into other

credit agreements or borrowing arrangements in the future that could restrict our ability to declare or pay cash dividends.

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**Stock Performance Graph**

The following graph compares the total return to stockholders of our common stock for the period October 9, 2025 to

December 31, 2025, relative to the total return of the following:

• the NYSE Composite Index; and

• the S&P Composite 1500 Household Durables Sub-Industry Index.

The graph assumes that $100 was invested in our common stock, and in the indices noted above, and that all

dividends, if any, were reinvested. No dividends have been declared or paid on our common stock. The stock price

performance shown in the graph is not necessarily indicative of future performance.

![return of stock graph.jpg](all-20251231_g7.jpg)

The information above shall not be deemed "soliciting material" or to be "filed" for purposes of Section 18 of the

Exchange Act, or otherwise subject to the liabilities under that section, and shall not be incorporated by reference into any

of our other filings under the Exchange Act, or the Securities Act, regardless of any general incorporation language in those

filings.

**Securities Authorized for Issuance Under Equity Compensation Plans**

The information required by this item will be set forth in the Proxy Statement and is incorporated into this Annual

Report on Form 10-K by reference.

**Recent Sales of Unregistered Securities**

We have engaged in the following transactions that were not registered under the Securities Act during the fiscal year

ended December 31, 2025. Share amounts have been adjusted to give effect to a 142-for-1 forward stock split effected on

September 26, 2025.

In August 2025, we sold an aggregate of 36,678 shares of our common stock with an aggregate purchase price of

$500,000 issued pursuant to our 2015 Stock Purchase Plan.

The offers, sales and issuances of the securities described in this Item 15(a) were exempt from registration under the

Securities Act under either Rule 701, in that the transactions were under compensatory benefit plans and contracts relating

to compensation, or under Section 4(a)(2) of the Securities Act, in that the transactions were between an issuer and certain

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employees and did not involve any public offering within the meaning of Section 4(a)(2). The recipients of such securities

were our employees, directors or consultants. Appropriate legends were affixed to the securities issued in these

transactions.

**Issuer Purchases of Equity Securities**

None.

**Use of Proceeds from Registered Securities**

On October 10, 2025, we completed our initial public offering pursuant to which 43,195,120 shares of our common

stock were sold, which includes the issuance and sale of 24,390,243 shares by the Company and the sale by a selling

stockholder of 18,804,877 shares including the full exercise of the underwriters' option to purchase 5,634,146 additional

shares, at a price to the public of $22.00 per share. The proceeds to the Company from the IPO were approximately $505.7

million, net of underwriting discounts and commissions and estimated offering costs of approximately $30.8 million.

The net proceeds from our initial public offering along with cash on hand were used to repay $525.0 million of our

indebtedness outstanding under the Term Loan on October 17, 2025.

There has been no material change in the intended use of proceeds from our IPO as described in our Registration

Statement on Form S-1 (File No. 333-290217), which became effective on September 30, 2025.

**Item 6. [ Reserved ]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is* 

*a discussion of our financial condition and results of operations and should be read in conjunction with our audited* 

*historical consolidated financial statements and the accompanying notes elsewhere in this Annual Report. In addition to* 

*historical financial information, the following discussion contains forward-looking statements that reflect our plans,* 

*estimates, and beliefs. Our actual results may differ materially from those discussed in the forward-looking statements as a* 

*result of various factors. You should review the information set forth in "Cautionary [Note Regarding Forward-Looking](#i8364880237134c8fabc4a4c601af1d41_1)* 

*[Statements](#i8364880237134c8fabc4a4c601af1d41_1)" and "Part I. Item 1A. [Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)." For purposes of this section, references to the "Company," "we," "us,"* 

*and "our" refer to Alliance Laundry Holdings Inc. and its subsidiaries. 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.*

*The following discussion and analysis of our financial condition and results of operations includes discussion of* 

*certain non-GAAP financial measures. For a description and reconciliation of the non-GAAP measures discussed in this* 

*section, see "—Non-GAAP Financial Measures and Key Operating Metrics" below.*

The following is a discussion and analysis of, and a comparison between, our results of operations for the years ended

December 31, 2025 and 2024. A discussion and analysis of, and a comparison between, our results of operations for the

years ended December 31, 2024 and 2023 can be found in the section entitled, "Management's Discussion and Analysis of

Financial Condition and Results of Operations" in our final prospectus on Form 424(b)(4) filed with the SEC on October 9,

2025. **Our Business**

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.

**Key Factors Affecting Our Performance**

Our results of operations and financial condition have been, and will continue to be, affected by several factors that

present significant opportunities for us but can also pose risks and challenges, including but not limited to those discussed

below and in "Part I. Item 1A. [Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)."

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***Incumbent Replacement Cycle***

Despite the high reliability and durability of our equipment it does have a finite life, and the mission-critical nature of

our estimated eight million unit installed base of equipment, which we calculate assuming a ten-year average useful life of

our products, means our growth and performance has been driven by a consistent and predictable demand for replacement

equipment. The incumbency advantage offered by this significant installed base and our investment in maintaining

industry-leading physical and digital product offerings make us, we believe, well placed to capitalize on global demand and

continue to grow our market share and develop new markets for our products. This global demand is driven by the

commercial demand of our continually improved products, our customers repeatedly choosing our products and the

attractiveness of laundromats as an investment, and changes in customer habits or changes to the economic model,

including changes to operating, real estate and construction costs, the operating environment, or delays in laundromat

construction or increased regulatory or permitting obligations for laundromats, could impact this demand in the future.

***Investment Trends in Diversified End-Markets***

In addition to replacement demand, our performance is also driven by investment trends in both our developed and

developing end markets. The investment and macro trends impacting the On-Premise, Vended and Commercial In-Home

end-markets rarely move in tandem, and our ability to access all these markets by providing systems to satisfy the many

differences between them has been a key driver to our historical performance and we believe will continue to drive our

performance going forward.

Myriad applications required by the On-Premise end market create investment trends that rarely move in sync.

Whether our products are used to sterilize large volumes of linens in healthcare, wash highly specialized firefighting gear,

launder hotel linens or are applied in any of the many other end-use cases, our ability to provide specific solutions for all of

these applications gives us end market diversification globally. We believe our incumbency in many of these applications

provides a strong platform for future growth in both developed and developing markets, as these markets upgrade their

laundry systems to align to more developed market standards.

The growth of the Vended market, whether in laundromats or communal laundry facilities, is being driven by a

combination of changes to the investment model in mature markets, including the U.S. and Western Europe, and

demographic changes in less mature markets where we are helping create the demand and drive adoption of Vended

laundry applications.

The U.S. and Western European laundromat markets are seeing an acceleration of investment, driven by a shift to

more commercially focused investors who are willing to invest in the latest machines and technology to deliver an

improved customer experience, and which also allows them to more easily operate their multi-site businesses. This is

driving demand for equipment for new laundromat locations, but also accelerating the replacement cycle in existing stores

as owners refurbish them to keep pace with the market trends. We believe our industry leading products and digital

technologies, alongside our in-house financing capability in the U.S., makes our products the most attractive choice for

these investors which has driven and will continue to drive our performance.

There remains significant untapped opportunity for Vended laundry systems across many under-penetrated developing

markets where there is a nascent or non-existent Vended laundry culture. We have a successful track record of expanding

our business in these high-potential geographies, such as in Thailand where we have grown revenue at a compound annual

growth rate of approximately 42% since we began operations there in 2017. We believe Vended laundry market

opportunities are driven by a number of key indicators such as GDP growth, population growth, rising personal incomes,

increasing urbanization, and expanding family sizes—all resulting in evolving lifestyles that demand Vended laundry

solutions. We believe there are many other potential markets that could replicate the success we have already seen in

markets like Thailand, though there are inevitable risks associated with growth in these new markets. For example, we face

risks associated with unforeseen government actions, changing political conditions, fluctuations in currency exchange rates,

increases in inflation, and other risks. See "Part I. Item 1A. [Risk Factors](#i8364880237134c8fabc4a4c601af1d41_1)." In these developing markets, our team takes a

"feet on the street" approach to foster the development of the local commercial laundry industry. We believe accessing

these under-penetrated markets will continue to drive our performance alongside our local partners.

Within the Commercial In-Home market, we have benefited from users who are becoming increasingly frustrated with

lower quality residential machines and are looking for a more reliable and durable commercial-grade solution. We have

capitalized on this demand by focusing on our go-to-market strategy of selling through independent retailers and not "Big

Box" stores; we believe this strategy is unique in the industry and delivers the most profitable laundry sale for a retailer.

We also continue to launch product extensions. Together, these efforts have expanded our reach and product range to in-

home customers and we believe there remains continued growth opportunities in this market as these trends continue.

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***Manufacturing and Procurement Excellence and Related Costs***

To ensure that the reliability, durability and quality of our machines meet our customers' expectations, we seek to

achieve manufacturing and procurement excellence, which in turn means our systems may have higher labor and material

costs than our primary competitors. Those high-quality product characteristics require us to run our manufacturing facilities

efficiently, design products, supporting technologies and any new technologies to appropriately balance cost and

performance, and procure materials and components at optimal prices. These activities have been key to our historical

margin expansion and will continue to be drivers of our margins in the future.

While we continue to focus on cost-down initiatives through engineering, manufacturing and procurement

workstreams, we remain exposed to market prices for these costs. We manage the potential risk in these input costs

through, when we deem appropriate, hedging and fixed price or term contracts. This focus on balancing cost with

performance and quality extends to our suppliers where we focus on long-term, mutually beneficial relationships, rather

than short-term cost minimization transactions, resulting in partnerships that help us to navigate any market volatility. For

example, these relationships were particularly valuable as we navigated the COVID-19 pandemic and supply chain issues

that followed, where we saw no significant disruption to our supply of components and materials.

**Non-GAAP Financial Measures and Key Operating Metrics**

We regularly review non-GAAP measures to evaluate our business, measure our performance and manage our

operations, including identifying trends affecting our business, formulating business plans and making strategic decisions.

We believe that non-GAAP measures provide an additional way of viewing aspects of our operations that, when viewed

together with our GAAP results, provide a more complete understanding of our results of operations and the factors and

trends affecting our business. These non-GAAP financial measures are also used by our management to evaluate financial

results and to plan and forecast future periods. Non-GAAP financial measures should be considered a supplement to, and

not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

***Adjusted EBITDA and Adjusted EBITDA Margin***

This Annual Report contains certain financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin,

that are not required by, or prepared in accordance with, GAAP. We refer to these measures as "non-GAAP" financial

measures. The use of non-GAAP financial measures should not be construed as an alternative to, or more meaningful than,

the comparable GAAP financial measure. You should not consider Adjusted EBITDA or Adjusted EBITDA Margin either

in isolation or as substitutes for analyzing our results as reported under GAAP. Adjusted EBITDA and Adjusted EBITDA

Margin are presented for supplemental informational purposes only and have limitations as an analytical tool. For example,

Adjusted EBITDA and Adjusted EBITDA Margin exclude certain tax payments that may reduce cash available to us,

exclude non-cash charges for depreciation of property and equipment and amortization of intangible assets, do not reflect

any cash capital expenditure requirements for such assets being depreciated and amortized that may have to be replaced in

the future, do not reflect changes in, or cash requirements for, our working capital needs and do not reflect the interest

income or expense, or the cash requirements necessary to service interest or principal payments, on our debt. You should

be aware that our presentation of these and other non-GAAP financial measures in this Annual Report may not be

comparable to similarly titled measures used by other companies, including our competitors.

Adjusted EBITDA and Adjusted EBITDA Margin, as defined below, are key non-GAAP measures we use to assess

our financial performance. "Adjusted EBITDA" represents net income before provision for income taxes, interest expense,

depreciation and amortization and is further adjusted to exclude certain expenses not representative of our ongoing

operations and other charges not involving cash outlays and "Adjusted EBITDA Margin" represents Adjusted EBITDA

divided by net revenues. Management utilizes Adjusted EBITDA and Adjusted EBITDA Margin as measures of operating

performance. Management believes that these non-GAAP financial measures are useful to investors for period-to-period

comparisons of the Company's business and in understanding and evaluating the Company's operating results for the

following reasons:

• Adjusted EBITDA and Adjusted EBITDA Margin are widely used by investors and securities analysts to measure

a company's operating performance without regard to items such as share-based compensation expense,

depreciation and amortization expense, interest expense, other expense (income), net, and income taxes expense

(benefit) that can vary substantially from company to company depending upon their financing, capital structures

and the method by which assets were acquired; and

• Adjusted EBITDA and Adjusted EBITDA Margin provide consistency and comparability with the Company's

past financial performance, facilitate period-to-period comparisons of the Company's primary operating results,

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial

measures to supplement their GAAP results.

***Non-GAAP Reconciliation***

The following table presents a reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA Margin for

the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| *(in thousands except for percentages)* | **2025** | **2024** | **2023** |
| Net income | $101755 | $98319 | $88229 |
| Provision for income taxes | 36279 | 25130 | 16226 |
| Interest expense | 150501 | 132001 | 123397 |
| Depreciation and amortization | 93701 | 90169 | 88704 |
| EBITDA | 382236 | 345619 | 316556 |
| Refinancing and debt related costs <sup>(1)</sup> | 3679 | 33217 |  |
| Share-based compensation <sup>(2)</sup> | 19779 | 3263 | 3343 |
| Pension termination costs <sup>(3)</sup> |  |  | 7011 |
| Strategic transaction costs <sup>(4)</sup> | 5627 | 5803 | 1083 |
| Foreign exchange losses/(gains) on intercompany loans <sup>(5)</sup> | 25152 | (4654) | 484 |
| Adjusted EBITDA | 436473 | 383248 | 328477 |
| Net revenues | $1709237 | $1508440 | $1365154 |
| Net income margin | 6.0% | 6.5% | 6.5% |
| Adjusted EBITDA Margin | 25.5% | 25.4% | 24.1% |

---

_____________________

(1)Represents fees in connection with the Credit Agreement and predecessor credit facilities.

(2)Non-cash expenses related to equity awards granted to management.

(3)Expenses related to the termination and settlement of pension obligations, including settlement charges and amortization of net actuarial losses.

(4)Comprised of professional fees, advisory services and other expenses related to the IPO and acquisitions.

(5)Foreign exchange (loss)/gain on intercompany loans where the lender or borrower's functional currency differs from the loan denomination

currency.

***Segment Operating Metrics***

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 before

provision for income taxes, interest expense, depreciation and amortization and further adjusted to exclude certain expenses

not representative of our ongoing operations and charges not involving cash outlays. 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 22 - Segment Information," to our audited consolidated financial statements included

elsewhere in this Annual Report and "—Segment Results" below.

**Components of Results of Operations**

***Net Revenues***

Revenue is primarily generated through the sale of our commercial-grade laundry systems and service parts across our

two geographic segments and into the three end markets of OPL, Vended and Commercial In-Home. In addition to the sale

of equipment, we also generate revenues from our wrap-around customer offerings including equipment servicing, digital

products and customer financing solutions. No single customer accounted for more than 10% of our total revenue in any of

the last three fiscal years.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

*Equipment, Service parts and other*

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 systems. Revenue from equipment and

service part sales is recognized when the Company satisfies a performance obligation by transferring control of a product,

or providing service, to a customer net of any discounts or allowances. Where post-invoice rebates, allowances or sales

incentive programs are offered, the Company estimates and records the cost of this variable consideration at the time of

sale of the related product.

*Equipment financing*

The Company offers an equipment financing program to end-customers who are primarily laundromat owners to

finance their purchase of new equipment. Typical terms for equipment financing receivables range from two to twelve

years. Interest income is accrued as earned on outstanding balances. Recognition of income is suspended, and previously

recorded accrued interest income is reversed, when it is determined that collection of future income is not probable (after

89 days past due). Fees earned and incremental direct costs incurred upon origination of equipment financing are not

significant.

***Costs and Expenses***

*Cost of Sales*

Cost of sales is comprised of the costs of raw materials and component parts, distribution expenses, costs incurred at

the manufacturing plant level and costs of warehousing, including, but not limited to, labor and related fringe benefits,

depreciation, supplies, utilities, property taxes and insurance, as well as costs associated with product warranties, and other

costs of supporting our other wrap-around customer offerings.

*Equipment Financing Expenses*

Equipment financing expenses are made up of the interest cost and fees related to our Asset Backed Equipment

Facility, alongside the operational costs, including but not limited to, headcount and systems expenses related to

administering the equipment finance program.

***Gross Profit***

Gross profit is determined by subtracting cost of sales and equipment financing expenses from net revenues.

***Selling, general and administrative expenses***

Our selling expenses consist of expenses related to selling our products and services to customers through our global

sales organization including the salaries of our direct sales team. General and Administrative expenses include the cost of

our global, '24x7' engineering and innovation teams as well as the costs required to support the administration of the

business such as finance, accounting, information technology, human resources, legal, general management and

amortization related to the BDTCP Transaction.

***Operating income***

Operating income is gross profit less SG&A and Other Costs.

***Interest expense, net***

The Company incurs interest expense related to servicing of its outstanding obligations under its Credit Agreement as

defined herein. The amortization of debt issuance costs and impact of our interest rate hedging instruments are also

included as a component of periodic interest expense.

***Net income***

Net income is operating income less interest expense, net, other expenses, net, and provision for income taxes.

**Factors Affecting the Comparability of Our Results of Operations**

Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

***Public Company Costs***

Following the completion of our IPO, we have incurred and expect to continue to incur additional costs associated with

operating as a public company. These costs include additional personnel, legal, consulting, regulatory, insurance,

accounting, investor relations, and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of

2002, as amended, as well as rules adopted by the SEC and national securities exchanges, require public companies to

implement specified corporate governance practices that are currently inapplicable to us as a private company. These

additional rules and regulations, as well as others associated with being a public company, will increase our legal,

regulatory, financial and insurance costs and will make some other activities more time-consuming and costly.

***Refinancing Costs***

From time to time the Company enters into new or amended credit agreements or securitization facilities to support its

operations, fund acquisitions, make dividend distributions or for other general corporate purposes. These refinancing

activities and related costs, as well as any capitalized costs and original issue discounts from prior transactions, are

capitalized or expensed in accordance with the debt modification and debt extinguishment accounting guidance. Debt

issuance costs are amortized using the effective interest rate method or straight line when straight line approximates the

effective interest rate method.

In February 2025, the Company finalized an amendment to our Credit Agreement, which reduced the applicable

margin on the Term Loan to 2.75% and Revolving Credit Facility ("RCF") to 2.50%. The Company incurred fees of $1.0

million in connection with an amendment to our Credit Agreement, which were expensed and included in Other expenses,

net in the Consolidated Statement of Comprehensive Income.

In August 2025, the Company finalized an amendment to our Credit Agreement, which reduced the applicable margin

on the Term Loan to 2.25% and RCF to 2.25%. The Company incurred fees of $1.3 million in connection with an

amendment to our Credit Agreement, which were expensed and included in Other expenses, net in the Consolidated

Statement of Comprehensive Income.

In August 2024, the Company incurred fees of $32.8 million in connection with the execution of the Credit

Agreement. Of these fees, $30.4 million was expensed and included in Other expenses, net and Other expenses, net -

related parties in the consolidated statements of comprehensive income. The remaining $2.4 million related to the

Revolving Facilities and was capitalized and included in the Other long-term assets line of the consolidated balance sheets.

The Company also recorded $10.4 million of original issuance discount in 2024 related to the Credit Agreement, which is

included in the Long-term debt, net line of the consolidated balance sheets. Additionally, the Company wrote off a portion

of the unamortized debt issuance costs and original issuance discounts related to the prior credit agreement, resulting in

expense of $2.8 million recorded in Other expenses, net in the consolidated statements of comprehensive income.

**Presentation of Financial Information**

Alliance Laundry Holdings Inc. is a holding company with no business operations or assets other than the capital stock

of its direct and indirect subsidiaries, including those of Alliance Laundry Holdings LLC and Alliance Laundry Systems

LLC. Alliance Laundry Systems LLC, a direct, wholly owned subsidiary of Alliance Laundry Holdings LLC, which is a

direct, wholly owned subsidiary of Alliance Laundry Holdings Inc., is the U.S. Borrower under the Credit Agreement and

the Originator and Servicer under the Asset Backed Equipment Facility and the Asset Backed Trade Receivables Facility,

each as defined below.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Results of Operations**

***For the Year Ended December 31, 2025 v. Year Ended December 31, 2024***

The following table sets forth our results of operations for the periods indicated:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Net revenues: |  |  |
| Equipment, service parts and other | $1659680 | $1459746 |
| Equipment financing | 49557 | 48694 |
| Net revenues | 1709237 | 1508440 |
| Costs and expenses: |  |  |
| Cost of sales | 1028073 | 914655 |
| Cost of sales - related parties | 7322 | 6218 |
| Equipment financing expenses | 31738 | 36316 |
| Gross profit | 642104 | 551251 |
| Selling, general, and administrative expenses | 324458 | 266444 |
| Selling, general, and administrative expenses - related parties | 280 | 300 |
| Other costs |  | 494 |
| Total operating expenses | 324738 | 267238 |
| Operating income | 317366 | 284013 |
| Interest expense, net | 150501 | 132001 |
| Other expenses, net | 28831 | 23376 |
| Other expenses, net - related parties |  | 5187 |
| Income before taxes | 138034 | 123449 |
| Provision for income taxes | 36279 | 25130 |
| Net income | $101755 | $98319 |

---

***Net Revenues*** 

Net revenues for the year ended December 31, 2025 increased $200.8 million, or 13%, to $1,709.2 million from

$1,508.4 million for the year ended December 31, 2024. Equipment revenue increased $178.8 million, or 14%, year over

year, primarily driven by volume growth across our reportable segments and all three end markets and modest price

increases. Service parts revenue increased year over year $18.7 million, or 12%. Other revenues increased $2.4 million, or

6%, primarily due to increased field service revenue. Equipment financing revenue increased $0.9 million, or 2%, driven

by the growth of the loan base, partially offset by lower interest income on floating loan rates decreasing alongside the

prime rate.

Net revenues increased $159.8 million in North America, mainly driven by strong demand across all end markets, with

particularly strong performance in Vended, an increase of 11%, and Commercial In-Home, an increase of 26%, end

markets. International segment net revenues increased by $41.0 million due to strong performance in Europe, an increase of

18%, and in Asia Pacific, an increase of 10%, where the expanding Vended end market is driving growth.

***Gross profit*** 

Gross profit for the year ended December 31, 2025 increased $90.9 million, or 16%, to $642.1 million from $551.3

million for the year ended December 31, 2024. Gross profit as a percentage of net revenues was 38% for the year ended

December 31, 2025 as compared to 37% for the year ended December 31, 2024. The increase in gross profit as a

percentage of revenue was primarily driven by our continued focus on manufacturing and procurement excellence, and the

benefits of higher production volumes and modest price increases, net of increased input costs including tariff related

expenses.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

***Selling, general, and administrative expenses ("SG&A")***

Selling, general, and administrative expenses for the year ended December 31, 2025 increased $58.0 million, to $324.7

million from $266.7 million for the year ended December 31, 2024. Selling, general, and administrative expenses as a

percentage of net revenues was 19% for the year ended December 31, 2025 as compared to 18% for the year ended

December 31, 2024. Included within Selling, general, and administrative expenses is $42.9 million and $44.6 million

related to non-cash depreciation and amortization of assets, which represents the portion of assets that had increases to their

historical basis as a result of purchase accounting related to the BDTCP Transaction for the years ended December 31,

2025 and 2024, respectively. The increase in Selling, general and administrative expenses is primarily due to investment in

physical and digital product development, increased Information Technology expenses to support systems and security,

acquisition of distributors, public company support costs, additional headcount, expense recognized for performance-based

options as the awards fully vested upon the IPO, and selling expenses driven by higher sales volume and profitability**.** 

***Interest expense, net***

Interest expense, net for the year ended December 31, 2025 increased $18.5 million to $150.5 million from $132.0

million for the year ended December 31, 2024. The increase in interest expense was primarily attributable to the higher

debt balance following the August 2024 refinancing referenced elsewhere in this MD&A.

***Other expenses, net***

Other expenses, net for the year ended December 31, 2025 were $28.8 million compared to $28.6 million for the year

ended December 31, 2024. Other expenses, net for the year ended December 31, 2025 were comprised of $25.2 million

foreign exchange losses on intercompany loans where the lender or borrower's functional currency differs from the loan

denomination currency and $3.7 million associated with refinancing of the Credit Agreement. See Note 18 - Debt to our

audited consolidated financial statements included elsewhere in this Annual Report for a discussion of the Credit

Agreement. Other expenses, net for the year ended December 31, 2024, were comprised of $33.2 million associated with

the entry into the Credit Agreement partially offset by $4.7 million foreign exchange gains on intercompany loans where

the lender or borrower's functional currency differs from the loan denomination currency.

***Provision for Income Taxes***

The effective income tax rate was 26.3% for the year ended December 31, 2025, as compared to 20.4% for the year

ended December 31, 2024. As a result of the IPO, the Company is now subject to Internal Revenue Code section 162(m),

Limitation on Officers' Compensation, which resulted in a discrete non-cash charge of $5.2 million, which was partially

offset by a $3.1 million benefit related to excess tax benefits on share-based payments. Additionally discrete non-cash

charge of $1.7 million was recorded for the establishment of a valuation allowance against certain foreign tax credits that

are expected to expire and not be realized.

***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.

The segment measurements provided to, and evaluated by, the Chief Operating Decision Maker ("CODM") are

described in "Note 22 - Segment Information" to our audited consolidated financial statements included elsewhere in this

Annual Report.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

The following table presents the Company's segment results.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands, except for percentages)* | **2025** | **2024** | **2023** |
| **North America** |  |  |  |
| Net revenues | $1268979 | $1109134 | $996762 |
| Adjusted EBITDA | $361487 | $317779 | $265391 |
| Adjusted EBITDA Margin | 28.5% | 28.7% | 26.6% |
| **International** |  |  |  |
| Net revenues | $440258 | $399306 | $368392 |
| Adjusted EBITDA | $120597 | $103148 | $94402 |
| Adjusted EBITDA Margin | 27.4% | 25.8% | 25.6% |

---

***For the Year ended December 31, 2025 v. December 31, 2024***

***North America***

Revenue in North America increased $159.8 million, or 14%, to $1,269.0 million for the year ended December 31,

2025 compared to the year ended December 31, 2024. Equipment revenue increased $141.2 million, or 15%, year over

year, mainly driven by strong demand across all end markets, with particularly strong performance in the Vended (an

increase of 11%) and Commercial In-Home (an increase of 26%) end markets. Service parts revenue increased year over

year $14.4 million, or 13%, primarily driven by a mix of price and volume growth. Other revenues increased $3.2 million,

or 9%, primarily due to field service revenues. Equipment financing revenue increased $1.1 million, or 2%, driven by the

growth of the loan base, partially offset by lower interest income on floating loan rates decreasing alongside the prime rate.

Adjusted EBITDA increased $43.7 million, or 14%, to $361.5 million for the year ended December 31, 2025

compared to the year ended December 31, 2024 and Adjusted EBITDA Margin decreased slightly to 28.5% for the year

ended December 31, 2025 from 28.7% for the year ended December 31, 2024. This decrease was primarily driven by

product mix and investment in product development and other operational projects to drive future growth, partially offset

by the benefits of higher volumes and operational cost reduction initiatives.

***International***

Revenue increased $41.0 million, or 10%, to $440.3 million for the year ended December 31, 2025 compared to the

year ended December 31, 2024. Equipment revenue increased $37.6 million, or 11%, year over year, primarily due to

strong performance in Europe (an increase of 18%) and in Asia Pacific (an increase of 10%) where the expanding Vended

end markets are driving growth. Service parts revenue increased year over year $4.2 million, or 10%, primarily driven by a

mix of price and volume growth.

Adjusted EBITDA increased $17.4 million, or 17%, to $120.6 million for the year ended December 31, 2025

compared to the year ended December 31, 2024 and Adjusted EBITDA Margin increased to 27.4% for the year ended

December 31, 2025 from 25.8% for the year ended December 31, 2024. This increase was primarily driven by gross

margin expansion due to higher volumes and cost reduction initiatives in addition to operating expense controls.

**Liquidity and Capital Resources**

***Overview***

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. As of December 31, 2025 and 2024, we had unrestricted cash and cash equivalents of $123.1 million

and $154.7 million, respectively. As of December 31, 2025 and 2024, our total long-term debt, net was $1,354.6 million

and $2,034.5 million, respectively, and our total asset backed borrowings was $618.6 million and $553.8 million,

respectively.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

We are a holding company that transacts substantially all of our business through our operating subsidiaries.

Consequently, our ability to pay dividends to stockholders, meet debt payment obligations, and pay taxes and operating

expenses is largely dependent on dividends or other distributions from our subsidiaries, whose ability to pay such

distributions to us is restricted, subject to certain exceptions, pursuant to the terms of the Credit Agreement. We currently

do not intend to declare dividends on our common stock in the foreseeable future, see "Item 5: Market for Registrant's

Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — [Dividend Policy](#i8364880237134c8fabc4a4c601af1d41_1)".

Our principal liquidity needs have been, and we expect them to continue to be, working capital and general corporate

needs, debt service and debt reduction, capital expenditures and potential acquisitions. Our capital expenditures were $53.7

million, $43.5 million and $32.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. We expect

that capital expenditures in 2026 will be approximately $60 million.

On August 19, 2024, one of the Company's subsidiaries entered into the Credit Agreement. The Credit Agreement

provides for a Term Facility in an aggregate principal amount of $2,075.0 million, a Primary Revolving Facility with

aggregate commitments of $225.0 million, and a Thai Baht Revolving Facility with aggregate commitments of $25.0

million.

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 SOFR plus 2.75% and an interest rate on our

RCF of SOFR plus 2.50%.

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 as follows (i) the Term Facility bears interest at a rate per annum equal

to, at the applicable Borrower's option, Term SOFR plus 2.25% or the applicable base rate plus 1.25%, (ii) the Revolving

Facilities denominated in U.S. dollars bears interest at a rate per annum equal to, at the applicable Borrower's option, Term

SOFR plus 2.25% or the applicable base rate plus 1.25% and (iii) the Revolving Facilities denominated in Euros or Thai

baht bore interest at a rate per annum equal to Adjusted EURIBOR or the Daily Simple RFR, respectively, plus, in each

case, 2.25%. The foregoing interest rate margins will be subject to a step down of 0.25% in the event (i) the corporate

credit ratings by Moody's Investor Services, Inc. and Standard & Poor's Ratings Group, Inc. are B1 (stable) and B+

(stable), respectively, or higher and (ii) we achieve a First Lien Net Leverage Ratio equal to or less than 3.50 to 1.00.

In addition, the U.S. Borrower is required to pay a commitment fee equal to 0.250% per annum on any unused

commitments under the Revolving Facilities, subject to a step up to 0.375% in the event we fail to maintain a First Lien Net

Leverage Ratio equal to or less than 4.50 to 1.00. See Note 18 - Debt to the consolidated financial statements for additional

information.

The net proceeds from our initial public offering along with cash on hand were used to repay $525.0 million of our

indebtedness outstanding under the Term Loan on October 17, 2025. The repayment was 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 an exception for any Excess Cash Flow payment required under the Credit Agreement.

The Company maintains a trade receivables securitization facility. ALTR LLC, a special-purpose bankruptcy remote

subsidiary of the Company, is party to a $120.0 million revolving credit facility (which represents an increase of $20.0

million from the $100.0 million facility size as of December 31, 2025, effected by an amendment entered into on May 1,

2025), which is secured by the Asset Backed Trade Receivables Facility. The Asset Backed Trade Receivables Facility is

due to expire on May 1, 2028. ALTR LLC finances the acquisition of trade receivables from Alliance Laundry Systems

through borrowings under the Asset Backed Trade Receivables Facility in the form of funding notes which are limited to

an advance rate of approximately 88% as of December 31, 2025.

The Company also maintains an internal financing organization primarily to assist end-user laundromat locations in

financing company-branded equipment through the Company's distributors. The financing organization originates and

administers the sale of equipment financing receivables. Under this program, the Company sells certain equipment

financing receivables to a special-purpose bankruptcy remote subsidiary, which in turn transfers them to a trust. The

special-purpose subsidiary and trust are party to a revolving credit facility. On May 1, 2025, we amended our Asset Backed

Equipment Facility to increase the lender commitment to $500.0 million from $460.0 million and include a future

uncommitted lender increase of $30.0 million. On December 29, 2025, the Company entered into an agreement (the

"Facility Limit Increase Agreement") to convert the lender uncommitted amount of $30.0 million, which increased the

lender committed amount under the Asset Backed Equipment Facility from $500.0 million to $530.0 million. The Asset

Backed Equipment Facility is due to expire on May 1, 2028. The trust finances the acquisition of equipment financing

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

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%.

In August 2024, following the execution of the Credit Agreement, we paid a $900.0 million dividend to common

stockholders.

We anticipate that any additional liquidity needs will be funded through, if needed, the future incurrence of additional

indebtedness, or the issuance of additional equity, or a combination thereof.

We cannot assure you that we will be able to obtain this additional liquidity on reasonable terms, or at all.

Additionally, our liquidity and our ability to meet our obligations and fund our capital requirements are also dependent on

our future financial performance, which is subject to general economic, financial, and other factors that are beyond our

control. See "Item 1A. Risk Factors."

**Cash Flows Information**

The following table presents a summary of cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** |
| Net cash provided by operating activities | $211685 | $145460 |
| Net cash used in investing activities | (91647) | (87760) |
| Net cash used in financing activities | (157910) | (75374) |
| Effect of exchange rate changes on cash and cash | (467) | (4253) |
| Increase/(decrease) in cash, cash equivalents, and restricted cash | $(38339) | $(21927) |

---

***Operating Activities***

Cash provided by operating activities during 2025 of $211.7 million was primarily derived from net income adjusted

for non-cash provisions and partially offset by a $50.1 million increase in working capital. The primary contributors to the

change in working capital were a $44.8 million increase in accounts and equipment financing receivables held for

securitization investors, a $13.5 million decrease in accounts payable, an increase in accounts receivable and equipment

financing receivables of $9.8 million, and an increase in inventory of $6.3 million, partially offset by an increase in other

liabilities of $20.9 million, and a $3.4 million decrease in other assets.

Cash provided by operating activities during 2024 of $145.5 million was primarily derived from net income adjusted

for non-cash provisions and partially offset by a $25.7 million increase in working capital. The primary contributors to the

change in working capital were a $26.0 million increase in accounts and equipment financing receivables held for

securitization investors and a decrease in other liabilities of $12.1 million, partially offset by a decrease in inventory of $5.8

million and a $5.6 million increase in accounts payable.

***Investing Activities***

Cash used by investing activities of $91.6 million for the year ended December 31, 2025 was primarily the result of

$53.7 million of capital expenditures primarily related to new and replacement manufacturing equipment and engineering

testing capabilities, $12.6 million related to the acquisitions of distributors in the United States, and $25.7 million net

outflow related to originations of securitized equipment financing receivables exceeding collections.

Cash used by investing activities of $87.8 million for the year ended December 31, 2024 was primarily the result of

$43.5 million of capital expenditures primarily related to new and replacement manufacturing equipment and engineering

testing capabilities, $27.9 million related to the acquisitions of distributors in the United States, and $18.8 million net

outflow related to originations of securitized equipment financing receivables exceeding collections.

***Financing Activities***

Cash used by financing activities of $157.9 million for the year ended December 31, 2025 was primarily the result of

$710.0 million in payments on long-term borrowings, partially offset by $497.0 million in net proceeds from our IPO and

$64.8 million related to a net increase in asset backed borrowings owed to securitization investors.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

Cash used by financing activities of $75.4 million for the year ended December 31, 2024 was primarily the result of

$1,268.0 million in payments on long-term borrowings, $900.0 million for dividends to common stockholders, and $5.7

million net payments on revolving line of credit borrowings, partially offset by $2,064.6 million in proceeds from long-

term borrowings and $38.5 million related to a net increase in asset backed borrowings owed to securitization investors.

**Cash Requirements**

The Company's material cash requirements primarily consist of working capital requirements, repayments of long-term

debt and related interest, securitization activities, operating leases, capital expenditures, and potential acquisitions. As of

December 31, 2025, we had the following obligations:

• Long-term debt of $1.4 billion on the Term Loan, due at maturity on August 19, 2031. See "Note 18 - Debt" to our

audited consolidated financial statements included elsewhere in this Annual Report for additional information on debt

obligations and maturities. Future interest payments on the Term Loan expected to be $79.3 million over the next year.

• See "Note 10 - Leases" to our audited consolidated financial statements included elsewhere in this Annual Report for

additional information on lease obligations and maturities.

• Amounts owed to securitization investors under our Asset-backed borrowings of $618.6 million. See "Note 7 –

Securitization Activities" to our audited consolidated financial statements included elsewhere in this Annual Report for

additional information on securitization obligations and maturities.

**Off–Balance Sheet Arrangements**

As of December 31, 2025, we did not have any off-balance sheet arrangements, as defined in Regulation S-K

promulgated by the SEC.

**Critical Accounting Policies and Use of Estimates**

The preparation of financial statements in conformity with United States generally accepted accounting principles

("GAAP") requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure

of contingent assets and liabilities at the financial statement date and reported amounts of revenues and expenses, including

amounts that are susceptible to change. Our critical accounting estimates include accounting methods and estimates

underlying such financial statement preparation, as well as judgments around uncertainties affecting the application of

those policies. In applying critical accounting estimates, materially different amounts or results could be reported under

different conditions or using different assumptions. When required, management considers the perspective of market

participants in accordance with current accounting guidance. See Note 2 - Significant Accounting Policies to our

consolidated financial statements included elsewhere in this Annual Report for a summary of our significant accounting

policies.

*Goodwill and Indefinite-Lived Intangible Assets.* Goodwill is tested for impairment at least annually and more

frequently if an event occurs which indicates that goodwill may be impaired. Accounting Standards Update ("ASU") No.

2017-04 Intangibles-Goodwill and Other ("Topic 350"): Simplifying the Test for Goodwill allows companies to apply a

one-step quantitative test and, as applicable, record the amount of goodwill impairment as the excess of a reporting unit's

carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The estimated

fair value is determined on an income-based approach. Under the income-based approach, fair value is estimated using the

expected present value of future cash flows. There was no goodwill impairment for the years ended December 31, 2025,

2024 and 2023.

Several of the Company's tradenames and trademarks have been deemed to have an indefinite life as the Company

expects to continue to use these assets for the foreseeable future. There are no limitations of a legal, regulatory or

contractual nature that limit the period of time for which the Company can use these assets. The Company has the right to

continue to use these assets and can continue to do so with limited cost to the Company. The effects of obsolescence,

demand, competition and other economic factors are not expected to impact the indefinite life assumptions. Intangible

assets not subject to amortization (indefinite-lived intangible assets) are tested for impairment at least annually and more

frequently if an event occurs which indicates the intangible asset may be impaired. The impairment test consists of a

comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized if the

carrying amount of an intangible asset exceeds its fair value in an amount equal to that excess, but not to exceed the

carrying amount of the intangible asset. The fair value of the tradenames and trademarks is determined using the relief-

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

from-royalty method. There was no impairment of our indefinite-lived assets for the years ended December 31, 2025, 2024

or 2023.

*Income Taxes*. The income tax provision is computed based on the pretax income included in the Company's

consolidated statements of comprehensive income. Certain items of income and expense are not recognized on the

Company's income tax returns and financial statements in the same year, which creates timing differences or are

permanently disallowed. The income tax effect of these timing differences results in (i) deferred income tax assets that

create a reduction in future income taxes and (ii) deferred income tax liabilities that create an increase in future income

taxes. Recognition of deferred income tax assets is based on management's belief that it is more likely than not that the

income tax benefit associated with temporary differences will be realized. The Company records a valuation allowance to

reduce its net deferred income tax assets if, based on its assessment of future taxable income, it is more likely than not that

it will not be able to use these tax benefits. The Company may have to adjust the valuation allowance if its estimate of

future taxable income changes at any time. Recording such an adjustment could have a material adverse effect on the

Company's consolidated statements of comprehensive income.

*Product Warranty Liabilities.* The costs of warranty obligations are estimated and provided for at the time of sale.

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 also sells separately priced extended warranties associated with its commercial products.

The Company recognizes extended warranty revenues over the period covered by the warranty.

*Allowance for Credit Losses – Equipment Financing Receivables.* The allowance for credit losses is an estimate of

losses inherent to our equipment financing receivables portfolio. Our estimate includes accounts that have been

individually identified as impaired and estimated credit losses over a pool of receivables where it is probable that certain

receivables in the pool are impaired but that the individual accounts cannot yet be identified. When determining estimates

of probable credit loss 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.

We determine that an equipment financing receivable is impaired when it is probable that we 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 our judgment, is adequate to provide for probable 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.

The total allowance for credit losses as of December 31, 2025 and 2024 was $6.4 million and $5.9 million,

respectively. The reserve as a percentage of the total gross portfolio balance as of December 31, 2025 and 2024 was 1.1%

and 1.1%, respectively.

**Recent Accounting Pronouncements**

See Note 2 - Significant Accounting Policies to our consolidated financial statements included elsewhere in this

Annual Report for a description of recent accounting pronouncements, if any, including the expected dates of adoption and

the anticipated impact on our consolidated financial statements.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

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.

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 nonperformance by any counterparties. The amount of counterparty credit exposure is the

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

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 into derivative financial instruments for trading or speculative purposes.

***Interest Rate Risk***

Borrowings outstanding under the Term Loan totaled $1,365.0 million at December 31, 2025. 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

December 31, 2025, 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

December 31, 2025 would increase/decrease annual interest expense by $2.3 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.

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

Term SOFR rate.

***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 December 31, 2025 and December 31, 2024, the Company had no

outstanding foreign currency contracts.

The Company's primary translation exchange risk exposures at December 31, 2025 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.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

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 December 31, 2025, the Company was managing $3.1 million notional value of nickel forward

contracts and less than $0.1 million of copper forward contracts. At December 31, 2024, the Company was managing $1.7

million notional value of nickel forward contracts.

The Company presents its derivatives at gross fair values in the Company's Consolidated Balance Sheets and does not

maintain derivative contracts which would require financial instrument or collateral balances.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Item 8. Financial Statements and Supplementary Data**

**Index to Financial Statements:**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm (PCAOB ID](#i8364880237134c8fabc4a4c601af1d41_97)</u><u>[:](#i8364880237134c8fabc4a4c601af1d41_97)</u> <u>42</u><u>)</u> | <u>[66](#i8364880237134c8fabc4a4c601af1d41_97)</u> |
| <u>[Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024](#i8364880237134c8fabc4a4c601af1d41_100)</u> | <u>[68](#i8364880237134c8fabc4a4c601af1d41_100)</u> |
| <u>[Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, December 31, 2024](#i8364880237134c8fabc4a4c601af1d41_103)</u><br><u>[and December 31, 2023](#i8364880237134c8fabc4a4c601af1d41_103)</u> | <u>[69](#i8364880237134c8fabc4a4c601af1d41_103)</u> |
| <u>[Consolidated Statements of Stockholders' Equity/(Deficit) for the years ended December 31, 2025, December 31,](#i8364880237134c8fabc4a4c601af1d41_106)</u><br><u>[2024 and December 31, 2023](#i8364880237134c8fabc4a4c601af1d41_106)</u> | <u>[70](#i8364880237134c8fabc4a4c601af1d41_106)</u> |
| <u>[Consolidated Statements of Cash Flows for the years ended December 31, 2025, December 31, 2024 and](#i8364880237134c8fabc4a4c601af1d41_109)</u><br><u>[December 31, 2023](#i8364880237134c8fabc4a4c601af1d41_109)</u> | <u>[71](#i8364880237134c8fabc4a4c601af1d41_109)</u> |
| <u>[Notes to Consolidated Financial Statements](#i8364880237134c8fabc4a4c601af1d41_112)</u> | <u>[73](#i8364880237134c8fabc4a4c601af1d41_112)</u> |
| <u>[Schedule II - Valuation and Qualifying Accounts](#i8364880237134c8fabc4a4c601af1d41_199)</u> | <u>[117](#i8364880237134c8fabc4a4c601af1d41_199)</u> |

---

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Report of Independent Registered Public Accounting Firm**

To the Stockholders and the Board of Directors of Alliance Laundry Holdings Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Alliance Laundry Holdings Inc. (the Company) as of

December 31, 2025 and 2024, the related consolidated statements of comprehensive income, stockholders' equity/(deficit)

and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial

statement schedule listed in the Index at Item 15(b) (collectively referred to as the "consolidated financial statements"). In

our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the

Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in

the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion

on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the

Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,

whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its

internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal

control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's

internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether

due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test

basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the

accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of

the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements

that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or

disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex

judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated

financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a

separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

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| | |
|:---|:---|
| | ***Product Warranty Liability*** |
| *Description of the Matter* | At December 31, 2025, the Company's product warranty liability was <br>$69.2 million. As more fully described in Notes 2 and 16 to the <br>consolidated financial statements, the Company estimates and records <br>provisions for future product warranty liability claims at the time of <br>sale based on projected incident rates of occurrence and projected <br>cost per incident. The Company estimates its product warranty <br>liability based on the specific product type, product use, and warranty <br>period, which generally ranges from one to seven years.<br>Auditing the Company's product warranty liability was complex due <br>to the judgmental nature of management's assumptions used to <br>estimate the future commercial in-home product warranty liability for <br>standard product warranty periods extending beyond three years, <br>including the projected incident rates of occurrence and the projected <br>cost per incident. In particular, there is a higher level of estimation <br>uncertainty in determining the future projected incident rates of <br>occurrence, which may not be reflective of historical incident rates or <br>may not reflect product quality issues that have not yet been <br>identified as of the financial statement date. Additionally, the <br>projected cost per incident reflects management's estimates of the <br>future cost of replacement product parts, the cost of labor, and the <br>amount of labor required to address the product warranty claim and <br>changes in these estimates could have a material effect on the amount <br>of product warranty liability recognized.<br>|
| *How We Addressed the Matter in Our* <br>*Audit* | To test the adequacy of the Company's calculation of the product <br>warranty liability, our substantive audit procedures included, among <br>others, testing the accuracy and completeness of the underlying data <br>used in the product warranty liability calculation and significant <br>assumptions discussed above. We tested the categorization of claims <br>within the product warranty liability calculation and tested the <br>completeness and accuracy of the claims settled data. We compared <br>the historical incident rates of occurrence by product type, using <br>actual claims data, to the projected incident rates of occurrence. We <br>also compared the projected cost per incident to the average cost per <br>incident using actual claims data. We assessed the historical accuracy <br>of management's estimates by comparing the product warranty <br>liability in the prior year to the actual claims paid in the subsequent <br>year.<br>|

---

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2017.

Milwaukee, Wisconsin

March 13, 2026

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Alliance Laundry Holdings Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $123102 | $154682 |
| Restricted cash | 3602 | 6401 |
| Restricted cash - for securitization investors | 22999 | 26959 |
| Accounts receivable (net of allowance for credit losses of $3,021 and $2,663 at December 31, 2025 and 2024, respectively) | 113651 | 92150 |
| Inventories, net | 146039 | 133494 |
| Inventories, net - related parties | 821 | 989 |
| Accounts receivable, net - restricted for securitization investors | 141973 | 130060 |
| Equipment financing receivables, net | 2822 | 4600 |
| Equipment financing receivables, net - restricted for securitization investors | 92011 | 88288 |
| Prepaid expenses and other current assets | 28862 | 30534 |
| Total current assets | 675882 | 668157 |
| Equipment financing receivables, net | 4913 | 7633 |
| Property, plant, and equipment, net | 265250 | 248341 |
| Operating lease right-of-use assets | 20741 | 17080 |
| Equipment financing receivables, net - restricted for securitization investors | 470408 | 417672 |
| Deferred income tax asset | 3169 | 3220 |
| Debt issuance costs, net | 3461 | 2793 |
| Goodwill | 684230 | 666580 |
| Intangible assets, net | 754737 | 793666 |
| Other long-term assets | 3097 | 6963 |
| Total assets | $2885888 | $2832105 |
| **Liabilities and Stockholders' Equity/(Deficit)** |  |  |
| Current liabilities: |  |  |
| Current portion of long-term debt | $113 | $20896 |
| Accounts payable | 128662 | 141808 |
| Accounts payable - related parties | 1852 | 1338 |
| Asset backed borrowings - owed to securitization investors | 194180 | 170862 |
| Current operating lease liabilities | 5927 | 5502 |
| Other current liabilities | 153592 | 138259 |
| Total current liabilities | 484326 | 478665 |
| Long-term debt, net | 1354636 | 2034545 |
| Asset backed borrowings - owed to securitization investors | 424406 | 382910 |
| Deferred income tax liability | 169355 | 171103 |
| Long-term operating lease liabilities | 15745 | 12549 |
| Other long-term liabilities | 45302 | 29661 |
| Total liabilities | 2493770 | 3109433 |
| Commitments and contingencies (see Note 24) |  |  |
| Stockholders' equity/(deficit): |  |  |
| 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, 197,532,147 and 189,609,192 issued, respectively, and <br>197,532,147 and 125,290,718, outstanding, respectively<br>| 1975 | 1896 |
| Additional paid-in capital | 509369 | 189911 |
| (Accumulated deficit)/retained earnings | (176404) | 31527 |
| Accumulated other comprehensive income/(loss) | 57178 | (1752) |
| Treasury stock, at cost, 0 and 64,318,474 shares, respectively |  | (498910) |
| Total stockholders' equity/(deficit) | 392118 | (277328) |
| Total liabilities and stockholders' equity/(deficit) | $2885888 | $2832105 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Alliance Laundry Holdings Inc.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(in thousands, except per share amounts)**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>| **December 31,** <br>**2023**<br>|
| Net revenues: |  |  |  |
| Equipment, service parts and other | $1659680 | $1459746 | $1321427 |
| Equipment financing | 49557 | 48694 | 43727 |
| Net revenues | 1709237 | 1508440 | 1365154 |
| Costs and expenses: |  |  |  |
| Cost of sales | 1028073 | 914655 | 858286 |
| Cost of sales - related parties | 7322 | 6218 | 4466 |
| Equipment financing expenses | 31738 | 36316 | 29310 |
| Gross profit | 642104 | 551251 | 473092 |
| Selling, general, and administrative expenses | 324458 | 266444 | 237108 |
| Selling, general, and administrative expenses - related parties | 280 | 300 | 300 |
| Other costs |  | 494 |  |
| Total operating expenses | 324738 | 267238 | 237408 |
| Operating income | 317366 | 284013 | 235684 |
| Interest expense, net | 150501 | 132001 | 123397 |
| Other expenses, net | 28831 | 23376 | 7832 |
| Other expenses, net - related parties |  | 5187 |  |
| Income before taxes | 138034 | 123449 | 104455 |
| Provision for income taxes | 36279 | 25130 | 16226 |
| Net income | $101755 | $98319 | $88229 |
| Comprehensive income: |  |  |  |
| Net income | $101755 | $98319 | $88229 |
| Other comprehensive income/(loss): |  |  |  |
| Foreign currency translation adjustment | 59122 | (27439) | 6620 |
| Change in pension liability and other post-retirement benefits, net of taxes of $7, <br>($24) and ($1770) at December 31, 2025, 2024 and 2023, respectively <br>| (192) | 71 | 4949 |
| Total other comprehensive income/(loss) | 58930 | (27368) | 11569 |
| Comprehensive income | $160685 | $70951 | $99798 |
| Net income per share attributable to common stockholders: |  |  |  |
| Basic | $0.57 | $0.58 | $0.52 |
| Diluted | $0.56 | $0.56 | $0.51 |
| Weighted average number of common shares outstanding |  |  |  |
| Basic | 177002 | 170591 | 171087 |
| Diluted | 181443 | 174331 | 173642 |
| Dividends declared per share of common stock | $— | $5.28 | $— |

---

The accompanying notes are an integral part of these consolidated financial statements.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Alliance Laundry Holdings Inc.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY/(DEFICIT)**

**(in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common** <br>**Stock**<br>| **Paid-in** <br>**Capital**<br>| **Treasury** <br>**Stock**<br>| **(Accumulate**<br>**d Deficit)/**<br>**Retained** <br>**Earnings**<br>| **Accumulated** <br>**Other**<br>**Comprehensive** <br>**Income/(loss)**<br>| **Total**<br>**Stockholders'** <br>**Equity/(Deficit)**<br>|
| **Balances at December 31, 2022** | $1893 | $818565 | $(478510) | $110919 | $14047 | $466914 |
| Net income |  |  |  | 88229 |  | 88229 |
| Foreign currency translation adjustment |  |  |  |  | 6620 | 6620 |
| Change in pension liability and other <br>post-retirement benefits, net<br>|  |  |  |  | 4949 | 4949 |
| Exercise of stock options and taxes paid <br>for net share settlement<br>| 1 | (195) |  |  |  | (194) |
| Exercise of stock options |  | 24 |  |  |  | 24 |
| Repurchase of common stock |  |  | (18955) |  |  | (18955) |
| Share-based compensation |  | 3343 |  |  |  | 3343 |
| **Balances at December 31, 2023** | 1894 | 821737 | (497465) | 199148 | 25616 | 550930 |
| Net income |  |  |  | 98319 |  | 98319 |
| Foreign currency translation adjustment |  |  |  |  | (27439) | (27439) |
| Change in pension liability and other <br>post-retirement benefits, net<br>|  |  |  |  | 71 | 71 |
| Exercise of stock options and taxes paid <br>for net share settlement<br>| 2 | (1140) |  |  |  | (1138) |
| Exercise of stock options |  | 111 |  |  |  | 111 |
| Repurchase of common stock |  |  | (1445) |  |  | (1445) |
| Dividends |  |  |  | (265940) |  | (265940) |
| Return of capital |  | (634060) |  |  |  | (634060) |
| Share-based compensation |  | 3263 |  |  |  | 3263 |
| **Balances at December 31, 2024** | 1896 | 189911 | (498910) | 31527 | (1752) | (277328) |
| Net income |  |  |  | 101755 |  | 101755 |
| Foreign currency translation adjustment |  |  |  |  | 59122 | 59122 |
| Change in other post-retirement benefits, <br>net<br>|  |  |  |  | (192) | (192) |
| Exercise of stock options and taxes paid <br>for net share settlement<br>| 20 | (6355) |  | (1447) |  | (7782) |
| Exercise of stock options | 10 | 5687 |  |  |  | 5697 |
| Exercise of warrants | 453 | (453) |  |  |  |  |
| Issuance of common stock |  | 500 |  |  |  | 500 |
| Common stock issued pursuant to initial <br>public offering, net of offering costs<br>| 244 | 496788 |  |  |  | 497032 |
| Repurchase of common stock |  |  | (6205) |  |  | (6205) |
| Share-based compensation |  | 19519 |  |  |  | 19519 |
| Retirement of treasury stock | (648) | (196228) | 505115 | (308239) |  |  |
| **Balances at December 31, 2025** | $1975 | $509369 | $— | $(176404) | $57178 | $392118 |

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The accompanying notes are an integral part of these consolidated financial statements.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Alliance Laundry Holdings Inc.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

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| | | | |
|:---|:---|:---|:---|
|  | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>| **December 31,** <br>**2023**<br>|
| Cash flows from operating activities: |  |  |  |
| Net income | $101755 | $98319 | $88229 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| Depreciation and amortization | 93701 | 90169 | 88704 |
| Amortization and extinguishment of debt issuance costs | 4528 | 5559 | 4245 |
| Amortization of original issue discount | 6202 | 2620 | 1620 |
| Non-cash interest expense/(income) | 10299 | (700) | 6480 |
| Non-cash (gain)/loss on commodity & foreign exchange contracts, net | (751) | 657 | 52 |
| Non-cash foreign exchange loss/(gain), net | 25152 | (4654) | 486 |
| Non-cash stock-based compensation | 19519 | 3263 | 3343 |
| Non-cash (gain)/loss for pension and post-retirement benefit plans | (192) | 71 | 7362 |
| Loss on sale of property, plant, and equipment | 1291 | 318 | 487 |
| Provision for credit losses | 3622 | 7145 | 2075 |
| Deferred income taxes | (3340) | (31583) | (31101) |
| Other, net |  |  | (256) |
| Changes in assets and liabilities, net of the effects of acquisitions: |  |  |  |
| Accounts and equipment financing receivables, net | (9801) | 639 | 19619 |
| Accounts receivable - restricted for securitization investors | (12227) | 9071 | 8048 |
| Inventories, net | (6494) | 5776 | 30436 |
| Inventories, net - related party | 168 | 55 | (1044) |
| Equipment financing receivables, net - restricted for securitization investors | (32566) | (35065) | (35102) |
| Other assets | 3382 | 362 | 2400 |
| Accounts payable | (14012) | 5755 | (12391) |
| Accounts payable - related parties | 514 | (171) | 1509 |
| Other liabilities | 20935 | (12146) | 23515 |
| Net cash provided by operating activities | 211685 | 145460 | 208716 |
| Cash flows from investing activities: |  |  |  |
| Capital expenditures | (53668) | (43485) | (32686) |
| Acquisition of businesses, net of cash acquired | (12619) | (27948) | (15114) |
| Proceeds on disposition of assets | 292 | 2429 | 58 |
| Originations of equipment financing receivables, net - restricted for securitization <br>investors<br>| (102344) | (92092) | (86583) |
| Collections of equipment financing receivables, net - restricted for securitization <br>investors<br>| 76692 | 73336 | 82324 |
| Net cash used in investing activities | (91647) | (87760) | (52001) |
| Cash flows from financing activities: |  |  |  |
| Payments on revolving line of credit borrowings |  | (5674) | (2877) |
| Proceeds from long-term borrowings |  | 2064625 | 368 |
| Payments on long-term borrowings | (710000) | (1268000) | (90827) |
| Cash paid for debt establishment and amendment fees | (1967) | (2389) |  |
| Proceeds from initial public offering, net of issuance costs | 497032 |  |  |
| Increase in asset backed borrowings owed to securitization investors | 219829 | 204434 | 200969 |
| Decrease in asset backed borrowings owed to securitization investors | (155014) | (165898) | (180364) |
| Dividends paid |  | (265940) |  |
| Return of capital paid |  | (634060) |  |
| Repurchase of common stock | (6205) | (1445) | (18955) |
| Taxes paid related to net share settlement of stock options | (7782) | (1138) | (195) |
| Net proceeds from stock options exercised | 5697 | 111 | 24 |
| Proceeds from common stock issuance under employee purchase plan | 500 |  |  |
| Net cash used in financing activities | (157910) | (75374) | (91857) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (467) | (4253) | (804) |
| (Decrease)/increase in cash, cash equivalents, and restricted cash | (38339) | (21927) | 64054 |
| Cash, cash equivalents, and restricted cash at beginning of period | 188042 | 209969 | 145915 |
| Cash, cash equivalents, and restricted cash at end of period | $149703 | $188042 | $209969 |

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**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

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| | | | |
|:---|:---|:---|:---|
| Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated <br>Balance Sheets:<br>|  |  |  |
| Cash and cash equivalents | $123102 | $154682 | $182449 |
| Restricted cash | 3602 | 6401 | 3373 |
| Restricted cash - for securitization investors | 22999 | 26959 | 24147 |
| Total cash, cash equivalents, and restricted cash shown in the Statement of Cash <br>Flows<br>| $149703 | $188042 | $209969 |
| Supplemental disclosure of cash flow information: |  |  |  |
| Cash paid for interest | $122182 | $146660 | $106298 |
| Cash paid for interest - to securitized investors | $31696 | $34313 | $30100 |
| Cash paid for income taxes | $48725 | $54154 | $33716 |
| Supplemental disclosure of investing and financing non-cash activities: |  |  |  |
| Capital expenditures included in accounts payable | $3211 | $6292 | $1637 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**<u>[**Table of Contents**](#i8364880237134c8fabc4a4c601af1d41_7)</u>**

**Alliance Laundry Holdings Inc.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 - Description of Business and Basis of Presentation**

***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.

***Stockholders' Equity/(Deficit) and Capital Structure Changes***

On September 25, 2025, the Company's board of directors and stockholders approved a 142-for-1 stock split of the

company's issued and outstanding shares of common stock, including the shares of common stock underlying outstanding

stock options. This stock split was effected on September 26, 2025. All issued and outstanding share and per share amounts

of common stock and stock options included in the accompanying consolidated financial statements have been

retroactively adjusted to reflect this stock split for all periods presented. The par value of the common stock was not

adjusted as a result of the split and retained a par value of $0.01 per share. Accordingly, an amount equal to the par value of

the additional shares issued resulting from the stock split was reclassified from additional paid-in capital to common stock.

Additionally, on September 25, 2025 the board of directors retired and cancelled all treasury shares.

On September 25, 2025, Alliance Laundry Holdings Inc. filed a Certificate of Amendment to its Certificate of

Incorporation to amend the authorized shares to 2,000,000,000 shares of common stock and 100,000,000 shares of

preferred stock.

***Initial Public Offering***

The Company's registration statement on Form S-1 related to its initial public offering ("IPO") was declared effective

on September 30, 2025 and the Company's common stock began trading on the New York Stock Exchange on October 9,

2025. The Company's final prospectus (the "IPO Prospectus") was filed with the SEC on October 9, 2025. On October 10,

2025 (the "IPO Closing Date"), the Company closed its IPO pursuant to which 43,195,120 shares of its common stock

were sold, which includes the issuance and sale of 24,390,243 shares by the Company and the sale by a selling stockholder

of 18,804,877 shares, which includes the full exercise of the underwriters' option to purchase 5,634,146 additional shares,

at a price to the public of $22.00 per share. The Company received net proceeds of approximately $505.7 million, after

deducting the underwriting discounts and commissions and other offering expenses of approximately $30.8 million.

Additionally, other offering costs of $8.7 million, consisting of direct incremental legal, accounting, consulting and other

fees related to the IPO, were recorded as an offset to IPO proceeds in the Consolidated Statements of Stockholder's Equity/

(Deficit).

***Basis of Presentation and Principles of Consolidation***

The Consolidated Financial Statements include the accounts of ALH and all its majority-owned or controlled

subsidiaries that are consolidated in conformity with accounting principles generally accepted in the United States of

America ("U.S. GAAP"). The Company consolidates its Asset Backed Facilities trust in accordance with variable interest

entity accounting guidance as discussed in more detail in Note 6 - Asset Backed Facilities. All significant intercompany

transactions have been eliminated. Gains and losses from the translation of substantially all foreign currency financial

statements are recorded in the Accumulated other comprehensive income/(loss) within Stockholders' equity/(deficit).

**Note 2 - Significant Accounting Policies**

***Use of Estimates***

The preparation of financial statements in conformity with generally accepted accounting principles requires the

Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of

contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses

during the reporting period. Actual results could differ from those estimates.

***Cash, Cash Equivalents, and Restricted Cash***

All highly liquid instruments with an initial maturity of three months or less at the date of purchase are considered cash

equivalents. Restricted cash primarily represents cash in escrow accounts related to acquisitions and cash collection and

reserve accounts restricted for securitization investors.

***Earnings Per Share ("EPS")***

Basic net income per share of common stock is computed by dividing net income attributable to common stockholders

by the weighted average number of common shares outstanding during the respective reporting period.

Diluted net income per share of common stock is calculated by including the basic weighted-average shares of

common stock outstanding adjusted for the effects of all potential dilutive shares of common stock that are calculated using

the treasury stock method for stock options and warrants outstanding and unvested restricted stock. The treasury stock

method assumes that the Company uses the proceeds from the exercise of stock option awards to repurchase common stock

at the average market price during the period. The assumed proceeds under the treasury stock method include the purchase

price that the option holder will pay in the future and compensation cost for future service that the Company has not yet

recognized. For unvested restricted stock, assumed proceeds include unamortized compensation cost. Potential shares with

anti-dilutive effects are excluded from the diluted net income per share of common stock calculation.

***Revenue Recognition***

Revenue from product sales is recognized when all of the following criteria are met: (i) the Company and an

independent customer approve a contract with commercial substance, (ii) the performance obligations in the contract are

identified, (iii) the sales price is determinable and collectible, (iv) the sales price of a contract is allocated to each distinct

performance obligation and (v) the performance obligations have been satisfied through the transfer of control of the goods

to the customer. Generally, control is transferred when the risk and rewards of ownership are transferred to the customer.

Except for certain sales to international customers, which are recognized upon receipt by the customer, these criteria are

primarily satisfied and revenue is recognized upon shipment. See Note 3 – Net Revenues for more information.

Revenues are recorded net of sales incentive allowances, which are recognized as a deduction from sales at the time of

sale. Sales incentive allowances include customer promotional programs and volume rebates that require the Company to

estimate and accrue the ultimate costs of such programs. The Company maintains an accrual at the end of each period for

the earned, but unpaid costs related to such programs.

The Company offers certain customers the right to return eligible equipment and other purchases. Returns are not

significant for any period presented.

Deposits received from customers prior to satisfying revenue recognition performance obligations are recorded in

Other current liabilities. Customer deposits are recognized into revenue when control of the goods passes to the customer,

with conversion typically occurring within twelve months. The Company had customer deposits of $7.4 million and $10.4

million as of December 31, 2025 and 2024, respectively.

***Supplier Financing***

The Company participates in a supplier financing arrangement with a third-party financial institution that allows

suppliers to request early payment for eligible receivables at their sole discretion. These arrangements do not alter the

Company's obligations to its suppliers, including amounts due and scheduled payment terms. Obligations under the

supplier financing program are classified as Accounts payable in the Consolidated Balance Sheets. The Company discloses

the key terms of the program, the outstanding amount under the program at the end of each reporting period and provides

an annual rollforward of the related obligations. Refer to Note 23 - Supplier Financing for additional information regarding

the Company's supplier financing arrangements.

***Equipment Financing Receivables***

Equipment financing receivables, net reflect equipment loans that the Company expects to sell in the short-term to the

Company's existing securitization facility as well as other loans not eligible for sale to the facility. Equipment financing

receivables, net and Equipment financing receivables, net - restricted for securitization investors are stated at the principal

amount outstanding net of the allowance for credit losses. Interest income is accrued as earned on outstanding balances.

Recognition of income is suspended, and previously recorded accrued interest income is reversed, when it is determined

that collection of future income is not probable (after 89 days past due). Fees earned and incremental direct costs incurred

upon origination of equipment financing are not significant for any period presented.

In accordance with Accounting Standards Codification ("ASC") 230, Statement of Cash Flows, the Company records

cash flows associated with equipment loans provided directly to the Company's customers as operating cash flows. The

Company considers these lending activities to be an integral component of its primary revenue-generating operations, as

they directly support sales to customers and are part of the Company's ordinary course of business. The Company records

cash flows associated with equipment loans with borrowers who purchase their equipment through the Company's

independent distribution network as cash flows from investing activities. The Company considers these loans to be

investments that support sales through external channels rather than direct revenue-generating activities.

***Sales of Equipment Financing Receivables and Accounts Receivable***

The Company sells a majority of its trade and equipment financing receivables originated in the U.S. to special-

purpose bankruptcy remote entities and a related trust. In a subordinated capacity, the Company retains rights to the

residual portion of cash flows, including interest earned, from the equipment financing receivables sold. 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.

***Financing Program Revenue***

The Company sells trade and equipment financing receivables through its special-purpose bankruptcy remote entities

and a related trust. As servicing agent, the Company retains collection and administrative responsibilities for the accounts

and equipment financing receivables. The Company recognizes interest income on sold equipment financing receivables in

the period the interest is earned. The Company receives a servicing fee, based on the average outstanding balance, for the

equipment financing receivables sold. The Company does not establish a servicing asset or liability because the servicing

fee adequately compensates the Company for the retained servicing rights.

***Allowance for Credit Losses - Equipment Financing Receivables***

The allowance for credit losses is an estimate of losses inherent to 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 probable that certain receivables in the pool are impaired but that the

individual accounts cannot yet be identified. When determining estimates of probable credit loss 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.

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 probable 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.

The total allowance for credit losses as of December 31, 2025 and 2024 was $6.4 million and $5.9 million,

respectively. The reserve as a percentage of the total gross portfolio balance was 1.1% and 1.1% as of December 31, 2025

and 2024, respectively.

***Inventories***

Inventories are valued at cost, which approximate costs determined on the first-in, first-out method but not in excess of

net realizable value. The Company's policy is to evaluate all inventories for obsolescence on a quarterly basis. Inventory in

excess of the Company's estimated usage requirements is recorded at its estimated net realizable value. Inherent in the

estimates of net realizable value are estimates related to future manufacturing schedules, customer demand, possible

alternate uses and ultimate realization of potentially excess inventory.

***Accounts Receivable and Allowance for Credit Losses***

Accounts receivable consists primarily of trade receivables and is carried at sales value less allowance for credit losses,

representing the Company's estimate of the net amount expected to be realized in cash. The Company reviews the

allowance for credit losses on an ongoing basis, using historical payment trends, write-off experience, credit conditions,

economic conditions, and other specific customer circumstances, and adjustments are made to the allowance as necessary.

***Long Lived Assets***

Long lived assets (property, plant and equipment and other intangible assets with definite lives) are stated at cost, less

accumulated depreciation and amortization. Betterments and major renewals are capitalized and included in property, plant

and equipment while expenditures for maintenance and minor renewals are charged to expense. Other intangible assets

with definite lives consist primarily of customer agreements and distributor networks, engineering drawings, product

designs and manufacturing processes, trademarks, patents and computer software.

The costs of assets and related accumulated depreciation and amortization are eliminated when assets are retired or

otherwise disposed of and any resulting gain or loss is reflected in operating costs. Long-lived assets to be held and used

are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may

not be recoverable based upon related estimated future undiscounted cash flows. Impairment losses on assets to be held and

used are recognized, when required, when the fair value of the asset is less than its carrying value. Long-lived assets to be

disposed of by sale are reported at the lower of carrying amount or fair value less cost to sell.

Depreciation and amortization are computed over the estimated useful lives of the respective assets using the straight-

line method for financial reporting purposes and accelerated methods for income tax purposes. Depreciation provisions for

property, plant and equipment are based on the following estimated useful lives: buildings 40 years; machinery and

equipment (including production tooling) 5 to 10 years; vehicles 4 years; and data processing equipment 3 years. Leasehold

improvements are amortized over the lesser of the remaining life of the lease or the estimated useful life of the

improvement. Other intangible assets with definite lives are amortized over the assets' estimated useful lives which range

from three to nineteen years.

***Goodwill and Indefinite-Lived Intangible Assets***

Goodwill is tested for impairment at least annually, on October 1, and more frequently if an event occurs which

indicates that goodwill may be impaired. Accounting Standards Update ("ASU") No. 2017-04 Intangibles-Goodwill and

Other ("Topic 350"): Simplifying the Test for Goodwill allows companies to apply a one-step quantitative test and, as

applicable, record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair

value, not to exceed the total amount of goodwill allocated to the reporting unit. The estimated fair value is determined

using a combination of the income approach and the market approach which involves the use of estimates. Under the

income-based approach, fair value is estimated using the expected present value of future cash flows as determined with

the assistance of a third party. Estimating future cash flows to be generated by the reporting unit requires significant

judgments and assumptions by Management including sales, operating margins, royalty rates, discount rates, and future

economic conditions. The Company believes its assumptions to be consistent with those a market participant would use for

valuation purposes.

Several of the Company's tradenames and trademarks have been deemed to have an indefinite life as the Company

expects to continue to use these assets for the foreseeable future. There are no limitations of a legal, regulatory or

contractual nature that limit the period of time for which the Company can use these assets. The Company has the right to

continue to use these assets and can continue to do so with limited cost to the Company. The effects of obsolescence,

demand, competition and other economic factors are not expected to impact the indefinite life assumptions. Intangible

assets not subject to amortization (indefinite-lived intangible assets) are tested for impairment at least annually, on October

1, and more frequently if an event occurs which indicates the intangible asset may be impaired. The impairment test

consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized

if the carrying amount of an intangible asset exceeds its fair value in an amount equal to that excess, but not to exceed the

carrying amount of the intangible asset. The fair value of the tradenames and trademarks is determined with the assistance

of a third party using the relief-from-royalty method.

A considerable amount of management judgment and assumptions are required in performing the impairment tests,

principally in estimating future cash flows of each reporting unit and determining the fair value of the indefinite-lived

intangible assets.

There was no impairment of our indefinite-lived assets, including goodwill, for the years ended December 31, 2025,

2024 and 2023.

***Income Taxes***

The income tax provision is computed based on the pretax income included in the Consolidated Statements of

Comprehensive Income. Certain items of income and expense are not recognized on the Company's income tax returns and

financial statements in the same year, which creates timing differences or are permanently disallowed. The income tax

effect of these timing differences results in (1) deferred income tax assets that create a reduction in future income taxes and

(2) deferred income tax liabilities that create an increase in future income taxes. Recognition of deferred income tax assets

is based on management's belief that it is more likely than not that the income tax benefit associated with temporary

differences will be realized. The Company records a valuation allowance to reduce its net deferred income tax assets if,

based on its assessment of future taxable income, it is more likely than not that it will not be able to use these tax benefits.

The Company may have to adjust the valuation allowance if its estimate of future taxable income changes at any time.

Recording such an adjustment could have a material adverse effect on the Company's Consolidated Statements of

Comprehensive Income. The Company releases income tax effects from Accumulated other comprehensive (loss)/income

when individual assets or liabilities are sold, terminated or extinguished.

The Tax Cuts and Jobs Act was signed into federal law on December 22, 2017. The Act subjects a US shareholder to

current tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A,

Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy

election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide

for the tax expense related to GILTI in the year the tax is incurred. We have elected to recognize the tax on GILTI as a

period expense in the period the tax is incurred.

***Product Warranty Liabilities***

The costs of warranty obligations are estimated and provided for at the time of sale. 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 also sells

separately priced extended warranties associated with its commercial products. The Company recognizes extended

warranty revenues over the period covered by the warranty. The reserves for standard and extended warranties are included

in the table in Note 16 - Product Warranties.

***Advertising Expenses***

Advertising costs are expensed as incurred and are included in Selling, general and administrative expenses in the

Consolidated Statements of Comprehensive Income. These costs were approximately $16.0 million, $14.1 million and

$12.2 million for the year ended December 31, 2025, 2024 and 2023, respectively.

***Shipping and Handling Fees and Costs***

Shipping and handling fees charged to customers are reflected in Net revenues and shipping and handling expenses are

reflected in Cost of sales.

***Debt Issuance Costs and Original Issue Discount***

The Company enters into new, or amends existing, credit agreements to support its operations, fund acquisitions,

securitization activities, dividend distributions and other purposes. These refinancing activities and related costs, as well as

any capitalized costs and original issue discounts from prior transactions, are capitalized or expensed in accordance with

the debt modification and debt extinguishment accounting guidance. Debt issuance costs are amortized using the effective

interest rate method or straight line when straight line approximates the effective interest rate method.

In August 2024, the Company incurred $32.8 million of fees in connection with the execution of the Credit

Agreement. Of these fees, $30.4 million was expensed and included in Other expenses, net and Other expenses, net -

related parties in the Consolidated Statements of Comprehensive Income. The remaining $2.4 million related to the

revolving credit facility and was included in Other long-term assets in the Consolidated Balance Sheets. The Company also

recorded $10.4 million for original issuance discount in 2024 related to the Credit Agreement, which is included in Long-

term debt, net in the Consolidated Balance Sheets. Additionally, the Company wrote off a portion of the unamortized debt

issuance costs and original issuance discounts related to the Prior Credit Agreement, resulting in expense of $2.8 million

recorded in Other expenses, net in the Consolidated Statements of Comprehensive Income.

On February 20, 2025 we finalized an amendment to our Credit Agreement, which reduced the applicable margin on

the Term Loan and RCF. The Company incurred $1.0 million of fees in connection with this amendment which were

expensed and included in Other expenses, net in the Consolidated Statements 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 Company incurred $1.3 million of fees in connection with this amendment which were expensed

and included in Other expenses, net in the Consolidated Statements of Comprehensive Income.

The Company wrote off a portion of the unamortized debt issuance costs and original issuance discounts related to the

Prior Credit Agreement, resulting in expense of $1.3 million recorded in Other expenses, net in the Consolidated

Statements of Comprehensive Income for the year ended December 31, 2025.

See Note 18 - Debt for further information on the Credit Agreement.

***Foreign Currencies***

The functional currency of the Company's foreign subsidiaries is the local currency in which the subsidiary operates.

The Company translates the results of operations of its foreign entities using average exchange rates for each month while

balance sheet accounts are translated using exchange rates at the end of each period. The Company records the foreign

currency translation adjustments as a component of Accumulated other comprehensive income/(loss). Foreign exchange

transaction losses/(gains) recorded in earnings were $1.2 million, $0.7 million, and $(0.3) million for the year ended

December 31, 2025, 2024, and 2023 respectively. Additionally, foreign exchange losses/(gains) on intercompany loans of

$25.2 million, $(4.7) million, and $0.5 million were recorded in earnings for the years ended December 31, 2025, 2024,

and 2023, respectively, see Note 5 - Other Expenses, net for further information.

***Research and Development Expenses***

Research and development expenditures are expensed as incurred and are included in the Selling, general and

administrative expenses in the Consolidated Statements of Comprehensive Income. Research and development costs were

$29.7 million, $22.8 million and $22.8 million for the year ended December 31, 2025, 2024 and 2023, respectively.

***Fair Value of Other Financial Instruments***

The carrying amounts reported in the Consolidated Balance Sheets for Cash and cash equivalents, Restricted cash,

Restricted cash - for securitization investors, Accounts receivable, net, Accounts receivable, net - restricted for

securitization investors, Equipment financing receivables, net - restricted for securitization investors, Accounts payable and

Asset backed borrowings - owed to securitization investors approximate fair value either due to the short-term nature or

longer-term instruments which have interest at variable rates that re-price frequently. The fair value of interest rate swaps

and commodity and foreign exchange hedges are obtained based upon third party quotes.

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.

***Derivative Financial Instruments***

Changes in the fair value of derivatives are recognized in Net income or Accumulated other comprehensive income/

(loss), as appropriate. The Company does not designate any of its derivatives as hedges and, as such, records all changes in

fair values as a component of current earnings.

***Credit Risk***

Financial instruments that potentially subject the Company to concentrations of credit risk include trade accounts

receivable and equipment financing receivables. Concentrations of credit risk with respect to trade receivables and

equipment financing receivables are limited, to a degree, by the large number of geographically diverse customers that

make up the Company's customer base. The Company controls credit risk through credit approvals, credit limits,

monitoring procedures, and secured payment terms.

***Stock Based Compensation***

The Company issues stock-based compensation awards to employees in the form of service-based and performance-

based stock options (collectively, "option awards") and restricted stock units ("RSUs"). The awards are accounted for in

accordance with ASC 718, Compensation: Stock Compensation ("ASC 718"), by measuring the fair value as of the grant

date. Options awards have a term of 10 years and an exercise price equal to 100% of the fair market value of the

Company's common stock at the grant date. Granted service options vest in five equal annual installments of the stated

vesting commencement date with the potential for accelerated vesting upon a change in control of ALH. The RSUs granted

to employees generally vest ratably over four years. The Company has elected to recognize the resulting compensation

costs for service-based awards and RSUs on a straight-line basis over the requisite service period of the award.

Performance-based awards issued prior to our IPO were structured to vest upon the occurrence of a liquidity event,

defined as: (i) a Change in Control; (ii) a Public Offering; (iii) a SPAC Transaction; or (iv) a Direct Listing, provided that

our principal stockholder received aggregate proceeds in excess of a deemed investment threshold and achieved a specified

internal rate of return. The grant date fair value of these performance-based awards was estimated using a Monte Carlo

simulation model. In October 2025, in connection with the consummation of the Company's IPO, the awards fully vested,

and the Company recognized expense of $16.0 million in the fiscal quarter ended December 31, 2025.

For service-based awards, the Company uses the Black-Scholes option pricing model to measure the grant date fair

value. The Black-Scholes option pricing model incorporates several key assumptions that require significant judgment,

including the fair value of the underlying common stock, the risk-free interest rate, the expected term of the option, the

expected volatility of the Company's common stock, and the expected dividend yield. The Black-Scholes assumptions are

summarized as follows:

*•Fair value of common stock* - For awards granted prior to the IPO, and given the absence of a public trading

market, the Company exercised reasonable judgment and considered a number of objective and subjective factors

to determine the best estimate of the fair value of our common stock. Factors considered for the prior grants

included, but were not limited to: (i) the results of independent third-party valuations of the Company's common

stock; (ii) the lack of marketability of the Company's common stock; (iii) actual operating and financial results;

(iv) current business conditions and projections; (v) the likelihood of achieving a liquidity event, such as an initial

public offering or sale of the Company, given prevailing market conditions; and (vi) precedent transactions

involving the Company's shares. The Company has not granted stock options subsequent to the completion of the

IPO.

• *Risk-free interes*t rate - The risk-free interest rate is calculated using the average of the published interest rates of

U.S. Treasury zero coupon issues with maturities that are commensurate with the expected term.

*•Expected term* - The expected term of stock options has been determined in all periods presented using the

simplified method, which uses the midpoint between the vesting date and the contractual term, as the Company's

historical share option exercise experience does not provide a reasonable basis upon which to estimate the

expected term for service-based stock options.

*•Expected volatility* - Expected volatility is based on an analysis of reported data for a group of guideline publicly-

traded companies. For this analysis, the Company selects companies with comparable characteristics including

enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the

options. The Company determines expected volatility using an average of the historical volatilities of the guideline

group of companies.

*•Expected dividend yield* - The expected dividend yield is based on the expected annual dividend as a percentage of

the market value of the Company's common shares as of the grant date.

The Company recognizes forfeitures as they occur, and any previously recognized compensation expense is reversed

in the period of the forfeiture. See Note 20 - Stock Based Compensation.

***New Accounting Pronouncements Adopted***

In December 2023, the FASB issued ASU 2023-09 Income Taxes ("Topic 740"): Improvements to Income Tax

Disclosures Topic 740. The new guidance is intended to enhance the transparency of income tax disclosures, primarily

related to rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after

December 15, 2024. The guidance is effective on a prospective basis, though retrospective application is permitted. The

Company adopted ASU 2023-09 on a prospective basis for the fiscal year ended December 31, 2025, which modified our

annual disclosures but did not have a material impact on the Company's Consolidated Financial Statements.

***New Accounting Pronouncements to be Adopted***

In November 2024, the FASB issued ASU 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 July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326). This guidance

contains amendments that provide decision-useful information to investors and other financial statement users while

reducing the time and effort necessary to analyze and estimate credit losses for current accounts receivable and current

contract assets. The amendments will be 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. The Company is

evaluating the impact the new standard will have on its consolidated financial statements.

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.

**Note 3 – Net Revenues**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| **North America** |  |  |  |
| Equipment | $1052346 | $911160 | $819782 |
| Service parts | 128899 | 114482 | 101679 |
| Equipment financing | 49234 | 48142 | 42906 |
| Other | 38500 | 35350 | 32395 |
| Total North America Net revenues | 1268979 | 1109134 | 996762 |
| **International** |  |  |  |
| Equipment | 388470 | 350824 | 322563 |
| Service parts | 46128 | 41880 | 39254 |
| Equipment financing | 323 | 552 | 821 |
| Other | 5337 | 6050 | 5754 |
| Total International Net revenues | 440258 | 399306 | 368392 |
| Total Net revenues | $1709237 | $1508440 | $1365154 |

---

***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 Consolidated Balance Sheet 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 December 31, 2025 and 2024, the related accrual balances were $27.4 million and $23.1 million,

respectively. The accruals are recorded in Other current liabilities in the Consolidated Balance Sheet.

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.

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 $1.4 million and $1.0

million as of December 31, 2025 and 2024, respectively.

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 7 - 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 4 - Acquisitions**

On August 1, 2025, the Company acquired certain net assets of Metropolitan Laundry Machinery Sales Inc.

("Metropolitan Laundry"), a leading distributor of laundry equipment headquartered in South Richmond Hill, New York,

servicing the metro New York area. Prior to the acquisition, the Company had a preexisting relationship with Metropolitan

Laundry in the normal course of business. At the acquisition date, the Company had a receivable of $1.1 million that was

settled in connection with the acquisition. The purchase price allocation for this acquisition is complete.

On October 1, 2024, the Company paid cash to acquire certain net assets of Bestway Distributing Company

("Bestway"), a leading distributor of on-premise laundry equipment in Corona, California. Prior to the acquisition, the

Company had a preexisting relationship with Bestway in the normal course of business. At the acquisition date, the

Company had a receivable of $0.2 million that was settled in connection with the acquisition.

On September 1, 2024, the Company paid cash to acquire certain net assets of L&R Laundry, LLC DBA Alliance

Laundry Equipment ("L&R Laundry"), a premier provider of solutions for on-premise laundries and laundromats,

headquartered in Salt Lake City, Utah. Prior to the acquisition, the Company had a preexisting relationship with L&R

Laundry in the normal course of business. At the acquisition date, the Company had a receivable of $2.1 million that was

settled in connection with the acquisition.

On July 1, 2024, the Company paid cash to acquire certain net assets of Star Distributing Commercial Laundry

Equipment, Inc. ("Star Distributing"), a leader in providing solutions for on-premise laundries, laundromats, and multi-

housing applications and its parts business in Nashville, Tennessee. Prior to the acquisition, the Company had a preexisting

relationship with Star Distributing in the normal course of business. At the acquisition date, the Company had a receivable

of $1.1 million that was settled in connection with the acquisition.

On November 1, 2023 the Company paid cash to acquire certain net assets of Statewide Machinery, Inc. ("Statewide"),

a leader in providing solutions for on-premise laundries, laundromats, and multi-housing applications in Northern

Pennsylvania, as well as Buffalo, Syracuse, Rochester and Albany, New York and is headquartered in Batavia, New York.

Prior to the acquisition, the Company had a preexisting relationship with Statewide in the normal course of business. At the

acquisition date, the Company had a receivable of $1.5 million that was settled in connection with the acquisition.

On July 1, 2023, the Company paid cash to acquire certain net assets of Dynamic Laundry Systems, Inc. ("DSS"), a

distributor with more than three decades of experience in providing commercial laundry solutions in the Pacific Northwest

and is headquartered in Kirkland, Washington. Prior to the acquisition, the Company had a preexisting relationship with

DSS in the normal course of business. At the acquisition date, the Company had a receivable of $0.6 million that was

settled in connection with the acquisition.

On April 1, 2023, the Company paid cash to acquire certain net assets of Taylor Houseman, Inc. ("Taylor Houseman"),

distributor with more than two decades of experience in providing commercial laundry solutions in the Northern California

area and is headquartered in Pittsburg, California. Prior to the acquisition, the Company had a preexisting relationship with

Taylor Houseman in the normal course of business. At the acquisition date, the Company had a receivable of $0.03 million

that was settled in connection with the acquisition.

The following table summarizes the aggregate purchase price allocation of the estimated fair value of assets acquired

and liabilities assumed as of the acquisition date for these acquisitions.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Total purchase price | $11447 | $29697 | $16816 |
| **Allocation of purchase price:** |  |  |  |
| **Assets acquired:** |  |  |  |
| Accounts receivables | 28 | 2102 | 1992 |
| Inventories, net | 503 | 4126 | 3486 |
| Property, plant, and equipment, net | 140 | 706 | 1129 |
| Intangible assets - customer relationships | 3000 | 12500 | 5500 |
| **Total assets acquired** | $3671 | $19434 | $12107 |
| **Total liabilities assumed** | 404 | 1021 | 1331 |
| **Total net assets acquired** | $3267 | $18413 | $10776 |
| **Goodwill** | 8180 | 11284 | 6040 |
| **Total purchase price allocation** | $11447 | $29697 | $16816 |

---

Goodwill and Intangible assets related to acquisitions are included in the North America reportable segment and are

deductible for tax purposes over a 15 year period. The acquired customer relationship intangible assets acquired in 2025

were assigned a useful life of six years. The useful life assigned to customer relationship intangible assets acquired in 2024

and 2023 was seven years. Goodwill recognized in connection with these acquisitions reflect the strategic and synergistic

benefits expected be realized.

From the date of acquisition through December 31, 2025, the Consolidated Statements of Comprehensive Income

reflected contributions from companies acquired during the year of approximately $4.3 million in Net revenues. From the

date of acquisition through December 31, 2024, the Consolidated Statements of Comprehensive Income reflected

contributions from companies acquired during the year of approximately $8.2 million in Net revenues. From the date of

acquisition through December 31, 2023, the Consolidated Statements of Comprehensive Income reflected contributions

from companies acquired during the year of approximately $10.8 million in Net revenues. The acquisitions completed in

2025, 2024 and 2023 were immaterial to the consolidated financial statements.

**Note 5 - Other Expenses, net**

The following table presents a summary of Other expenses, net, as shown in the Consolidated Statements of

Comprehensive Income.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Foreign exchange losses/(gains) on intercompany loans | $25152 | $(4654) | $484 |
| Debt issuance cost write-offs and amendment expenses | 3679 | 28030 |  |
| Non-service components of net periodic pension expense |  |  | 337 |
| Pension settlement loss |  |  | 7011 |
| Other expenses, net | $28831 | $23376 | $7832 |

---

Foreign exchange losses/(gains) on intercompany loans result from intercompany loans where the lender or borrower's

functional currency differs from the loan denomination currency.

During 2023, the Company completed termination proceedings for the pension plan and recognized a settlement loss

of $7.0 million for the year ended December 31, 2023. See Note 17 - Pensions and Other Employee Benefits for further

information.

**Note 6 - 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 June 30, 2022 the Company entered the Seventh Amendment to the Asset Backed Equipment Facility to extend the

term of the agreement until June 30, 2025. As a result, the Company incurred $1.2 million of fees which were capitalized

and included in Debt issuance costs, net in the Consolidated Balance Sheets. These costs were being amortized over the

three-year life of the facility, which approximated the effective interest method. On June 25, 2024, the Company entered

into an agreement to increase the facility limit from a lender committed amount of $430.0 million to $460.0 million.

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 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 lender uncommitted amount of $30.0 million, which increased 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%. Additional

advances under the Asset Backed Equipment Facility are subject to certain continuing conditions, including but not limited

to: (i) covenant restrictions relating to the weighted average life, weighted average interest rate and the amount of fixed rate

equipment financing receivables held by the trust; (ii) the absence of a rapid amortization event or event of default, as

defined; (iii) the Company's compliance, as servicer, with certain financial covenants and (iv) no event having occurred

which materially and adversely affects the Company's operations.

The risk of loss to the note purchasers under the Asset Backed Equipment Facility resulting from default or dilution on

equipment financing receivables is mitigated by credit enhancement provided by the Company in the form of cash reserves

and over-collateralization. The Company also retains the servicing rights and receives a monthly servicing fee for the

equipment financing receivables sold at a 1.0% annual rate of the aggregate balance of such equipment financing

receivables.

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 5.0% at December 31, 2025. 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, the trust will not be permitted to request new borrowings, 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 December 31, 2025 was 8.43% with terms

ranging primarily from two to twelve years. The weighted-average remaining expected life of equipment financing

receivables held by the trust was approximately 3.42 years at December 31, 2025. 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 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. The Company

incurred $0.3 million of fees in connection with the amendment which were capitalized and included in Debt issuance

costs, net in the Consolidated Balance Sheets. These costs were amortized over three-year revolving life of the facility,

which approximates the effective interest method.

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 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

December 31, 2025. The lender also earns an unused facility fee of 0.35% of the unfunded portion of each lender's

commitment amount.

After May 1, 2028, ALTR LLC will not be permitted to request new borrowings, and the outstanding borrowings will

amortize over 180 days with any remaining balance due at maturity.

Additional advances under the Asset Backed Facilities are subject to certain continuing conditions, including but not

limited to: (i) covenant restrictions relating to the weighted average life, weighted average interest rate and the amount of

fixed rate equipment financing receivables held by the trust; (ii) the absence of a rapid amortization event or event of

default, as defined; (iii) the Company's compliance, as servicer, with certain financial covenants and (iv) no event having

occurred which materially and adversely affects the Company's operations.

The variable funding notes issued under the Asset Backed Facilities will commence amortization, and borrowings

under the Asset Backed Facilities will cease prior to the end of the Revolving Period, or May 1, 2028, upon the occurrence

of certain "rapid amortization events" which include: (i) a borrowing base shortfall exists and remains uncured; (ii)

delinquency, dilution, or default ratios on pledged receivables and equipment financing receivables exceeding certain

specified ratios in any given month; (iii) the days sales outstanding on receivables exceed a specified number of days; (iv)

the occurrence and continuance of an event of default or servicer default under the Asset Backed Facilities, including but

not limited to, as servicer, a material adverse change in our business or financial condition and the Company's compliance

with certain required financial covenants; and (v) a number of other specified events. As of December 31, 2025, no rapid

amortization events have occurred.

All the residual beneficial interests in the trust and ALTR LLC and cash flows remaining from the pool of receivables

after payment of all obligations under the Asset Backed Facilities will accrue to the benefit of Alliance Laundry. The

Company provides no support or recourse for the risk of loss relating to default on the assets transferred to the trust and

ALTR LLC except for the retained interests and amounts of the letters of credit outstanding from time to time as credit

enhancement.

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 7 - Securitization Activities**

The following lines of the Company's 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

• 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 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)* | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| Cash reserve accounts | $5718 | $5217 |
| Collection accounts - accounts receivable | 935 | 1579 |
| Collection accounts - equipment financing receivables | 16346 | 20163 |
| Restricted cash - for securitization investors | $22999 | $26959 |

---

***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.

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

investors.

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| Accounts receivable - restricted for securitization investors | $143764 | $132017 |
| Less: Allowance for accounts receivable credit losses | (1791) | (1957) |
| Accounts receivable, net - restricted for securitization investors | 141973 | 130060 |
| Less: Asset backed borrowings - owed to securitization investors | (113176) | (93772) |
| Company's residual interest in securitized accounts receivable | $28797 | $36288 |

---

The following table presents the Company's residual interests in Equipment financing receivables, net - restricted for

securitization investors.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| *(in thousands)* | **Current** | **Long-term** | **Current** | **Long-term** |
| Equipment financing receivables - restricted for <br>securitization investors<br>| $93614 | $474292 | $88901 | $422054 |
| Less: Allowance for equipment financing receivables <br>credit losses<br>| (1603) | (3884) | (613) | (4382) |
| Equipment financing receivables, net - restricted for <br>securitization investors<br>| 92011 | 470408 | 88288 | 417672 |
| Less: Asset backed borrowings - owed to securitization <br>investors<br>| (81004) | (424406) | (77090) | (382910) |
| Company's residual interest in securitized equipment <br>financing receivables<br>| $11007 | $46002 | $11198 | $34762 |

---

***Asset Backed Borrowings - Owed to Securitization Investors***

The asset backed borrowings owed to securitization investors in the Company's Consolidated Balance Sheets

represents the third-party noteholders' interest in accounts receivable and equipment financing receivables. The following

table presents the future minimum payments on asset backed borrowings.

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Related to Trade** <br>**Receivables**<br>| **Related to Equipment** <br>**Financing Receivables**<br>| **Total Securitization** <br>**Debt**<br>|
| 2026 | $113176 | $81004 | $194180 |
| 2027 |  | 82704 | 82704 |
| 2028 |  | 77416 | 77416 |
| 2029 |  | 70668 | 70668 |
| 2030 |  | 60592 | 60592 |
| Thereafter |  | 133026 | 133026 |
| Securitization Debt | $113176 | $505410 | $618586 |

---

***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.

The following table, shown in thousands, presents credit quality disclosures and an aging analysis of past due, non-

performing and current equipment financing receivables by class and vintage:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| **Securitized** |  |  |  |  |  |  |  |
| Current | $185415 | $136144 | $97584 | $60113 | $31519 | $38916 | $549691 |
| 30-59 Days |  | 1158 | 1007 | 7 | 156 | 392 | 2720 |
| 60-89 Days |  | 2433 | 313 | 73 | 855 |  | 3674 |
| Total past due accruing |  | 3591 | 1320 | 80 | 1011 | 392 | 6394 |
| Over 89 Days non-performing | 737 | 5105 | 2724 | 1286 | 1068 | 901 | 11821 |
| Total Securitized | $186152 | $144840 | $101628 | $61479 | $33598 | $40209 | $567906 |
| Current period gross charge-offs | $— | $13 | $220 | $77 | $577 | $442 | $1329 |
| **Unsecuritized** |  |  |  |  |  |  |  |
| Current | $319 | $1104 | $55 | $1221 | $1564 | $3285 | $7548 |
| 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 | $1104 | $55 | $1420 | $2255 | $3497 | $8650 |
| Current period gross charge-offs | $— | $— | $— | $227 | $58 | $170 | $455 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| **Securitized** |  |  |  |  |  |  |  |
| Current | $173629 | $134152 | $81055 | $48562 | $24282 | $37260 | $498940 |
| 30-59 Days | 1022 | 234 | 275 | 49 | 55 | 126 | 1761 |
| 60-89 Days | 371 | 842 |  | 759 |  | 132 | 2104 |
| Total past due accruing | 1393 | 1076 | 275 | 808 | 55 | 258 | 3865 |
| Over 89 Days non-performing | 615 | 3227 | 1231 | 1262 | 618 | 1197 | 8150 |
| Total Securitized | $175637 | $138455 | $82561 | $50632 | $24955 | $38715 | $510955 |
| Current period gross charge-offs | $— | $277 | $66 | $115 | $42 | $384 | $884 |
| **Unsecuritized** |  |  |  |  |  |  |  |
| Current | $1308 | $60 | $1792 | $3275 | $76 | $5527 | $12038 |
| 30-59 Days |  |  |  | 49 |  | 28 | 77 |
| 60-89 Days |  |  |  |  |  | 11 | 11 |
| Total past due accruing |  |  |  | 49 |  | 39 | 88 |
| Over 89 Days non-performing |  | 27 | 310 | 414 |  | 248 | 999 |
| Total Unsecuritized | $1308 | $87 | $2102 | $3738 | $76 | $5814 | $13125 |
| Current period gross charge-offs | $— | $— | $6 | $302 | $38 | $387 | $733 |

---

The Company elected to exclude accrued interest receivable from the amortized cost basis. At December 31, 2025 and

2024, accrued interest was $2.3 million and $2.2 million, respectively, which we report in Prepaid expenses and other

current assets in the Consolidated Balance Sheets. The Company's securitized equipment financing receivable losses, on a

total portfolio basis, as a percentage of average balances outstanding were 0.2%, 0.2% and 0.1% for each of the years

ended December 31, 2025, 2024 and 2023.

The following table presents activity in the allowance for credit losses related to equipment financing receivables held

on the Consolidated Balance Sheets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Balance at** <br>**Beginning of** <br>**Period**<br>| **Current** <br>**Period** <br>**Provision**<br>| **Actual** <br>**Write-Off's**<br>| **Recoveries** | **Impact of** <br>**Foreign** <br>**Exchange** <br>**Rates**<br>| **Balance at** <br>**End of** <br>**Period**<br>|
| Unsecuritized Equipment Financing <br>Receivables Portfolio<br>|  |  |  |  |  |  |
| Period ended: |  |  |  |  |  |  |
| December 31, 2025 | $892 | 286 | (455) | 108 | 84 | $915 |
| December 31, 2024 | $1340 | 332 | (733) | 4 | (51) | $892 |
| December 31, 2023 | $1147 | 285 | (212) | 83 | 37 | $1340 |
| Securitized Equipment Financing <br>Receivables Portfolio - restricted for <br>securitization investors<br>|  |  |  |  |  |  |
| Period ended: |  |  |  |  |  |  |
| December 31, 2025 | $4995 | 1756 | (1329) | 65 |  | $5487 |
| December 31, 2024 | $1190 | 4660 | (884) | 29 |  | $4995 |
| December 31, 2023 | $691 | 900 | (407) | 6 |  | $1190 |

---

***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 and extinguishment of debt issuance costs.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Amortization expense and extinguishment of debt issuance costs | $772 | $703 | $703 |

---

**Note 8 - Inventories**

The following table summarizes our inventories as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **2025** | **2024** |
| Finished goods | $63559 | $63528 |
| Raw materials | 62335 | 52948 |
| Work in process | 20966 | 18007 |
| Inventories, net | $146860 | $134483 |

---

**Note 9 - Property, Plant and Equipment**

The following table summarizes our Property, Plant and Equipment as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| (in thousands) | **2025** | **2024** |
| Land | $11074 | $9941 |
| Buildings and leasehold improvements | 166798 | 149651 |
| Finance leases | 2019 | 2206 |
| Machinery and equipment | 364634 | 331925 |
|  | 544525 | 493723 |
| Less: accumulated depreciation | (319647) | (272132) |
|  | 224878 | 221591 |
| Construction in progress | 40372 | 26750 |
| Total Property, plant and equipment, net | $265250 | $248341 |

---

Depreciation expense was $42.0 million, $39.7 million and $38.6 million for the years ended December 31, 2025,

2024 and 2023, respectively.

**Note 10 - Leases**

We lease certain property, information technology equipment, warehouse equipment, vehicles and other equipment

through operating leases. We recognize a lease liability and corresponding right-of-use ("ROU") asset based on the present

value of lease payments. Our lease agreements may include options to extend or terminate the lease. When it is reasonably

certain that we will exercise an option, we include the option in the recognition of ROU assets and lease liabilities. The

Company used the short-term lease practical expedient which permits the Company to not capitalize leases with a term

equal to or less than 12 months.

The Company has elected the practical expedient to include fixed non-lease components of lease payments for the

purpose of calculating lease right-of-use assets and liabilities. Non-lease components that are not fixed are expensed as

incurred as variable lease payments.

The Company's lease agreements do not provide an implicit rate to determine the present value of lease payments. As

such, the Company uses its incremental borrowing rate to determine the present value of lease payments. The Company

derives its incremental borrowing rate from information available at the lease commencement date, which represents a

collateralized rate of interest the Company would have to pay to borrow over a similar term an amount equal to the lease

payments in a similar economic environment.

We sublease certain real estate to third parties. Our sublease portfolio consists of operating leases, resulting in a

nominal amount of sublease income for the year ended December 31, 2025, 2024 and 2023.

The components of lease expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>| **December 31,** <br>**2023**<br>|
| Operating lease expense | $7048 | $7181 | $7142 |
| Variable lease expense | 1454 | 1751 | 1511 |
| Short-term lease expense | 2796 | 2284 | 1252 |
| Total Operating lease expense | $11298 | $11216 | $9905 |

---

The variable lease expenses generally include common area maintenance, property taxes and mileage.

Supplemental information related to leases was as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operating Leases** |  |  |
| Operating lease right-of-use assets | $20741 | $17080 |
| Current liabilities | $5927 | $5502 |
| Long-term liabilities | $15745 | $12549 |
| **Weighted average remaining lease term** |  |  |
| Operating leases | 4.5 | 4.1 |
| **Weighted Average discount rates** |  |  |
| Operating leases | 5.5% | 5.6% |

---

Supplemental Cash Flow Information:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Cash paid for amounts included in the measurement of Operating <br>lease liabilities<br>| $6055 | $6112 | $3950 |
| Operating lease ROU assets obtained in the exchange for <br>Operating lease liabilities<br>| $9785 | $4703 | $3009 |

---

Maturities of operating lease liabilities were as follows:

---

| | |
|:---|:---|
| *(in thousands)* | **December 31, 2025** |
| Amounts Due In |  |
| 2026 | $7174 |
| 2027 | 5808 |
| 2028 | 4156 |
| 2029 | 3280 |
| 2030 | 2517 |
| Thereafter | 2126 |
| Total lease payments | 25061 |
| Less: Imputed interest | (3389) |
| Total | $21672 |

---

**Note 11 - Goodwill and Other Intangibles**

***Other Intangibles***

The following table presents a summary of identifiable intangible assets as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **Gross Amount** | **Accumulated** <br>**Amortization**<br>| **Net Amount** | **Weighted** <br>**Average Life** <br>**Remaining**<br>|
| Identifiable intangible assets: |  |  |  |  |
| Trademarks and tradenames, indefinite lives | $407005 | $— | $407005 | Indefinite |
| Trademarks and tradenames, definite lives | 16423 | 12008 | 4415 | 2.75 years |
| Customer agreements and distributor network | 752513 | 411663 | 340850 | 8.02 years |
| Engineering and manufacturing designs and <br>processes<br>| 66983 | 66983 |  | 0.00 years |
| Patents | 644 | 480 | 164 | 8.77 years |
| Computer software and other | 20158 | 17855 | 2303 | 3.48 years |
|  | $1263726 | $508989 | $754737 |  |

---

The Company's trademarks and tradenames have renewal terms and the costs to renew these intangible assets are

expensed as incurred. At December 31, 2025, the trademarks have a weighted average time until the next renewal of 4.73

years.

The following table presents a summary of identifiable intangible assets as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **Gross Amount** | **Accumulated** <br>**Amortization**<br>| **Net Amount** | **Weighted** <br>**Average Life** <br>**Remaining**<br>|
| Identifiable intangible assets: |  |  |  |  |
| Trademarks and tradenames, indefinite lives | $407005 | $— | $407005 | Indefinite |
| Trademarks and tradenames, definite lives | 14207 | 9017 | 5190 | 4.50 years |
| Customer agreements and distributor network | 733657 | 358769 | 374888 | 9.02 years |
| Engineering and manufacturing designs and <br>processes<br>| 64382 | 60053 | 4329 | 0.67 years |
| Patents | 644 | 452 | 192 | 9.31 years |
| Computer software and other | 16016 | 13954 | 2062 | 3.76 years |
|  | $1235911 | $442245 | $793666 |  |

---

The Company's indefinite-lived intangible assets are the Speed Queen, Huebsch and UniMac trademarks. The

trademarks were determined to have an indefinite useful life as the Company expects to continue to use these assets for the

foreseeable future.

The indefinite-lived trademarks are tested for impairment at least annually and more frequently if an event occurs

which indicates the intangible asset may be impaired. The Company performs the annual impairment test of its indefinite-

lived intangible assets on October 1 of each year and more frequently if an event occurs which indicates intangible assets

may be impaired. The impairment test consists of a comparison of the fair value of the intangible asset with its carrying

value amount. An impairment loss is recognized if the carrying amount of an intangible asset exceeds its fair value in an

amount equal to that excess, but not to exceed the carrying amount of the intangible asset. The fair value of the tradenames

and trademarks is determined with the assistance of a third party using the relief-from-royalty method.

Based on the impairment tests, the Company did not record an impairment charge for the years ended December 31,

2025, 2024 and 2023 as the fair values of the Speed Queen, UniMac, and Huebsch trademarks were in excess of their

carrying values as of December 31, 2025, 2024 and 2023.

Amortization expense of the Company's definite-lived intangibles consisted of the following.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Amortization expense | $51681 | $50515 | $50151 |

---

Estimated amortization expense for existing definite-lived intangible assets beginning in 2026 is expected to be

approximately $49.6 million, $49.3 million, $47.7 million, $45.3 million and $44.9 million for each of the years in the

succeeding five-year period ending December 31, 2030. Estimated amortization expense can be affected by various factors

including future acquisitions or divestitures of trademark, licensing or distribution rights.

***Goodwill***

The following table presents the changes in carrying amount of goodwill by reporting unit. The North America

reporting unit is included within the North America reportable segment. The Europe, Asia, and Middle East & Africa

reporting units are included within the International reporting segment. There has been no goodwill allocated to the Retail

Operations or Latin America reporting units, therefore these reporting units have been excluded from this presentation.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **North America** | **Europe** | **Asia** | **Middle East &** <br>**Africa**<br>| **Consolidated** |
| Balance, December 31, 2023⁽¹⁾ | $583307 | $53438 | $14341 | $9026 | $660112 |
| Goodwill acquired | 11284 |  |  |  | 11284 |
| Measurement period adjustments | (34) |  |  |  | (34) |
| Currency translation |  | (4481) | (75) | (226) | (4782) |
| Balance, December 31, 2024⁽¹⁾ | $594557 | $48957 | $14266 | $8800 | $666580 |
| Goodwill acquired | 8180 |  |  |  | 8180 |
| Measurement period adjustments | (262) |  |  |  | (262) |
| Currency translation |  | 9120 | 152 | 460 | 9732 |
| Balance, December 31, 2025⁽¹⁾ | $602475 | $58077 | $14418 | $9260 | $684230 |

---

**_____________________**

(1)The carrying amount of goodwill is presented net of accumulated impairment losses of $112.5 million, $95.8 million and $104.1 million as of

December 31, 2025, 2024 and 2023, respectively.

On October 1 of each year, and more frequently if an event occurs which indicates goodwill may be impaired, the

Company performs an annual impairment test of its goodwill. Based on the impairment tests, the Company did not record

an impairment charge for the years ended December 31, 2025, 2024 or 2023.

**Note 12 - 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.

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 nonperformance 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 into derivative financial instruments for trading or speculative purposes.

***Interest Rate Risk***

Borrowings outstanding under the Term Loan totaled $1,365.0 million at December 31, 2025. 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 December 31, 2025 would increase/decrease annual interest expense

by $2.3 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 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 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%.

***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 December 31, 2025, and 2024, the Company had no outstanding

foreign currency contracts.

The Company's primary translation exchange risk exposures at December 31, 2025 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 December 31, 2025, the Company was managing $3.1 million notional value of nickel forward

contracts and less than $0.1 million of copper forward contracts. At December 31, 2024, the Company was managing $1.7

million notional value of nickel forward contracts.

The Company presents its derivatives at gross fair values in the 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 Consolidated Balance Sheets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025**<br>**Fair Value (Level 2)** | **December 31, 2025**<br>**Fair Value (Level 2)** | **December 31, 2025**<br>**Fair Value (Level 2)** | **Location on**<br>**Balance Sheet** | **Term** |
| *(in thousands)* | **Notional**<br>**Amount** | **Assets** | **Liabilities** | **Location on**<br>**Balance Sheet** | **Term** |
| **Undesignated derivatives:** | **Notional**<br>**Amount** | **Assets** | **Liabilities** | **Location on**<br>**Balance Sheet** | **Term** |
| Interest rate swap | $750000 | $— | $3341 | Other current liabilities and <br>long-term liabilities<br>| Various through 4/3/2028 |
| Commodity hedges | 3177 | 281 | 14 | Prepaid expenses and other <br>current assets and Other current <br>liabilities<br>| Various through 1/5/27 |
| Interest rate cap | 55091 | 38 |  | Other long-term assets | Various through 9/15/31 |
| Total undesignated <br>derivatives<br>|  | $319 | $3355 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024**<br>**Fair Value (Level 2)** | **December 31, 2024**<br>**Fair Value (Level 2)** | **December 31, 2024**<br>**Fair Value (Level 2)** |  | **Term** |
| *(in thousands)* | **Notional**<br>**Amount** | **Assets** | **Liabilities** | **Location on**<br>**Balance Sheet** | **Term** |
| **Undesignated derivatives:** | **Notional**<br>**Amount** | **Assets** | **Liabilities** | **Location on**<br>**Balance Sheet** | **Term** |
| Interest rate swap | $600000 | $6805 | $— | Prepaid expenses and other <br>current assets and Other assets<br>| Through 9/1/27 |
| Commodity hedges | 1742 |  | 34 | Other current liabilities  | Various through 12/31/25 |
| Interest rate cap | 67441 | 191 |  | Other long-term assets | Various through 9/15/31 |
| Total undesignated <br>derivatives<br>|  | $6996 | $34 |  |  |

---

The following table presents the combined cash and non-cash effects of derivative instruments on the Company's

Consolidated Statements of Comprehensive Income.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Gain/(Loss) Recognized on**<br>**Undesignated Derivatives** | **Gain/(Loss) Recognized on**<br>**Undesignated Derivatives** | **Gain/(Loss) Recognized on**<br>**Undesignated Derivatives** |
| *(in thousands)* | **Location in Consolidated Statements** <br>**of Comprehensive Income** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Undesignated Derivatives** | **Location in Consolidated Statements** <br>**of Comprehensive Income** | **2025** | **2024** | **2023** |
| Interest rate swap | Interest expense, net | $(5014) | $10778 | $2899 |
| Foreign currency hedges | Cost of sales | 488 | (730) | 65 |
| Commodity hedges | Cost of sales | 276 | (147) | (113) |
| Interest rate cap | Interest expense, net | (152) | 38 | 368 |
|  |  | $(4402) | $9939 | $3219 |

---

Changes in the fair value of the derivative contracts are included as a non-cash adjustment to net income in the

operating activities section in the Consolidated Statements of Cash Flows.

**Note 13 - Fair Value Measurements**

The fair value of the Company's term debt approximates carrying amounts. As of December 31, 2025 and 2024, the

Company's fair value of long-term debt was $1,368.4 million and $2,085.4 million, respectively, using Level 2 inputs.

Derivatives are recorded at fair value based upon third-party quotes, see Note 12 - Derivative Financial Instruments

for further information.

**Note 14 - Other Current Liabilities**

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

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Salaries, wages and other employee benefits | $42814 | $40493 |
| Product warranties | 30420 | 26561 |
| Accrued interest | 14159 | 5787 |
| Accrued sales incentives | 27422 | 23704 |
| Income taxes | 9501 | 15000 |
| Other current liabilities | 29276 | 26714 |
|  | $153592 | $138259 |

---

**Note 15 - Income Taxes**

The Company uses the asset and liability method of accounting for income taxes whereby deferred income taxes are

recorded for the future tax consequences attributable to differences between the financial statement and tax bases of assets

and liabilities. Deferred income tax assets and liabilities are measured using tax rates expected to apply to taxable income

in the years in which those temporary differences are expected to be recovered or settled. Deferred income tax assets and

liabilities are revalued to reflect new tax rates during the periods in which rate changes are enacted. Management believes,

based on the operating earnings in prior years, expected reversals of taxable temporary differences and reliance on future

earnings, that it is more likely than not that the majority of the recorded net deferred tax assets are fully realizable.

There are various factors that may cause the Company's tax assumptions to change in the near term and as a result the

Company may have to increase or decrease its valuation allowance against net deferred income tax assets. The Company

assesses the impact of significant changes to the U.S. federal, foreign and state income tax laws and regulations on a

regular basis and updates the assumptions and estimates used to prepare its Consolidated Financial Statements when new

regulations and legislation are enacted.

Geographic sources of Income before taxes is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Domestic | $75457 | $61941 | $53071 |
| Foreign | 62577 | 61508 | 51384 |
|  | $138034 | $123449 | $104455 |

---

The Provision for income taxes consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Current: |  |  |  |
| Federal | $19733 | $35839 | $29585 |
| State | 6570 | 7142 | 6732 |
| Foreign | 16585 | 13790 | 9238 |
| Total current | 42888 | 56771 | 45555 |
| Deferred: |  |  |  |
| Federal | (1327) | (23948) | (18757) |
| State | (2318) | (5021) | (5386) |
| Foreign | (2964) | (2672) | (5186) |
| Total deferred | (6609) | (31641) | (29329) |
| Provision for income taxes | $36279 | $25130 | $16226 |

---

ASU 2023-09, which has been adopted prospectively, requires the disaggregation of cash income tax payments. Our

cash income tax payments in 2025 were as follows:

---

| | |
|:---|:---|
| *(In thousands)* | **Year Ended December 31, 2025** |
| U.S. federal | $24850 |
| State: |  |
| Other | 6061 |
| State subtotal | 6061 |
| Foreign: |  |
| Czech Republic | 13211 |
| Other | 4603 |
| Foreign subtotal | 17814 |
| Total income taxes paid | $48725 |

---

The Company has elected to prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740):

Improvements to Income Taxes Disclosures. The following table presents the reconciliation between tax expense at the

U.S. federal statutory income tax rate and the effective income tax rate for income before taxes after the Company's

adoption of ASU 2023-09:

---

| | | |
|:---|:---|:---|
| *(In thousands)* | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| **US Federal Statutory Income Tax Rate** | $28987 | 21.0% |
| Domestic State and Local Income Taxes, net of federal effect\* | 2950 | 2.1% |
| **Domestic Federal** |  |  |
| Tax Credits |  |  |
| Foreign Tax Credit | (3006) | (2.2)% |
| Other | (775) | (0.6)% |
| Changes in valuation allowance - Foreign Tax Credit  | 2444 | 1.8% |
| Nontaxable and Nondeductible Items |  |  |
| Excess tax benefits of stock-based payments | (3054) | (2.2)% |
| Officers compensation limitation - IRC Section 162(m) | 5150 | 3.7% |
| Other | 2225 | 1.6% |
| Cross-Border Tax Laws |  |  |
| Other | 83 | 0.1% |
| Other | 639 | 0.4% |
| **Foreign Tax Effects** |  |  |
| Brazil | 1041 | 0.8% |
| Czech Republic | 1042 | 0.8% |
| Luxembourg |  |  |
| Changes in valuation allowance | (3785) | (2.7)% |
| Changes in net operating losses | 3774 | 2.7% |
| Other | 14 | —% |
| Thailand |  |  |
| Statutory income tax rate differential  | (2652) | (1.9)% |
| Other | 1347 | 1.0% |
| Other Foreign Jurisdictions | (301) | (0.2)% |
| Worldwide Changes in Unrecognized Tax Benefits | 156 | 0.1% |
| Effective Tax Rate | $36279 | 26.3% |

---

![](all-20251231_g8.gif)

\*State taxes in California, Michigan, Florida, and Pennsylvania made up the majority (greater than 50 percent) of the

tax effect in this category.

The following table presents the reconciliation between tax expense at the U.S. federal statutory income tax rate and

the effective income tax rate for income before taxes, prior to the Company's adoption of ASU 2023-09:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Statutory U.S. federal tax rate | 21.0% | 21.0% |
| State taxes, net of federal benefit | 1.4% | 1.8% |
| Foreign rate differential | (0.9)% | (1.9)% |
| Change in unrecognized tax benefit | 0.3% | 0.9% |
| Valuation allowance | (7.2)% | (0.2)% |
| Rate change | (0.9)% | (1.9)% |
| Foreign tax credit | (3.5)% | (2.7)% |
| U.S. tax on foreign earnings | 5.1% | 5.2% |
| Provision to Return | 5.9% | (4.1)% |
| Research and development tax credit | (0.6)% | (0.9)% |
| Stock-based compensation | (0.2)% | (0.1)% |
| Foreign-derived intangible income deduction | (1.1%) | (1.3)% |
| BEPS Pillar Two tax | 1.0% | —% |
| Other, net | 0.1% | (0.3)% |
| Effective income tax rate | 20.4% | 15.5% |

---

The following table presents the temporary differences which give rise to the deferred tax assets and liabilities.

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Deferred income tax liabilities: |  |  |
| Goodwill | $(34823) | $(35022) |
| Intangible assets | (177649) | (186575) |
| Property, plant and equipment | (11257) | (13047) |
| Deferred financing costs | (2297) |  |
| Unremitted Foreign Earnings | (3307) |  |
| Other | (3974) | (5851) |
| Deferred income tax liabilities | (233307) | (240495) |
| Deferred income tax assets: |  |  |
| Inventory | 1464 | 1808 |
| Debt issuance costs |  | 4766 |
| Product warranties | 16862 | 12725 |
| Net operating loss and credit carry forwards | 21373 | 22608 |
| Other assets | 5767 | 6096 |
| Pensions and employee benefits | 5890 | 5626 |
| Interest limitation | 23648 | 18868 |
| Research and development costs | 654 | 13627 |
| Unrealized Foreign Exchange Gain/Loss | 4034 |  |
| Other | 1249 | 505 |
| Gross deferred income tax assets | 80941 | 86629 |
| Less: valuation allowance | (13820) | (14017) |
| Deferred income tax assets | 67121 | 72612 |
| Net deferred income tax liability | $(166186) | $(167883) |

---

The Company has recorded valuation allowances for certain tax attributes and other net deferred tax assets. At this

time, sufficient uncertainty exists regarding the future realization of these net deferred tax assets. A valuation allowance in

the amount of $13.8 million has been recorded against the deferred tax assets for the US foreign tax credit and the losses in

various countries where future earnings are not assured. If, in the future, the Company believes that it is more likely than

not that these deferred tax benefits will be realized, the valuation allowances will be reversed and recognized in income.

At December 31, 2025, the Company does not have any U.S. federal and state net operating loss carryforwards. The

Company's U.S. federal and state credit carryforwards were approximately $4.1 million and $6.0 million, respectively. The

federal credit carryforwards will expire in 6-10 years. The state credit carryforwards will expire in 1-15 years.

As of December 31, 2025, the Company has foreign net operating loss carryforwards of $49.7 million, of which $40.7

million has a valuation allowance reserve. The remaining foreign net operating loss carryforward of $9.0 million is

expected to be fully utilized prior to expiration. The foreign net operating loss carryforwards will expire in 1-12 years.

No income taxes have been provided on undistributed earnings of foreign subsidiaries that are deemed to be

permanently reinvested at December 31, 2025. In addition to the one-time transition tax imposed on all accumulated

foreign undistributed earnings through December 31, 2017, undistributed earnings of foreign subsidiaries as of

December 31, 2025 may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply.

We assert indefinite reinvestment on investments in certain foreign subsidiaries and do not in other foreign subsidiaries.

The Company has recorded deferred income taxes for related outside basis differences, including applicable foreign

withholding taxes and other taxes that would be due upon remittance. The related tax expense (benefit) is recognized in the

period the Company no longer meets (or cannot support) the indefinite reinvestment assertion.

The Company has approximately $4.5 million of unrecognized tax benefits as of December 31, 2025, 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. Accrued interest and penalties related to the reserve for uncertain tax

positions were $0.9 million at December 31, 2025, $0.8 million at December 31, 2024, and $0.5 million at December 31,

2023. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. 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, 2022 and after for Belgium, 2022 and after for the Czech Republic, and 2020 and after for

Luxembourg.

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits,

excluding interest and penalties:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Beginning balance | $4546 | $4381 | $3497 |
| Additions based on tax positions related to the current year | 369 | 499 | 660 |
| Subtractions based on lapse of statute | (438) | (279) | (105) |
| (Subtractions)/additions based on tax positions related to the prior year | 50 | (55) | 329 |
| Ending balance | $4527 | $4546 | $4381 |

---

*Tax Holidays*

In Thailand, we have been granted a long-term tax holiday which is scheduled to expire in 2027. The tax benefit

related to the tax holiday is less due to the Qualified Domestic Minimum Top-up Tax enacted in Thailand in 2025. The

following table presents the effects of income tax expense exemptions available to the Company.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands, except per share amounts)* | **2025** | **2024** | **2023** |
| Tax benefit related to tax holidays | $1125 | $2917 | $3547 |
| Impact of tax holiday on basic net income per share | $0.01 | $0.02 | $0.02 |
| Impact of tax holiday on diluted net income per share | $0.01 | $0.02 | $0.02 |

---

**Note 16 - 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.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** |
| Balance at beginning of period | $51787 | $43653 |
| Currency translation adjustment | 281 | (126) |
| Accruals charged to earnings | 45571 | 32406 |
| Payments made during the period | (28479) | (24146) |
| Balance at end of period | $69160 | $51787 |

---

Product warranty of $30.4 million and $26.6 million is recorded in Other current liabilities in the Consolidated Balance

Sheets as of December 31, 2025 and 2024, respectively. Product warranty of $38.7 million and $25.2 million is recorded in

Other long-term liabilities in the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.

**Note 17 - Pensions and Other Employee Benefits**

***Defined benefit pension plan***

We maintained a defined benefit pension plan covering certain U.S. employees whose hire date was on or before

January 1, 2009, for salaried employees, or January 1, 2006 for hourly employees. On February 1, 2022, the Board of

Directors approved an amendment to freeze benefits and terminate the salaried and hourly pension plan. The plan

discontinued accruing benefits on March 31, 2022 and termination was effective April 30, 2022.

During 2022, the Company offered participants the option to be fully paid out in a lump sum or to be paid over time

through an annuity. Lump sum settlement elections were fully satisfied in 2022, with payments of $26.3 million made from

plan assets. In 2023, the Company finalized an insurance placement for the annuity purchasers in the amount of $36.3

million. Additionally, the Company contributed $2.0 million to the pension plan and reduced the liability thereunder to

zero.

For the period ended December 31, 2023, the Company recorded a charge of $6.9 million related to the termination of

the pension plan in the Consolidated Statements of Comprehensive Income. The costs were primarily comprised of the pre-

tax losses from the pension plan that were recorded and held in Accumulated other comprehensive income/(loss).

The following table presents the components of pension expense.

---

| | |
|:---|:---|
| *(in thousands)* | **Year Ended December 31, 2023** |
| Service cost benefits earned during the period | $— |
| Interest cost on projected benefit obligation | 466 |
| Expected return on plan assets | (129) |
| Amortization of net actuarial losses | 66 |
| Settlement loss | 6945 |
| Net pension loss | $7348 |

---

The following table presents the assumptions used in determining net pension benefit cost.

---

| | |
|:---|:---|
|  | **Year Ended December 31, 2023** |
| Discount rate | 5.20% |
| Expected long-term rate of return on assets | 2.01% |

---

The Company used a 2.0% long-term rate of return on assets assumption in determining the net pension benefit cost

for 2023.

The following table presents the changes in the plan's benefit obligation, the fair value of plan assets, and the plan's

funded status.

---

| | |
|:---|:---|
| *(in thousands)* | **2023** |
| Change in benefit obligation: |  |
| Benefit obligation at beginning of period | $37205 |
| Service cost |  |
| Interest cost | 466 |
| Actuarial loss | 336 |
| Benefits paid | (1171) |
| Plan termination settlements | (36836) |
| Benefit obligation at end of period | $— |
| Change in plan assets: |  |
| Fair value of plan assets at beginning of period | $36063 |
| Actual return on plan assets | (6) |
| Employer contributions | 1950 |
| Benefits paid | (1171) |
| Plan termination settlements | (36836) |
| Fair value of plan assets at end of period | $— |
| Funded status (liability) | $— |

---

***Post-retirement benefits***

In the U.S., the Company also provides post-retirement benefit plans including health care, salary continuation and

death benefits for eligible retirees and their dependents. Alliance Laundry's healthcare benefits cover retired employees

upon early retirement up to age 65. The retiree medical plan's eligibility changed effective December 31, 2015. Non-union

employees must have attained age 55 and 15 years of service by December 31, 2015 in order to be eligible for future retiree

medical benefits. Prior to the change, employees with more than 10 years of service were eligible for these benefits if they

reach age 62 while working for the Company. Retiree health plans are paid for in part by retiree contributions and are

adjusted annually. Benefits are provided through various insurance companies whose charges are based either on the

benefits paid during the year or annual premiums.

The following table presents the components of other post-retirement benefit cost.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Service cost benefits earned during the period | $87 | $104 | $95 |
| Interest cost on projected benefit obligation | 61 | 66 | 66 |
| Amortization of prior service (credit) | (21) | (21) | (21) |
| Amortization of net actuarial (gain) | (120) | (125) | (126) |
| Net other post-retirement benefit cost | $7 | $24 | $14 |

---

The assumed discount rates used in determining the net other post-retirement benefit cost were 5.60%, 5.00%, and

5.20% for the year ended December 31, 2025, 2024 and 2023, respectively.

The following table provides a reconciliation of benefit obligations, plan assets, and the funded status of the net other

post-retirement benefit plans.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Change in benefit obligation: |  |  |
| Benefit obligation at beginning of period | $1103 | $1370 |
| Service cost | 87 | 104 |
| Interest cost | 61 | 66 |
| Actuarial gain | 114 | (240) |
| Benefits paid | (153) | (197) |
| Benefit obligation at end of period | $1212 | $1103 |
| Change in plan assets: |  |  |
| Contributions | $153 | $197 |
| Benefits paid | (153) | (197) |
| Fair value of plan assets at end of year | $— | $— |
| Funded status (liability) | $(1212) | $(1103) |
| Amounts recognized in Consolidated Balance Sheets: |  |  |
| Other current liabilities | $(177) | $(159) |
| Other long-term liabilities | (1035) | (944) |
|  | $(1212) | $(1103) |

---

The assumed discount rates used to determine the net other post-retirement benefit obligation were 5.5% at

December 31, 2025 and 5.6% at December 31, 2024. The Company uses a December 31 measurement date for these plans.

Annual rates of increase in the per capita cost of covered healthcare benefits of 7.7% and 6.9% were assumed in 2025

and 2024, respectively, to determine the benefit obligation at the end of the year. The rates in 2025 and 2024 are assumed

to decrease gradually to 4.0% until 2050 and remain at that level thereafter.

The following table presents the projected benefit payments from the plans.

---

| | |
|:---|:---|
| **Year** | **Other Benefits** |
| 2026 | $177 |
| 2027 | 163 |
| 2028 | 112 |
| 2029 | 94 |
| 2030 | 59 |
| 2031 and thereafter | 607 |

---

The following table is a roll forward showing changes to amounts recognized in Accumulated other comprehensive

income/(loss).

---

| | |
|:---|:---|
|  | **Other Benefits** |
| Balances at December 31, 2023 | $1771 |
| Net gain | 240 |
| Amortization of net gain | (125) |
| Other recognition of prior service (credit) | (21) |
| Deferred tax | (23) |
| Balances at December 31, 2024 | 1842 |
| Net (loss) | (115) |
| Amortization of net gain | (120) |
| Other recognition of prior service (credit) | (21) |
| Deferred tax | 64 |
| Balances at December 31, 2025 | $1650 |

---

Eligible U.S. employees are able to participate in the Alliance Laundry Systems Capital Appreciation Plan

("ALCAP"). ALCAP is a qualified plan under Sections 401(a) and 401(k) of the Internal Revenue Code. In addition, the

Company makes a discretionary annual contribution to the ALCAP equal to one and a half percent of salaries and wages,

subject to statutory limits, for eligible union personnel. Under the terms of ALCAP, covered employees are allowed to

contribute up to 50 percent of their pay on a pre-tax basis up to the limit established by the Internal Revenue Service. The

Company matches 100 percent of the first six percent of the employee's contributions for all non-union personnel. The

Company matches 50 percent of the first six percent of the employee's contributions for all union personnel. Total expense

for ALCAP, including discretionary contributions, was $8.6 million, $7.1 million and $6.6 million for the year ended

December 31, 2025, 2024 and 2023, respectively.

**Note 18 - Debt**

The following table presents the Company's debt, other than debt related to securitization activities discussed in Note

6 - Asset Backed Facilities and Note 7 - Securitization Activities.

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| Term Loan due August 2031 (5.98% and 7.84% as of December 31, 2025 and 2024, <br>respectively)<br>| $1365000 | $2075000 |
| Finance lease obligations | 236 | 359 |
| Gross long-term debt | 1365236 | 2075359 |
| Less: current portion of Term Loan |  | (20750) |
| Less: current portion of finance lease obligations | (113) | (146) |
| Less: unamortized debt issuance costs on Term Loan | (3496) | (6725) |
| Less: unamortized original issue discount on Term Loan | (6991) | (13193) |
| Long-term debt, net | $1354636 | $2034545 |

---

The Company's effective interest rate on our Term Loan was 6.01% as of December 31, 2025, after taking into

account the impact of issuance costs.

***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. At closing, the Borrower borrowed

$2,075.0 million of aggregate principal of the Term Loan and did not borrow under the RCF. Upon closing, the Borrower

used the net proceeds of the Term Loan to repay outstanding borrowings under its existing credit facility at the time and to

fund a stockholder dividend distribution. 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% 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 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 expenses, net in the 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 expenses, net in the

Consolidated Statement of Comprehensive Income. As of December 31, 2025, the interest rate under the RCF was 6.12%.

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 December 31, 2025, the commitment fee was 0.25%.

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.

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 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 December 31, 2025.

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 $102.0 million is

available for the issuance of letters of credit. There were no letters of credit outstanding and the RCF was not drawn as of

December 31, 2024 and December 31, 2025.

***Other Debt***

As discussed in greater detail in Note 7 - Securitization Activities, the Company had total debt outstanding of $618.6

million and $553.8 million related to its securitization activities as of December 31, 2025 and December 31, 2024,

respectively.

***Prior Refinanced and Terminated Debt***

On October 9, 2020, Alliance Holdings entered into a credit agreement, by and among Alliance Holdings, Alliance

Laundry as the Borrower, the lenders party thereto and UBS AG, as Administrative Agent (the "Prior Credit Agreement").

The Prior Credit Agreement provided for (i) an initial term loan facility in the aggregate principal amount of $1,325.0

million and (ii) an initial revolving facility of $125.0 million principal amount of revolving commitments. This term loan,

set to mature in 2027, was paid off early in 2024 with proceeds from the term loan associated with the Credit Agreement

entered into on August 19, 2024.

On December 2018, an indirect wholly-owned subsidiary of the Company, Alliance Laundry (Thailand) Company

Limited, entered into a 7.5 million Thai Baht revolving credit facility ("Thailand Revolving Credit Facility"). The Thailand

Revolving Credit Facility was terminated on August 8, 2024.

In July 2020, a subsidiary of the Company, Alliance do Brasil Maquinas DE Lavanderia Ltda., entered into an import

financing agreement with the Banco Santander (Brasil) S.A. ("Brazil Import Loan"). The loan was guaranteed by the

Company through a letter of credit in the amount of $2.0 million. The loan allowed for a $2.0 million maximum of

issuances and a maturity of two years after each draw. The loan was used to fund laundry equipment purchases. Effective

December 12, 2024, the Brazil Import letter of credit was terminated.

***Debt Issuance Costs and Original Issue Discount***

In February 2025 and August 2025, the Company incurred $1.0 million and $1.3 million, respectively, of fees in

connection amendments to the Credit Agreement. These fees were expensed and included in Other Expenses, net in the

Consolidated Statements of Comprehensive Income. Additionally, the Company wrote off a portion of the unamortized

debt issuance costs and original issuance discounts related to the Prior Credit Agreement, resulting in expense of $1.3

million recorded in Other expenses, net in the Consolidated Statements of Comprehensive Income for the year ended

December 31, 2025.

In August 2024, the Company incurred $32.8 million of fees in connection with the execution of the Credit Agreement

of which $30.4 million was expensed immediately and the remaining $2.4 million was capitalized. These fees were

expensed and included in Other Expenses, net and Other expenses, net - related parties in the Consolidated Statements of

Comprehensive Income. The Company also capitalized $10.4 million for original issuance discount in 2024 related to the

New Credit Agreement, which is included in Long-term debt, net in the Consolidated Balance Sheets. Additionally, the

Company wrote off a portion of the unamortized debt issuance costs and original issuance discounts related to the Prior

Credit Agreement, resulting in additional expense of $2.8 million. This amount was also recorded in Other expenses, net in

the Consolidated Statements of Comprehensive Income for the current period.

The following table presents a summary of other disclosure items related to the Company's debt.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(dollars in thousands)* | **2025** | **2024** | **2023** |
| Amortization expense - debt issuance costs | $3756 | $4856 | $3542 |
| Amortization expense - original issue discount | $6202 | $2620 | $1620 |

---

***Debt Maturities and Liquidity Considerations***

The aggregate scheduled maturities of long-term debt in subsequent years, are as follows:

---

| | |
|:---|:---|
| **Year** | **Amount Due** |
| 2026 | $113 |
| 2027 | 79 |
| 2028 | 30 |
| 2029 | 14 |
| 2030 |  |
| Thereafter | 1365000 |
|  | 1365236 |
| Less: Current portion | (113) |
| Less: unamortized debt issuance costs on Term Loan | (3496) |
| Less: unamortized original issue discount on Term Loan | (6991) |
| Long-term debt | $1354636 |

---

**Note 19 - Stockholders' Equity**

***Dividends***

On August 14, 2024, the Company's board of directors approved a special dividend totaling $900.0 million to common

stockholders and warrant holders of record as of August 13, 2024 and subsequently paid in 2024. There were no dividends

declared or paid in the year-ended December 31, 2025.

***Preferred Stock***

We are authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series; to

establish the number of shares included within each series; to fix the rights, preferences and privileges of the shares of each

wholly unissued series and any related qualifications, limitations or restrictions; and to increase or decrease the number of

shares of any series (but not below the number of shares of a series then outstanding) without any further vote or action by

our stockholders. As of December 31, 2025 and 2024, there were 100,000,000 shares of $0.01 par value preferred stock

authorized for issuance, with no shares issued or outstanding.

***Common Stock***

Our Amended and Restated Certificate of Incorporation authorizes us to issue 2,000,000,000 shares of common stock.

***Accumulated Other Comprehensive Income/(Loss)***

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Pension Liability,** <br>**and Other Post-**<br>**retirement Benefits,**<br>**Net**<br>| **Foreign** <br>**Currency** <br>**Translation**<br>| **Total** |
| Balance as of December 31, 2022 | $(3178) | $17225 | $14047 |
| Other comprehensive income/(loss) before reclassifications | 68 | 6620 | 6688 |
| Amounts reclassified from accumulated other comprehensive <br>income/(loss)<br>| 4881 |  | 4881 |
| Net other comprehensive income | 4949 | 6620 | 11569 |
| Balance as of December 31, 2023 | 1771 | 23845 | 25616 |
| Other comprehensive income/(loss) before reclassifications | 149 | (27439) | (27290) |
| Amounts reclassified from accumulated other comprehensive <br>income/(loss)<br>| (78) |  | (78) |
| Net other comprehensive income/(loss) | 71 | (27439) | (27368) |
| Balance as of December 31, 2024 | 1842 | (3594) | (1752) |
| Other comprehensive income/(loss) before reclassifications | (16) | 59122 | 59106 |
| Amounts reclassified from accumulated other comprehensive <br>income/(loss)<br>| (176) |  | (176) |
| Net other comprehensive (loss)/income | (192) | 59122 | 58930 |
| Balance as of December 31, 2025 | $1650 | $55528 | $57178 |

---

The following table presents the effect of the reclassifications out of Accumulated other comprehensive income/(loss)

on the Consolidated Statements of Comprehensive Income.

---

| | | | |
|:---|:---|:---|:---|
|  | **Gain/(loss) Reclassified** | **Gain/(loss) Reclassified** | **Gain/(loss) Reclassified** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Pension and post-retirement benefits, pre-tax: |  |  |  |
| Amortization of prior service credit<sup>(1)</sup> | $(21) | $(21) | $(21) |
| Amortization of actuarial gain<sup>(1)</sup> | (120) | 125 | 60 |
| Settlement loss<sup>(2)</sup> |  |  | (6538) |
| Reclassification before tax | (141) | 104 | (6499) |
| Tax provision/(benefit) | 35 | 26 | (1618) |
| Total reclassification from accumulated other comprehensive (loss)/<br>income<br>| $(176) | $78 | $(4881) |

---

**________________**

(1)Amortization of prior service credit and actuarial gain are included in the Company's net pension benefit cost, which is allocated between Cost of

sales and Selling, general and administrative expenses within the Company's Consolidated Statements of Comprehensive Income.

(2)Settlement loss is included in Other expenses, net within the Company's Consolidated Statements of Comprehensive Income. Refer to Note 17 -

Pensions and Other Employee Benefits, for more information.

**Note 20 - Stock Based Compensation**

***2015 Stock Option Plan***

In 2015, ALH established a stock option plan (the "2015 Stock Option Plan") to award options to purchase shares of

the Company's common stock to directors, officers, key employees and service providers of the Company. In connection

with the IPO, 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. Under the plan, options have a

term of 10 years and an exercise price equal to 100% of the fair market value of the Company's common stock at the grant

date. Granted time-based options vest in five equal annual installments of the stated vesting commencement date with the

potential for accelerated vesting upon a change in control of ALH. In connection with the IPO on October 9, 2025, all then-

outstanding performance-based options vested. When options are exercised, the Company issues new shares of common

stock.

The Company accounts for the 2015 Stock Option Plan awards under the equity classification model as the Company

expects to share settle the awards. ASC 718, Compensation - Stock Compensation, requires that a company measure the

fair market value of the awards as of the grant date. The Company has elected to recognize the compensation cost on a

straight-line basis over the requisite service period of the award.

The following table presents a summary of the Company's stock option activity related to the 2015 Stock Option Plan.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Options** | **Weighted** <br>**Average Exercise** <br>**Price** <br>**(Per Share)**<br>| **Weighted** <br>**Average** <br>**Remaining** <br>**Contractual** <br>**Term**<br>| **Aggregate** <br>**Intrinsic Value**<br>**(in millions)**<br>|
| Options outstanding as of December 31, 2024 | 12624831 | $6.10 |  |  |
| Granted | 1144286 | 12.41 |  |  |
| Exercised | (4244373) | 4.82 |  |  |
| Forfeited | (410743) | 10.16 |  |  |
| Options outstanding as of December 31, 2025 | 9114001 | $7.31 | 5.6 | $118.81 |
| Options exercisable as of December 31, 2025 | 7994912 | $6.88 | 5.3 | $107.71 |

---

For the year ended December 31, 2025, the Company issued 572,143 time-based options and 572,143 performance-

based options.

For performance-based options, the Company uses the Monte Carlo valuation simulation to measure the grant date fair

value. For service-based options, the Company uses the Black-Scholes option price model to measure the grant date fair

value. Assumptions used to determine fair value of each option were based upon historical and standard industry valuation

practices and methodology. A summary of the weighted average assumptions are as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Expected volatility | 38.00% | 37.00% | 38.00% |
| Expected dividend yield | 0.00% | 0.00% | 0.00% |
| Expected forfeiture rate | 0.00% | 0.00% | 0.00% |
| Expected term of option | 6.5 years | 6.5 years | 6.5 years |
| Risk-free rate of return | 4.40% | 3.56% | 4.12% |

---

The weighted-average grant date fair value of time-based options issued under the 2015 Stock Option Plan were $5.04,

$4.63, and $5.88 per share option for the respective 2025, 2024, and 2023 periods. The weighted-average grant date fair

value of performance-based options issued under the 2015 Stock Option plan was $1.20, $2.00, and $2.40 per share option

for the respective 2025, 2024, and 2023 periods.

At December 31, 2025, the Company had approximately $3.2 million of total unrecognized compensation cost related

to unvested time-based stock options granted to employees, to be recognized over a weighted average period of 3.4 years.

At December 31, 2024, the Company had approximately $4.4 million of total unrecognized compensation cost related to

unvested time-based stock options granted, to be recognized over a weighted average period of 2.3 years. Total expense

recognized for performance-based options was $16.0 million for the year-ended December 31, 2025, as the awards fully

vested upon the Company's IPO. As of December 31, 2025, the Company had no unrecognized compensation cost related

to unvested performance-based stock options, compared to approximately $10.2 million as of December 31, 2024. No

expense was recognized for these awards in 2024 or 2023, as achievement of the performance conditions were not

considered probable.

The following table presents a summary of other disclosure items related to the 2015 Stock Option Plan:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025**<br>| **Year Ended**<br>**December 31, 2024**<br>| **Year Ended**<br>**December 31, 2023**<br>|
| Intrinsic value of options exercised | $44703 | $4700 | $865 |
| Compensation expense recognized | $18697 | $3263 | $3344 |
| Income tax benefit | $4648 | $811 | $834 |

---

Compensation expense is included in Selling, general and administrative expenses within the Consolidated Statements

of Comprehensive Income.

***2025 Omnibus Incentive Compensation Plan***

In 2025, ALH adopted the 2025 Omnibus Incentive Compensation Plan (the "2025 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") and cash incentive awards. Stock options and stock

appreciation rights granted under the plan generally must have an exercise price of at least 100% of the fair market value of

our Common Stock on the grant date. The Company has initially reserved 9,864,490 shares of Common Stock for issuance

under the 2025 Compensation Plan, subject to adjustment for certain corporate transactions. The number of shares available

for issuance under the 2025 Compensation Plan will be increased automatically on January 1 of each calendar year prior to

the plan's expiration, by a number of shares equal to 2.5% of the shares outstanding on the last day of the immediately

preceding calendar year, subject to the Compensation Committee's discretion to reduce or eliminate the increase for any

given year.

During the year-ended December 31, 2025 the Company granted RSUs to certain employees and non-employee

directors. The RSUs granted to employees generally vest ratably over four years, while the RSUs granted to non-employee

directors fully vest on the first anniversary of the grant date. The fair value of RSUs is determined based on the closing

market value of our common stock on the grant date. The Company has elected to recognize the compensation cost on a

straight-line basis over the requisite service period of the award.

The following table presents a summary of the Company's non-vested restricted stock unit awards:

---

| | | |
|:---|:---|:---|
|  | **Restricted Units** | **Weighted Average Price** |
| Non-vested as of December 31, 2024 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 400442 | 24.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (4545) | 24.99 |
| Non-vested as of December 31, 2025 | 395897 | $24.99 |

---

For the year-ended December 31, 2025, the Company recognized $0.8 million in compensation expense for restricted

stock units. As of December 31, 2025, the Company had approximately $9.1 million of total unrecognized compensation

cost related to non-vested restricted stock units which is expected to be recognized over a weighted-average period of 3.5

years.

***2025 Employee Stock Purchase Plan***

On September 25, 2025, ALH adopted the 2025 Employee Stock Purchase Plan (the "ESPP"). The ESPP allows the

Company to make one or more offerings to its employees to purchase shares under the ESPP. The first offering will begin

and end on dates to be determined by the plan administrator. The ESPP allows participants to purchase Common Stock

through contributions of their eligible compensation, subject to limitations established by the plan administrator. The

purchase price of the Common Stock will be 85% of the lesser of the fair market value of our Common Stock on the

applicable offering start date or the applicable purchase date (provided that a higher price may be determined by the plan

administrator). The Company has initially reserved 2,959,347 shares of Common Stock for issuance under the ESPP. The

number of shares available for issuance under the ESPP will be increased automatically on January 1 of each calendar year

for ten years, beginning on the first January 1 following the effective date of the ESPP, by a number of shares of our

Common Stock equal to the lesser of (i) 0.5% of the shares outstanding on the last day of the immediately preceding

calendar year; and (ii) a number of shares as may be determined by the Administrator; provided that the total number of

shares issued under the plan shall not exceed 20,715,430. As of December 31, 2025, the ESPP has not been activated and

there were no offering periods during 2025.

**Note 21 - 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.

The Company issued penny warrants, exercisable after the original issuance date, granting the holders the right to

purchase common shares of the Company with par value of $0.01 per share at an issuance price of $0.01 per share. On June

30, 2025, all 45,315,182 warrants were exercised and therefore no warrants remained outstanding as of December 31,

2025. The Company had 45,315,182 outstanding warrants as of December 31, 2024, and 2023, with an exercise price of

$0.01. Given the nominal exercise price, the warrants were considered to be outstanding in the context of basic net income

per share of common stock, and thus are included in the computation of basic and diluted net income per share of common

stock for the years ended December 31, 2025, 2024, and 2023. The holder of a warrant was entitled to receive all dividends

or other distributions payable on the common shares unless a corresponding adjustment was made to the number of

common shares issuable upon exercise of the warrant and the exercise price of the warrants.

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

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands, except per share amounts)* | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Numerator** |  |  |  |
| Income available to common stockholders (basic and diluted) | $101755 | $98319 | $88229 |
| **Denominator** |  |  |  |
| Weighted-average number of common shares outstanding | 154654938 | 125276092 | 125771530 |
| Weighted-average number of warrants outstanding | 22347235 | 45315182 | 45315182 |
| Basic — weighted average number of shares outstanding | 177002173 | 170591274 | 171086712 |
| Effect of dilutive securities - time-vested options | 3685947 | 3740138 | 2555148 |
| Effect of dilutive securities - performance-based options | 753454 |  |  |
| Effect of dilutive securities - restricted stock units | 984 |  |  |
| Diluted — weighted average number of shares outstanding | 181442558 | 174331412 | 173641860 |
| **Earnings per share** |  |  |  |
| Basic | $0.57 | $0.58 | $0.52 |
| Diluted | $0.56 | $0.56 | $0.51 |

---

The following potential ordinary shares, presented based on amounts outstanding at the end of the period, were

excluded from the calculation of diluted net income per share of common stock because including them would have had an

anti-dilutive effect:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Time vesting options |  |  | 142284 |
| Performance vesting options |  | 4727748 | 3753060 |

---

**Note 22 - 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 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.

Sales between reportable segments are not provided to the CODM, and as such, inter-segment sales are not disclosed.

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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| (in thousands) | **North** <br>**America**<br>| **International** | **Total** | **North** <br>**America**<br>| **International** | **Total** | **North** <br>**America**<br>| **International** | **Total** |
| Net revenues | $1268979 | $440258 | $1709237 | $1109134 | $399306 | $1508440 | $996762 | $368392 | $1365154 |
| Cost of sales<sup>(1)</sup> | 791853 | 271485 |  | 700743 | 254043 |  | 654936 | 235931 |  |
| Other segment items<sup>(2)</sup> | 115639 | 48176 |  | 90612 | 42115 |  | 76435 | 38059 |  |
| Adjusted EBITDA | $361487 | $120597 | $482084 | $317779 | $103148 | $420927 | $265391 | $94402 | $359793 |
| Reconciling items: |  |  |  |  |  |  |  |  |  |
| Interest expense, net |  |  | (150501) |  |  | (132001) |  |  | (123397) |
| Depreciation and amortization |  |  | (93701) |  |  | (90169) |  |  | (88704) |
| Refinancing and debt related costs |  |  | (3679) |  |  | (33217) |  |  |  |
| Foreign exchange (loss)/gain on <br>intercompany loans<br>|  |  | (25152) |  |  | 4654 |  |  | (484) |
| Share-based compensation |  |  | (19779) |  |  | (3263) |  |  | (3343) |
| Strategic transaction costs |  |  | (5627) |  |  | (5803) |  |  | (1083) |
| Pension termination costs |  |  |  |  |  |  |  |  | (7011) |
| Corporate and other |  |  | (45611) |  |  | (37679) |  |  | (31316) |
| Income before taxes |  |  | $138034 |  |  | $123449 |  |  | $104455 |

---

**________________**

(1)Consists of Cost of sales, Cost of sales - related parties and Equipment financing expenses

(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.

***Geographic Information***

The following table presents the Company's geographic data for net revenues. Geographic disclosures were

determined based on the location of where the sale originated.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| **Net revenues:** |  |  |  |
| United States | $1360893 | $1195479 | $1087271 |
| Czech Republic | 151752 | 142961 | 120737 |
| Thailand | 82204 | 72497 | 72065 |
| All other countries | 114388 | 97503 | 85081 |
| Net revenues | $1709237 | $1508440 | $1365154 |

---

Long-lived assets, which consist of property, plant and equipment and right-of-use assets, are presented in the table

below as of December 31, 2025 and 2024. These assets are disclosed based on their physical location, with the table

summarizing all countries that represent at least 10% of our consolidated long-lived assets:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| *(in thousands)* | **2025** | **2024** |
| **Long-lived assets:** |  |  |
| United States | $192710 | $181926 |
| Czech Republic | 43065 | 37976 |
| Thailand | 44573 | 40397 |
| All other countries | 5643 | 5122 |
| Total long-lived assets | $285991 | $265421 |

---

**Note 23 - Supplier Financing**

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 December 31, 2025 and December 31, 2024 were $8.0 million and $12.0 million, respectively,

and are included in Accounts payable in the Consolidated Balance Sheets.

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

---

| | |
|:---|:---|
| *(in thousands)* | **Supplier Financing Obligations** |
| Obligations outstanding at December 31, 2023 | $31691 |
| New obligations | 43368 |
| Payments against supplier obligations | (63088) |
| Obligations outstanding at December 31, 2024 | 11971 |
| New obligations | 41183 |
| Payments against supplier obligations | (45126) |
| Obligations outstanding at December 31, 2025 | $8028 |

---

**Note 24 - Commitments and Contingencies**

***Legal Matters***

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 consolidated financial condition, results of operations

and cash flows.

**Note 25 - Related Parties**

The Company has entered into various transactions with related parties. During the year-ended December 31, 2024,

and in connection with the Company's refinancing, an arrangement fee of $5.2 million was paid to BDT from the proceeds

of the Term Loan, which is included in Other expenses, net - related parties in the Consolidated Statements of

Comprehensive Income. See Note 18 - Debt for more information on the Company's debt and financing arrangements. In

August 2024, the Company declared and issued a dividend to its ordinary common stockholders, which included a $841.7

million dividend to BDT Badger Holdings, LLC ("Badger") and $58.3 million in dividends to management common

stockholders. Additionally, BDT served as one of the underwriters of the IPO for which it received underwriting discounts

and commissions of approximately $2.8 million. Also, the Company's Board of Directors has members that are employees

of BDT, which the Company paid $0.3 million for the years ended December 31, 2025, 2024, 2023, respectively.

Entities affiliated with BDT hold a controlling interest in a vendor that the Company purchases raw materials from.

The Company made purchases of $7.2 million and $6.2 million from this vendor during the years ended December 31,

2025 and 2024, respectively, included in inventory and cost of sales. As of December 31, 2025 and 2024, the Company had

amounts due to this vendor of $1.9 million and $1.3 million, respectively, included in Accounts payable - related parties in

the Consolidated Balance Sheets.

**Note 26 - 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.

**Alliance Laundry Holdings Inc.**

**Schedule II - Valuation and Qualifying Accounts**

**(in thousands)**

**Allowance for Credit Losses - Accounts receivable, net:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance at** <br>**Beginning of** <br>**Period**<br>| **Charges to** <br>**Expense**<br>| **Deductions** | **Impact of** <br>**Foreign** <br>**Exchange Rates**<br>| **Balance at End** <br>**of Period**<br>|
| December 31, 2025 | $2663 | 1475 | 986 | (131) | $3021 |
| December 31, 2024 | $2172 | 2153 | 1776 | 114 | $2663 |
| December 31, 2023 | $3049 | 890 | 1700 | (67) | $2172 |

---

**Tax valuation allowance reserves:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance at** <br>**Beginning of Period**<br>| **Charges (Credits)** <br>**to Expense**<br>| **Deductions** | **Balance at End of** <br>**Period**<br>|
| December 31, 2025 | $14017 | (197) |  | $13820 |
| December 31, 2024 | $23915 | (9898) |  | $14017 |
| December 31, 2023 | $23417 | 498 |  | $23915 |

---

**Item 9. Changes in and Disagreements with Accountants On Accounting and Financial Disclosure**

None.

**Item 9A. 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 Annual Report on Form 10-K, 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 such evaluation, our

Chief Executive Officer and Chief Financial Officer have concluded our disclosure controls and procedures were, in design

and operation, effective at a reasonable assurance level.

**Remediation of Previously Reported Material Weakness**

As previously disclosed we identified a material weakness related to the design and maintenance of controls to prevent

or detect material misstatements to our consolidated financial statements. Specifically, we did not design, implement and

maintain an adequate review and approval process with respect to manual or non-routine journal entries.

***Remediation Measures***

In response to the identified material weakness management designed and implemented the following remediation

measures during the fiscal year ended December 31, 2025:

• Established a SOX Steering Committee to oversee remediation efforts.

• Remediated and restricted system user access to certain key financial functions with a focus on appropriate

segregation of duties.

• Redesigned our review and approval process over financially significant transactions for manual journal entries to

require documented, multi-level review by appropriately qualified personnel.

• Deployed controls and reporting within our ERP system for enhanced logging and audit trail capabilities to

support ongoing monitoring.

***Conclusion on Remediation***

The remediation measures described above were fully implemented and have been operating for a sufficient period of

time to allow management to test and conclude on the effectiveness of the related controls. Based on management's

assessment, including testing of the design and operating effectiveness of the enhanced controls, we have concluded that

the previously reported material weakness has been remediated as of December 31, 2025.

**Exemption from Management's Report on Internal Control Over Financial Reporting**

This Annual Report on Form 10-K does not include a report of management's assessment regarding internal control

over financial reporting or an attestation report of the Company's independent registered public accounting firm due to a

transition period established by rules of the Securities and Exchange Commission for newly public companies.

**Changes in Internal Control Over Financial Reporting**

Other than the actions to remediate the material weakness in our internal control over financial reporting as described

above, 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 December 31, 2025.

**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.

**Item 9B. Other Information**

During our fiscal quarter ended December 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f)

under the Exchange Act) entered into, modified (as to amount, price or timing of trades) or terminated (i) contracts,

instructions or written plans for the purchase or sale of our securities that are intended to satisfy the conditions specified in

Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of

material nonpublic information or (ii) non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-

K).

**Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections**

None.

**Part III**

**Item 10. Directors, Executive Officers and Corporate Governance**

Information required by Item 10 of Part III will be included in our Proxy Statement relating to our 2026 Annual

Meeting of Stockholders and is incorporated herein by reference.

**Item 11. Executive Compensation**

Information required by Item 11 of Part III will be included in our Proxy Statement relating to our 2026 Annual

Meeting of Stockholders and is incorporated herein by reference.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

Information required by Item 12 of Part III will be included in our Proxy Statement relating to our 2026 Annual

Meeting of Stockholders and is incorporated herein by reference.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Information required by Item 13 of Part III will be included in our Proxy Statement relating to our 2026 Annual

Meeting of Stockholders and is incorporated herein by reference.

**Item 14. Principal Accountant Fees and Services**

Information required by Item 14 of Part III will be included in our Proxy Statement relating to our 2026 Annual

Meeting of Stockholders and is incorporated herein by reference.

**Part IV**

**Item 15. Exhibits and Financial Statement Schedules.**

(a)*Exhibits:* The list of exhibits set forth under "*Exhibit Index*" at the end of this Annual Report is incorporated

herein by reference.

(b)*Financial Statement Schedules:* See "[Index to Consolidated Financial Statements](#i8364880237134c8fabc4a4c601af1d41_1)" included on page [65](#i8364880237134c8fabc4a4c601af1d41_94) for a list

of the financial statement schedules included in this Annual Report. All schedules not identified above have been

omitted because they are not required, are inapplicable or the information is included in the consolidated

financial statements or the related notes contained in this Annual Report.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Fourth Amended and Restated Certificate of Incorporation of Alliance Laundry Holdings Inc.](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit31-sx8.htm)</u><br><u>[(incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form S-8 filed with](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit31-sx8.htm)</u><br><u>[the Commission on October 9, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit31-sx8.htm)</u><br>|
| 3.2 | <u>[Third Amended and Restated Bylaws of Alliance Laundry Holdings Inc. (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit32-sx8.htm)</u><br><u>[Exhibit 3.2 to the Company's Registration Statement on Form S-8 filed with the Commission on October](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit32-sx8.htm)</u><br><u>[9, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit32-sx8.htm)</u><br>|
| 4.1\* | <u>[Description of Capital Stock](exhibit41.htm)</u> |
| 10.1 | <u>[2025-2 Revolving Facility Repricing Amendment to Credit Agreement, dated August 21, 2025, by and](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit101-sx1.htm)</u><br><u>[among Alliance Laundry Holdings LLC, Alliance Laundry Systems LLC, Alliance Laundry (Thailand)](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit101-sx1.htm)</u><br><u>[Company Limited, Citibank, N.A., as Administrative Agent and each Initial Revolving Facility Lender,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit101-sx1.htm)</u><br><u>[Issuing Bank and Swingline Lender party thereto (contains conformed copy of agreement to date).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit101-sx1.htm)</u><br><u>[(incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form S-1 filed](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit101-sx1.htm)</u><br><u>[with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit101-sx1.htm)</u><br>|
| 10.2 | <u>[Amended and Restated Purchase Agreement, dated June 8, 2018, by and between Alliance Laundry](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit102-sx1.htm)</u><br><u>[Equipment Receivables 2015 LLC and Alliance Laundry Systems LLC. (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit102-sx1.htm)</u><br><u>[Exhibit 10.2 to the Company's Registration Statement on Form S-1 filed with the Commission on](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit102-sx1.htm)</u><br><u>[September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit102-sx1.htm)</u><br>|
| 10.3 | <u>[Amended and Restated Note Purchase Agreement, dated June 8, 2018, by and among Alliance Laundry](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit103-sx1.htm)</u><br><u>[Equipment Receivables Trust 2015-A, Alliance Laundry Systems LLC, Alliance Laundry Equipment](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit103-sx1.htm)</u><br><u>[Receivables 2015 LLC, PNC Bank, National Association as successor Administrative Agent and the Note](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit103-sx1.htm)</u><br><u>[Purchasers party thereto. (incorporated by reference to Exhibit 10.3 to the Company's Registration](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit103-sx1.htm)</u><br><u>[Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit103-sx1.htm)</u><br>|
| 10.4 | <u>[Amended and Restated Indenture, dated June 8, 2018, by and among Alliance Laundry Equipment](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit104-sx1.htm)</u><br><u>[Receivables Trust 2015-A and The Bank of New York Mellon, as trustee. (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit104-sx1.htm)</u><br><u>[Exhibit 10.4 to the Company's Registration Statement on Form S-1 filed with the Commission on](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit104-sx1.htm)</u><br><u>[September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit104-sx1.htm)</u><br>|
| 10.5 | <u>[Omnibus Amendment and Assignment, Assumption and Resignation Agreement, dated June 8, 2018, by](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit105-sx1.htm)</u><br><u>[and among Alliance Laundry Equipment Receivables Trust 2015-A, Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit105-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, The Bank of New York Mellon, as Indenture](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit105-sx1.htm)</u><br><u>[Trustee, PNC Bank, National Association, as successor Administrative Agent, and each Note Purchaser](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit105-sx1.htm)</u><br><u>[and Funding Agent thereto. (incorporated by reference to Exhibit 10.5 to the Company's Registration](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit105-sx1.htm)</u><br><u>[Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit105-sx1.htm)</u><br>|
| 10.6 | <u>[Second Omnibus Amendment, dated October 12, 2018, by and among Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit106-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit106-sx1.htm)</u><br><u>[2015-A, The Bank of New York Mellon, as Indenture Trustee, PNC Bank, National Association as](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit106-sx1.htm)</u><br><u>[successor Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit106-sx1.htm)</u><br><u>[by reference to Exhibit 10.6 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit106-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit106-sx1.htm)</u><br>|
| 10.7 | <u>[Third Omnibus Amendment, dated March 19, 2019, by and among Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit107-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit107-sx1.htm)</u><br><u>[2015-A, The Bank of New York Mellon, as Indenture Trustee, PNC Bank, National Association as](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit107-sx1.htm)</u><br><u>[successor Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit107-sx1.htm)</u><br><u>[by reference to Exhibit 10.7 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit107-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit107-sx1.htm)</u><br>|

---

---

| | |
|:---|:---|
| 10.8 | <u>[Fourth Omnibus Amendment, dated February 21, 2020, by and among Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit108-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit108-sx1.htm)</u><br><u>[2015-A, The Bank of New York Mellon, as Indenture Trustee, PNC Bank, National Association as](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit108-sx1.htm)</u><br><u>[successor Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit108-sx1.htm)</u><br><u>[by reference to Exhibit 10.8 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit108-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit108-sx1.htm)</u><br>|
| 10.9 | <u>[Fifth Omnibus Amendment, dated October 9, 2020, by and among Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit109-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit109-sx1.htm)</u><br><u>[2015-A, The Bank of New York Mellon, as Indenture Trustee, PNC Bank, National Association as](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit109-sx1.htm)</u><br><u>[successor Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit109-sx1.htm)</u><br><u>[by reference to Exhibit 10.9 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit109-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit109-sx1.htm)</u><br>|
| 10.10 | <u>[Sixth Omnibus Amendment, dated July 27, 2021, by and among Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1010-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1010-sx1.htm)</u><br><u>[2015-A, The Bank of New York Mellon, Indenture Trustee, PNC Bank, National Association as](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1010-sx1.htm)</u><br><u>[successor Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1010-sx1.htm)</u><br><u>[by reference to Exhibit 10.10 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1010-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1010-sx1.htm)</u><br>|
| 10.11 | <u>[Seventh Omnibus Amendment, dated June 30, 2022, by and among Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1011-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1011-sx1.htm)</u><br><u>[2015-A, The Bank of New York Mellon, as Indenture Trustee, PNC Bank, National Association as](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1011-sx1.htm)</u><br><u>[successor Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1011-sx1.htm)</u><br><u>[by reference to Exhibit 10.11 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1011-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1011-sx1.htm)</u><br>|
| 10.12 | <u>[Eighth Omnibus Amendment, dated August 19, 2024, by and among Alliance Laundry Systems LLC,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1012-sx1.htm)</u><br><u>[Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1012-sx1.htm)</u><br><u>[2015-A, The Bank of New York Mellon, as Indenture Trustee, PNC Bank, National Association as](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1012-sx1.htm)</u><br><u>[successor Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1012-sx1.htm)</u><br><u>[by reference to Exhibit 10.12 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1012-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1012-sx1.htm)</u><br>|
| 10.13 | <u>[Ninth Omnibus Amendment, dated May 1, 2025, by and among Alliance Laundry Systems LLC, Alliance](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1013-sx1.htm)</u><br><u>[Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables Trust 2015-A, The](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1013-sx1.htm)</u><br><u>[Bank of New York Mellon, as Indenture Trustee, PNC Bank, National Association as successor](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1013-sx1.htm)</u><br><u>[Administrative Agent and each Note Purchaser and Funding Agent party thereto. (incorporated by](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1013-sx1.htm)</u><br><u>[reference to Exhibit 10.13 to the Company's Registration Statement on Form S-1 filed with the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1013-sx1.htm)</u><br><u>[Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1013-sx1.htm)</u><br>|
| 10.14 | <u>[Ninth Amendment to Receivables Financing Agreement, dated May 1, 2025, by and among Alliance](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1014-sx1.htm)</u><br><u>[Laundry Trade Receivables LLC, Alliance Laundry Systems LLC and PNC Bank, National Association](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1014-sx1.htm)</u><br><u>[as lender and successor Administrative Agent. (incorporated by reference to Exhibit 10.14 to the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1014-sx1.htm)</u><br><u>[Company's Registration Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1014-sx1.htm)</u><br>|
| 10.15\* | <u>[Facility Limit Increase Agreement, dated December 29, 2025, by and among Alliance Laundry Systems](exhibit1015.htm)</u><br><u>[LLC, Alliance Laundry Equipment Receivables 2015 LLC, Alliance Laundry Equipment Receivables](exhibit1015.htm)</u><br><u>[Trust 2015-A, PNC Bank, National Association as successor Administrative Agent and the Note](exhibit1015.htm)</u><br><u>[Purchasers and Funding Agents party thereto.](exhibit1015.htm)</u><br>|
| 10.16 | <u>[Stockholders Agreement, dated October 8, 2025, by and between Alliance Laundry Holdings Inc. and](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit101-8xk.htm)</u><br><u>[BDT Badger Holdings, LLC. (incorporated by reference to Exhibit 10.1 to the Company's Current Report](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit101-8xk.htm)</u><br><u>[on Form 8-K filed with the Commission on October 10, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit101-8xk.htm)</u><br>|
| 10.17 | <u>[Registration Rights Agreement, dated October 8, 2025, by and between Alliance Laundry Holdings Inc.](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit102-8xk.htm)</u><br><u>[and BDT Badger Holdings, LLC. (incorporated by reference to Exhibit 10.2 to the Company's Current](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit102-8xk.htm)</u><br><u>[Report on Form 8-K filed with the Commission on October 10, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit102-8xk.htm)</u><br>|
| 10.18 | <u>[Form of Indemnification Agreement, by and between Alliance Laundry Holdings Inc. and each of its](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1017-sx1.htm)</u><br><u>[directors and executive officers (incorporated by reference to Exhibit 10.17 to the Company's](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1017-sx1.htm)</u><br><u>[Registration Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1017-sx1.htm)</u><br>|
| 10.19† | <u>[Alliance Laundry Holdings Inc. 2015 Stock Option Plan. (incorporated by reference to Exhibit 10.18 to](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1018-sx1.htm)</u><br><u>[the Company's Registration Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1018-sx1.htm)</u><br>|
| 10.20† | <u>[First Amendment to Alliance Laundry Holdings Inc. 2015 Stock Option Plan, effective February 4, 2021.](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1019-sx1.htm)</u><br><u>[(incorporated by reference to Exhibit 10.19 to the Company's Registration Statement on Form S-1 filed](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1019-sx1.htm)</u><br><u>[with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1019-sx1.htm)</u><br>|
| 10.21† | <u>[Alliance Laundry Holdings Inc. 2015 Stock Purchase Plan. (incorporated by reference to Exhibit 10.20 to](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1020-sx1.htm)</u><br><u>[the Company's Registration Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1020-sx1.htm)</u><br>|

---

---

| | |
|:---|:---|
| 10.22† | <u>[First Amendment to the Alliance Laundry Holdings Inc. 2015 Stock Purchase Plan, effective as of June 1,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1021-sx1.htm)</u><br><u>[2016. (incorporated by reference to Exhibit 10.21 to the Company's Registration Statement on Form S-1](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1021-sx1.htm)</u><br><u>[filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1021-sx1.htm)</u><br>|
| 10.23† | <u>[Alliance Laundry Holdings Inc. Form of Nonqualified Stock Option Agreement (Service and](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1022-sx1a1.htm)</u><br><u>[Performance Options) under the 2015 Stock Option Plan. (incorporated by reference to Exhibit 10.22 to](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1022-sx1a1.htm)</u><br><u>[the Company's Registration Statement on Form S-1 filed with the Commission on September 19, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1022-sx1a1.htm)</u><br>|
| 10.24† | <u>[Employment Agreement, dated November 9, 2015 by and between Alliance Laundry Systems LLC and](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1023-sx1.htm)</u><br><u>[Michael D. Schoeb. (incorporated by reference to Exhibit 10.23 to the Company's Registration Statement](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1023-sx1.htm)</u><br><u>[on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1023-sx1.htm)</u><br>|
| 10.25† | <u>[Offer of Employment Letter, dated May 7, 2023, by and between Alliance Laundry Systems and Justin](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1024-sx1.htm)</u><br><u>[Blount. (incorporated by reference to Exhibit 10.24 to the Company's Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1024-sx1.htm)</u><br><u>[S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1024-sx1.htm)</u><br>|
| 10.26† | <u>[Interim Assignment Recognition & Retention Letter, dated December 17, 2024, by and between Alliance](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1025-sx1.htm)</u><br><u>[Laundry Systems LLC and Bob Calver. (incorporated by reference to Exhibit 10.25 to the Company's](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1025-sx1.htm)</u><br><u>[Registration Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1025-sx1.htm)</u><br>|
| 10.27† | <u>[Separation Agreement and Release Agreement, dated December 17, 2024, by and between Alliance](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1026-sx1.htm)</u><br><u>[Laundry Systems LLC and Craig Dakauskas. (incorporated by reference to Exhibit 10.26 to the](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1026-sx1.htm)</u><br><u>[Company's Registration Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1026-sx1.htm)</u><br>|
| 10.28† | <u>[Separation Agreement and Release Agreement, dated December 31, 2024, by and between Alliance](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1027-sx1.htm)</u><br><u>[Laundry Systems LLC and Justin Blount. (incorporated by reference to Exhibit 10.27 to the Company's](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1027-sx1.htm)</u><br><u>[Registration Statement on Form S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1027-sx1.htm)</u><br>|
| 10.29† | <u>[Alliance Laundry Holdings Inc. 2025 Omnibus Incentive Compensation Plan. (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit992-sx8.htm)</u><br><u>[to Exhibit 99.2 to the Company's Registration Statement on Form S-8 filed with the Commission on](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit992-sx8.htm)</u><br><u>[October 9, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit992-sx8.htm)</u><br>|
| 10.30† | <u>[Alliance Laundry Holdings Inc. 2025 Employee Stock Purchase Plan. (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit993-sx8.htm)</u><br><u>[Exhibit 99.3 to the Company's Registration Statement on Form S-8 filed with the Commission on](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit993-sx8.htm)</u><br><u>[October 9, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044663/exhibit993-sx8.htm)</u><br>|
| 10.31† | <u>[Second Amendment to the Alliance Laundry Holdings Inc. 2015 Stock Option Plan, effective August 29,](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1030-sx1.htm)</u><br><u>[2025. (incorporated by reference to Exhibit 10.30 to the Company's Registration Statement on Form S-1](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1030-sx1.htm)</u><br><u>[filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1030-sx1.htm)</u><br>|
| 10.32† | <u>[Second Amendment to the Alliance Laundry Holdings Inc. 2015 Stock Purchase Plan, effective August](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1031-sx1.htm)</u><br><u>[29, 2025. (incorporated by reference to Exhibit 10.31 to the Company's Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1031-sx1.htm)</u><br><u>[S-1 filed with the Commission on September 12, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000131768525000013/exhibit1031-sx1.htm)</u><br>|
| 10.33† | <u>[Form of Alliance Laundry Holdings Inc. Senior Executive Severance and Change of Control Plan.](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1032-sx1a1.htm)</u><br><u>[(incorporated by reference to Exhibit 10.32 to the Company's Registration Statement on Form S-1 filed](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1032-sx1a1.htm)</u><br><u>[with the Commission on September 19, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1032-sx1a1.htm)</u><br>|
| 10.34† | <u>[Form of Restricted Stock Unit Agreement to the 2025 Plan. (incorporated by reference to Exhibit 10.33 to](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1033-sx1a1.htm)</u><br><u>[the Company's Registration Statement on Form S-1 filed with the Commission on September 19, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1033-sx1a1.htm)</u><br>|
| 10.35† | <u>[Amended and Restated Employment Agreement, dated October 9, 2025, by and between Alliance](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit103-8xk.htm)</u><br><u>[Laundry Holdings Inc. and Michael D. Schoeb. (incorporated by reference to Exhibit 10.3 to the](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit103-8xk.htm)</u><br><u>[Company's Current Report on Form 8-K filed with the Commission on October 10, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025044802/exhibit103-8xk.htm)</u><br>|
| 10.36† | <u>[Third Amendment to the Alliance Laundry Holdings Inc. 2015 Stock Purchase Plan, effective September](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1035-sx1a1.htm)</u><br><u>[19, 2025. (incorporated by reference to Exhibit 10.35 to the Company's Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1035-sx1a1.htm)</u><br><u>[S-1 filed with the Commission on September 19, 2025).](https://www.sec.gov/Archives/edgar/data/1317685/000162828025042181/exhibit1035-sx1a1.htm)</u><br>|
| 19.1\* | <u>[Insider Trading Policy](exhibit191.htm)</u> |
| 21.1\* | <u>[Subsidiaries of Alliance Laundry Holdings Inc.](exhibit211-q425.htm)</u> |
| 23.1\* | <u>[Consent of Ernst & Young LLP](exhibit231.htm)</u> |
| 31.1\* | <u>[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the](exhibit311-michaeldschoeb1.htm)</u><br><u>[Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit311-michaeldschoeb1.htm)</u><br>|
| 31.2\* | <u>[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the](exhibit312-deannolden10xk.htm)</u><br><u>[Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit312-deannolden10xk.htm)</u><br>|
| 32.1\* | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to](exhibit321-michaeldschoeb1.htm)</u><br><u>[Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit321-michaeldschoeb1.htm)</u><br>|
| 32.2\* | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to](exhibit322-deannolden10xk.htm)</u><br><u>[Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit322-deannolden10xk.htm)</u><br>|
| 97.1\* | <u>[Incentive Compensation Recovery Policy](exhibit971.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File <br>because XBRL tags are embedded within the Inline XBRL document.<br>|

---

---

| | |
|:---|:---|
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**______________________**

\*Filed herewith.

†Indicates management contract or compensatory plan.

**Item 16. Form 10-K Summary**

None.

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Annual Report to be

signed on its behalf by the undersigned, thereunto duly authorized, in Ripon, Wisconsin on March 13, 2026.

---

| | |
|:---|:---|
| **Alliance Laundry Holdings Inc.** | **Alliance Laundry Holdings Inc.** |
| By: | /s/ Michael D. Schoeb |
| Name: | Michael D. Schoeb |
| Title: | Chief Executive Officer and Director |

---

**Signatures and Powers of Attorney**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and

appoints each of Michael D. Schoeb and Samantha L. Hannan, and each of them, as his or her true and lawful attorney-in-

fact and agent with full power of substitution and resubstitution, for such individual in any and all capacities, to sign any

and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other

documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and

agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary

to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby

ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or the individual's substitute, may

lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Annual Report has been signed by the following

persons in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Signature** | **Signature** | **Title** | **Date** |
| By: | /s/ Michael D. Schoeb | Chief Executive Officer and Director |  |
|  | Michael D. Schoeb | (Principal Executive Officer) | March 13, 2026 |
| By: | /s/ Dean Nolden | Chief Financial Officer |  |
|  | Dean Nolden | (Principal Financial Officer) | March 13, 2026 |
| By: | /s/ Brian Sikora | Chief Accounting Officer |  |
|  | Brian Sikora | (Principal Accounting Officer) | March 13, 2026 |
| By: | /s/ Clyde B. Anderson |  |  |
|  | Clyde B. Anderson | Director | March 13, 2026 |
| By: | /s/ Timothy J. FitzGerald |  |  |
|  | Timothy J. FitzGerald | Director | March 13, 2026 |
| By: | /s/ Phyllis A. Knight |  |  |
|  | Phyllis A. Knight | Director  | March 13, 2026 |
| By: | /s/ Narasimha Nayak |  |  |
|  | Narasimha Nayak | Director  | March 13, 2026 |
| By: | /s/ Robert L. Verigan |  |  |
|  | Robert L. Verigan | Director | March 13, 2026 |
| By: | /s/ Amanda Hodges |  |  |
|  | Amanda Hodges | Director | March 13, 2026 |

---

## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF CAPITAL STOCK**

The following description summarizes the most important terms of our capital stock. Provisions of our amended and restated certificate of incorporation and amended and restated bylaws and relevant sections of the Delaware General Corporation Law ("DGCL") are summarized below and are qualified by reference to our amended and restated certificate of incorporation and our amended and restated bylaws as well as to the relevant provisions of the DGCL. Copies of our amended and restated certificate of incorporation and amended and restated bylaws are filed as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part, and are incorporated herein by reference.

**Authorized Capital Stock**

Our authorized capital stock consists of 2,000,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share.

***Common Stock***

Holders of our common stock are entitled to one vote per share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors. Our common stockholders are not entitled to cumulative voting in the election of directors.

Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of our common stock are entitled to receive ratably such dividends as may be declared by our Board of Directors out of funds legally available therefor if our Board of Directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that our Board of Directors may determine.

Upon our liquidation, dissolution or winding up, holders of our common stock are entitled to receive their ratable share of our net assets available after payment of all debts and other liabilities, subject to the prior preferential rights and payment of liquidation preferences, if any, of any outstanding shares of preferred stock.

All shares of our common stock are fully paid and non-assessable. Holders of our common stock have no preemptive, subscription or redemption rights. There is no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that we may designate in the future.

***Preferred Stock***

No shares of preferred stock are issued or outstanding. Our Board of Directors has the authority, subject to the limitations imposed by Delaware law and the NYSE's listing rules, without any further vote or action by our stockholders, to issue preferred stock in one or more series and to fix the designations, powers, preferences, limitations and rights of the shares of each series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series, which our Board of Directors may, except where otherwise provided in the preferred stock designation, increase (but not above the

------

total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dates at which dividends, if any, will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the redemption rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the shares of the series will be convertible into shares of any other class or series, or any other security, of our company or any other entity, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible and all other terms and conditions upon which the conversion may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the issuance of shares of the same series or of any other class or series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the voting rights, if any, of the holders of the series.

Satisfaction of any dividend preferences of outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of our common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of our liquidation, dissolution or winding-up before any payment is made to the holders of shares of our common stock.

Our Board of Directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company and may adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock.

There are no current agreements or understandings with respect to the issuance of preferred stock and our Board of Directors has no present intentions to issue any shares of preferred stock.

**Registration Rights**

We are party to a registration rights agreement (the "Registration Rights Agreement") with BDT Capital Partners, LLC and its affiliated investment funds (collectively, our "principal stockholder"). The Registration Rights Agreement provides our principal stockholder with certain registration rights as described below.

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***Demand Registration Rights***

Subject to several exceptions, including underwriter cutbacks and our right to defer a demand registration under certain circumstances, our principal stockholder may require that we register for public resale under the Securities Act of 1933, as amended (the "Securities Act") all shares of common stock constituting registrable securities that they request be registered at any time so long as the securities requested to be registered in each registration statement have an aggregate estimated market value of least $25,000,000.

***Piggyback Registration Rights***

If we propose to register any of our securities under the Securities Act for our own account or the account of any other holder (excluding any registration related to an employee benefit plan or a corporate reorganization or other Rule 145 transaction), our principal stockholder is entitled to notice of such registration and to request that we include registrable securities for resale on such registration statement, and we are required, subject to certain exceptions, to include such registrable securities in such registration statement.

***Shelf Registration Rights***

If we become eligible to register the sale of our securities on Form S-3 under the Securities Act, which will not be until at least twelve months after the date of our initial public offering, our principal stockholder has the right to require us to register the sale of the registrable securities held by them on Form S-3, subject to offering size and other restrictions. We will undertake in the Registration Rights Agreement to use our reasonable best efforts to file a shelf registration statement on Form S-3 to permit the resale of the shares of common stock held by our principal stockholder. The Registration Rights Agreement does not contemplate the payment of penalties or liquidated damages to our principal stockholder as a result of a failure to register, or delays with respect to the registration of, the registrable securities.

***Assignment; Expenses and Indemnification***

In connection with the transfer of their registrable securities, our principal stockholder may assign certain of its rights under the Registration Rights Agreement under certain circumstances. In connection with the registrations described above, we will indemnify our principal stockholder and we will bear all fees, costs and expenses (except underwriting discounts and spreads).

**Certain Anti-Takeover Provisions of our Amended and Restated Certificate of Incorporation, our Amended and Restated Bylaws, our Stockholders' Agreement and Applicable Law**

Certain provisions of our amended and restated certificate of incorporation, our amended and restated bylaws, our Stockholders Agreement and the DGCL may discourage or make more difficult a takeover attempt that a stockholder might consider to be in his, her or its best interest. These provisions may also adversely affect the prevailing market price for shares of our common stock. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unsolicited proposal to acquire or restructure us, which may result in an improvement of the terms of any such proposal in favor of our stockholders, and outweigh any potential disadvantage of discouraging those proposals.

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**No Cumulative Voting**

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our amended and restated certificate of incorporation does not authorize cumulative voting. Therefore, stockholders holding a majority in voting power of the shares of our common stock entitled to vote generally in the election of directors will be able to elect all our directors.

**Supermajority Approval Requirements**

The DGCL generally provides that the affirmative vote of the holders of a majority of the total voting power of the shares entitled to vote on any matter is required to amend a corporation's certificate of incorporation or bylaws, unless either a corporation's certificate of incorporation or bylaws require a greater percentage. Our amended and restated certificate of incorporation and bylaws provide that, following the time when our principal stockholder no longer maintains beneficial ownership of at least 40% of the aggregate outstanding shares of our common stock, the affirmative vote of holders of 66 2/3% of the total voting power of our outstanding common stock eligible to vote in the election of directors, voting together as a single class, will be required to amend, alter, change or repeal specified provisions of our certificate of incorporation, including provisions relating to the size of the Board of Directors, classification of the Board of Directors, election and removal of directors, cumulative voting, special meetings, actions by written consent, indemnification and exculpation, waiver of corporate opportunities, jurisdiction and exclusive forum, and business combinations, and to amend, alter, change or repeal our bylaws. This requirement of a supermajority vote to approve amendments to our certificate of incorporation and bylaws could enable a minority of our stockholders to exercise veto power over any such amendments.

**Authorized but Unissued Shares of Capital Stock**

Our authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval, subject to the applicable provisions of the DGCL and rules of the NYSE. These additional shares may be used for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans.

One of the effects of the existence of authorized but unissued common stock or preferred stock may be to enable our Board of Directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive our stockholders of opportunities to sell their shares of common stock at a price higher than the prevailing market price.

**Election and Removal of Directors**

Our amended and restated certificate of incorporation provides that our Board of Directors shall consist of not less than five nor more than thirteen directors. We are party to a stockholders agreement with our principal stockholder (the "Stockholders Agreement") provides that, so long as the principal stockholder beneficially owns at least 40% of the aggregate number of outstanding shares of our common stock, the principal stockholder is able to designate a majority of the nominees for election to our Board of Directors. So long as the principal stockholder beneficially owns at least 10% but less than 40% of the aggregate number of outstanding shares

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of our common stock, the principal stockholder has the right to nominate a percentage of the authorized number of directors equal to the principal stockholder's ownership of our outstanding common stock (rounded up to the nearest whole director). In addition, so long as the principal stockholder beneficially owns at least 25% of the outstanding shares of our common stock, the principal stockholder has the right to appoint and remove the chairman of our Board of Directors and the lead independent director, if any.

In addition, our amended and restated certificate of incorporation provides that our Board of Directors is divided into three classes of directors, with each class as equal in number as possible, serving staggered three-year terms. Following the time when our principal stockholder no longer maintains beneficial ownership of at least a majority of the aggregate outstanding shares of our common stock (the "Majority Ownership Threshold"), and subject to obtaining any required stockholder votes, directors may only be removed from office with the affirmative vote of holders of 66 2/3% of the total voting power of our outstanding shares of common stock, voting together as a single class, and, for so long as our Board of Directors remains classified, only for cause. This requirement of a supermajority vote to remove directors for cause could enable a minority of our stockholders to exercise veto power over any such removal. Prior to such time, directors may be removed with or without cause by the affirmative vote of the holders of a majority of the total voting power of our outstanding shares of common stock. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.

Our amended and restated certificate of incorporation also provides that, subject to the Stockholders Agreement and the rights granted to one or more series of preferred stock then outstanding, any vacancies on our board may be nominated by the Chair and will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum.

**Special Meetings of Stockholders**

Our amended and restated certificate of incorporation and amended and restated bylaws provide that special meetings of our stockholders may be called at any time by our Board of Directors, the chairman of our Board of Directors, our Chief Executive Officer and, until the Majority Ownership Threshold is no longer met, holders of a majority of the total voting power of our outstanding shares of common stock. Our amended and restated bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. Except as described above, our stockholders are not permitted to call a special meeting or to require our Board of Directors to call a special meeting.

**Advance Notification Requirements for Stockholder Proposals and Director Nominations**

Our amended and restated bylaws include advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our Board of Directors or a committee of our Board of Directors. In order for any matter to be "properly brought" before a meeting, a stockholder must comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our amended and restated bylaws also specify requirements as to the form and content of a stockholder's notice. Our amended and

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restated bylaws allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions do not apply to the principal stockholder until the Majority Ownership Threshold is no longer met. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control of us.

**Stockholder Action by Written Consent**

Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is or are signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless our amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation provides that, following the time that the Majority Ownership Threshold is no longer met, stockholder action can be taken only at an annual or special meeting of stockholders and cannot be taken by written consent in lieu of a meeting.

**Section 203 of the Delaware General Corporation Law**

Our amended and restated certificate of incorporation contains a provision opting out of Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for three years following the date that such stockholder became an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes, among other things, a merger, an asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person who, together with its affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation's voting stock. However, our amended and restated certificate of incorporation contains similar provisions to Section 203 of the DGCL providing that we may not engage in a "business combination" with any "interested stockholder" for three years following the date that such stockholder became an interested stockholder, unless the business combination is approved in a prescribed manner. Our amended and restated certificate of incorporation provides that our principal stockholder and its affiliates and any of their respective direct or indirect transferees and any group as to which such persons are a party do not constitute "interested stockholders" for purposes of this provision.

**Exclusive Forum**

Our amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that (1) derivative actions or proceedings brought on behalf of the Company, (2) actions against directors, officers and employees asserting a claim of breach of a fiduciary duty owed to the Company or the Company's stockholders, (3) actions asserting a claim against the Company arising pursuant to the DGCL or the Company's amended and restated certificate of incorporation or bylaws, (4) actions to interpret, apply, enforce or determine the validity of the Company's amended and restated certificate of incorporation or bylaws or (5) actions asserting a claim against the Company governed by the internal affairs doctrine, may be brought only in

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specified courts in the State of Delaware. Our amended and restated certificate of incorporation also provides that the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action against us or any of our directors, officers, employees or agents and arising under the Securities Act. However, Section 22 of the Securities Act provides that federal and state courts have concurrent jurisdiction over lawsuits brought the Securities Act or the rules and regulations thereunder. To the extent the exclusive forum provision restricts the courts in which claims arising under the Securities Act may be brought, there is uncertainty as to whether a court would enforce such a provision. We note that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. This provision does not apply to claims brought under the Exchange Act.

**Corporate Opportunities**

The DGCL permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our amended and restated certificate of incorporation renounces, to the maximum extent permitted from time to time by law, the application of the doctrine of corporate opportunity or any other analogous doctrine, with respect to the principal stockholder and our directors who are not employed by us or our subsidiaries, and their respective affiliates. Our amended and restated certificate of incorporation provides that, to the fullest extent permitted by law, the principal stockholder and any of its affiliates or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his or her director and officer capacities) or his or her affiliates do not have any duty to (1) refrain from engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage, (2) present such opportunity to us before otherwise engaging in it or offering it to another entity, unless such opportunity was offered to any of our directors in his or her capacity as our director or (3) refrain otherwise from competing, directly or indirectly, with us or our subsidiaries. In addition, to the fullest extent permitted by law, in the event that the principal stockholder or any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for themselves or himself or herself or their or his or her affiliates or for us or our affiliates, such person has no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted to undertake the opportunity under our amended and restated certificate of incorporation, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business.

**Limitation of Liability and Indemnification of Directors and Officers**

Our amended and restated certificate of incorporation includes provisions that limit the personal liability of our directors and officers for monetary damages for breach of their fiduciary duties as directors or officers, except to the extent that such limitation is not permitted under the DGCL. Such limitation shall not apply, except to the extent permitted by the DGCL, to (1) any breach of a director's or officer's duty of loyalty to us or our stockholders, (2) acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (3) in the case of directors, any unlawful payment of a dividend or unlawful stock repurchase or redemption, as provided in Section 174 of the DGCL or (4) any transaction from which the

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director or officer derived an improper personal benefit. These provisions have no effect on the availability of equitable remedies such as an injunction or rescission based on a director's or officer's breach of his or her duty of care.

Our amended and restated certificate of incorporation provides for indemnification, to the fullest extent permitted by the DGCL, of any person made or threatened to be made a party to any action, suit or proceeding by reason of the fact that such person is or was a director or officer of the Company, or, at the request of the Company, serves or served as a director, officer, employee, agent or trustee of another entity or enterprise, against all expenses, judgments, fines, amounts paid in settlement and other losses actually and reasonably incurred in connection with the defense or settlement of such action, suit or proceeding. In addition, we have entered into customary indemnification agreements with each of our executive officers and directors pursuant to which we have agreed to indemnify each such executive officer and director to the fullest extent permitted by the DGCL.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

**Listing**

Our common stock is listed on the NYSE under the symbol "ALH".

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock is Computershare Trust Company N.A. The transfer agent's address is 150 Royall St, Canton MA 02021 and the telephone number is 1-800-736-3001.

## Exhibit 10.15

**Exhibit 10.15**

**FACILITY LIMIT INCREASE AGREEMENT**

This Facility Limit Increase Agreement (this "Facility Limit Increase Agreement") is made as of December 29, 2025.

This Facility Limit Increase Agreement is delivered pursuant to Section 2.11 of that certain Amended and Restated Note Purchase Agreement, dated as of June 8, 2018 (as amended or otherwise modified from time to time, the "Note Purchase Agreement"), among Alliance Laundry Equipment Receivables Trust 2015-A, as the Issuer (the "Issuer"), Alliance Laundry Systems LLC, as the Servicer, Alliance Laundry Equipment Receivables 2015 LLC, as the Transferor, PNC Bank, National Association, as the Administrative Agent, PNC Capital Markets LLC, as the Structuring Agent, and the Note Purchasers and Funding Agents from time to time party thereto. Capitalized terms not defined herein shall have the meanings assigned to such terms in the Note Purchase Agreement.

The Committed Purchasers party hereto that have agreed to increase their respective Commitments in accordance with Section 2.11 of the Note Purchase Agreement (the "Increasing Purchasers") agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Each Increasing Purchaser agrees to increase its Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Following the execution of this Facility Limit Increase Agreement, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this Facility Limit Increase Agreement (the "Effective Date") shall be the date recited above, unless otherwise specified on Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Upon such execution and delivery to the Administrative Agent, as of the Effective Date, each Increasing Purchaser shall have a new Commitment as specified on Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.This Facility Limit Increase Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.This Facility Limit Increase Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Facility Limit Increase Agreement by facsimile or email (with a PDF copy attached) shall be effective as delivery of a manually executed counterpart of this Facility Limit Increase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Limited Waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Pursuant to Section 2.11 of the Note Purchase Agreement, the Issuer may increase the Facility Limit to an amount not to exceed $530,000,000; provided that the Issuer satisfy each requirement of Section 2.11 of the Note Purchase Agreement (each, a "Facility Limit Increase Requirement"), including, without limitation,

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delivering a Facility Limit Increase Request (as defined in the Note Purchase Agreement) at least twenty (20) Business Days prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Issuer has delivered that certain Facility Limit Increase Request, dated as of December 8, 2025 (the "2025 Facility Limit Increase Request"), which such 2025 Facility Limit Increase Request was not delivered at least twenty (20) Business Days prior to the Effective Date (the "Notice Requirement"), and the Issuer hereby requests that the other parties hereto waive the Notice Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Pursuant to Section 8.1 of the Note Purchase Agreement, each other party hereto hereby waives, on a limited basis, the Notice Requirement solely with respect to the 2025 Facility Limit Increase Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.For the avoidance of doubt, the limited waiver granted hereunder shall not apply to any Facility Limit Increase Requirement other than the Notice Requirement. The waiver set forth in the immediately preceding paragraph is a one-time waiver and is limited to its express terms. The execution, delivery and effectiveness of this Facility Limit Increase Agreement shall not operate as a waiver of any right, power or remedy of an Increasing Purchaser or the Administrative Agent nor constitute a waiver of any provision of the Note Purchase Agreement, any Basic Document or any other documents, instruments and agreements executed and/or delivered in connection therewith except to the limited extent specifically set forth in this paragraph 6. Additionally, nothing contained in this Facility Limit Increase Agreement shall be construed to modify or in any way amend Section 2.11 of the Note Purchase Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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**IN WITNESS WHEREOF**, the parties hereto have caused this Facility Limit Increase Agreement to be duly executed by their respective officers as of the day and year first above written.

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| | |
|:---|:---|
| **PNC BANK, NATIONAL ASSOCIATION**,<br>as an Increasing Purchaser | **PNC BANK, NATIONAL ASSOCIATION**,<br>as an Increasing Purchaser |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Nina Austin |
| Name: Nina Austin | Name: Nina Austin |
| Title: Senior Vice President | Title: Senior Vice President |

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| | |
|:---|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION**, as an Increasing Purchaser | **FIFTH THIRD BANK, NATIONAL ASSOCIATION**, as an Increasing Purchaser |
| By: | /s/ Shep Griswold |
| Name: Shep Griswold | Name: Shep Griswold |
| Title: Officer | Title: Officer |

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| | |
|:---|:---|
| **ACCEPTED AND APPROVED:** | **ACCEPTED AND APPROVED:** |
| **PNC BANK, NATIONAL ASSOCIATION**,<br>as the Administrative Agent  | **PNC BANK, NATIONAL ASSOCIATION**,<br>as the Administrative Agent  |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Nina Austin |
| Name: Nina Austin | Name: Nina Austin |
| Title: Senior Vice President | Title: Senior Vice President |

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| | |
|:---|:---|
| **ISSUER:** | **ISSUER:** |
| **ALLIANCE LAUNDRY EQUIPMENT**<br>**RECEIVABLES TRUST 2015-A**, as the Issuer | **ALLIANCE LAUNDRY EQUIPMENT**<br>**RECEIVABLES TRUST 2015-A**, as the Issuer |
| By: Alliance Laundry Systems LLC, | By: Alliance Laundry Systems LLC, |
| not in its individual capacity but solely as Administrator of the Issuer | not in its individual capacity but solely as Administrator of the Issuer |
| By: | /s/ Dean Nolden |
| Name: Dean Nolden | Name: Dean Nolden |
| Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer | Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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**SCHEDULE I**

**to**

**FACILITY LIMIT INCREASE AGREEMENT**

**<u>INCREASING PURCHASERS</u>**

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| | |
|:---|:---|
| Committed Purchaser: | PNC Bank, National Association |
| Committed Purchaser's new Commitment: | $371000000.00 |

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| | |
|:---|:---|
| Committed Purchaser: | Fifth Third Bank, National Association |
| Committed Purchaser's new Commitment: | $159000000.00 |

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## Exhibit 19.1

**Exhibit 19.1**

**Alliance Laundry Holdings Inc.**

Insider Trading Policy

PURPOSE AND SCOPE

Alliance Laundry Holdings Inc. and its direct and indirect subsidiaries or affiliates (collectively, the "<u>Company</u>") are subject to and shall promote compliance with U.S. federal and state securities laws, including insider trading laws, rules and regulations promulgated by the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), and any applicable listing standards of the New York Stock Exchange (the "<u>Exchange</u>"). The Company must ensure that confidential information is not used for personal benefit, nor disclosed to unauthorized individuals. In order to comply with federal and state securities laws governing trading in company securities while in the possession of Material Non-public Information ("<u>MNPI</u>") (as defined below), and "tipping" or disclosing MNPI to outsiders, and in order to prevent even the appearance of improper insider trading or tipping, the Company has adopted this Insider Trading Policy (the "<u>Policy</u>"). This Policy covers the Company itself and its Insiders (as defined below) and applies to any and all transactions, including purchases, sales and gifts.

It is each Insider's individual responsibility to ensure personal compliance with this Policy. Moreover, each Insider should take appropriate steps to ensure that their Family Members and Controlled Entities (each as defined below) comply with the Policy as well.

Insiders who are unsure whether the information they possess is material and/or non-public, or have questions about someone's status as an Insider or Designated Insider, must consult an Insider Trading Compliance Officer for guidance before making any decision to trade or disclose such information (other than to persons who need to know it for valid and lawful business purposes).

The Insider Trading Compliance Officers and/or their designees are available for more information or explanation. Any action on the part of the Company, the Insider Trading Compliance Officers or any other individual pursuant to this Policy does not constitute legal advice or insulate an individual from liability under applicable securities laws.

DEFINITIONS

**Controlled Entities**: include any entities influenced or controlled by Insiders or Family Members, including corporations, partnerships, trusts, and any entity established as, or part of, an investment club. For purposes of this Policy, trades made by Controlled Entities of Insiders are treated as if they were made for the account of such Insiders.

**Designated Insiders**: include Section 16 Individuals and Key Employees, as well as their respective Family Members and Controlled Entities (each term defined herein).

**Family Members**: include a spouse and children, children away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, and in-laws, who reside with an Insider, any family members who do not live in the household of an Insider but whose trades in securities are directed by an Insider or are subject to their influence or control (such as parents or children who consult with an Insider prior to making a trade in securities), and any other person who lives with or is supported by an Insider, including any domestic employees.For purposes of this Policy, trades made by Family Members of Insiders are treated as if they were made for the

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account of such Insiders. This Policy does not, however, apply to personal securities transactions of Family Members where the trade decision is made by a third party not controlled by, influenced by or related to the Insider or its Family Members.

**Insiders**: include the Company's directors, officers, employees, and specially designated outsiders such as consultants, contractors and temporary employees who have access to the Company's MNPI, and their Family Members and Controlled Entities.

**Insider Trading Compliance Officers**: The Company has appointed the Company's Chief Legal Officer and Chief Accounting Officer, as the Company's Insider Trading Compliance Officers. The Insider Trading Compliance Officer's duties are outlined on <u>Attachment II</u> hereto.

**Key Employees**: the Company may designate certain employees, who, because of their position with the Company, may have access to MNPI, as "<u>Key</u> <u>Employees</u>." These employees have been separately notified and advised of their status.

**Material Information**: information is generally considered to be "material" if it would be expected to affect the investment or voting decisions of the reasonable shareholder or investor, or if the disclosure of the information would be expected to significantly alter the total mix of the information in the marketplace about a company. In simple terms, Material Information is any type of information, whether positive or negative, that could reasonably be expected to affect the price of a security. While it is not possible to identify in advance all information that may be deemed "material," the following types of information might be considered Material Information depending on its content:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial performance, especially quarterly and year-end earnings, and significant changes in financial performance or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company projections and strategic plans, including changes in previously announced earnings guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending or proposed mergers and acquisitions, sales of company assets or joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The establishment of a repurchase program for company securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New major contracts, orders, suppliers, customers, products or finance sources, or the loss thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A change in auditors or notification that the auditor's reports may no longer be relied upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant pricing or cost structure changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock splits, public or private securities/debt offerings, or changes in dividend policies or amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in senior management or a contemplated change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant labor disputes or negotiations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending or threatened major litigation or dispute, a material occurrence in such litigation or dispute, or the resolution of such litigation or dispute, or any other significant regulatory action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcies or receiverships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant cybersecurity incident, whether at its facilities or through its information technology infrastructure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The imposition of Special Blackout Periods (as defined below).

**MNPI**: or Material Non-public Information, is Material Information (as defined above) that is also Non-public Information (as defined below).

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**Non-public Information**: information is considered "non-public" if it has not been widely released (such as by a broadcast on widely-available radio or television program, or by a filing with the SEC), and investors have not had a chance to absorb the information. It is incorrect to assume that MNPI loses its "non-public" status as soon as it is disseminated. Information will be considered public, i.e., no longer "non-public," on the second full trading day following the widespread public release of the information. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the release of specific MNPI. In addition, the Company shall have the right to impose special black-out periods during which all Designated Insiders will be prohibited from trading any securities or derivative securities of the Company, even though the trading window would otherwise be open. The Company may from time to time designate other individuals that are subject to these restrictions.

Note that Non-public Information may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information known to or produced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a select group of analysts or brokers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• institutional investors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry experts or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade or commercial partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Undisclosed facts that are the subject of rumors, even if the rumors are widely circulated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information that has been entrusted to the Company on a confidential basis until a public announcement of the information has been made and enough time has elapsed for the market to respond to a public announcement of the information (normally two (2) full trading days.

**Pre-Clearance Group**: The Company has determined that the Section 16 Individuals, Key Employees and certain Insiders (that the Company may designate from time to time and who have been notified that they have been so designated, as well as their respective Family Members and Controlled Entities (each term defined herein), should be subject to the pre-clearance requirements contained herein.

**Section 16 Individuals**: covers directors and officers of the Company who are subject to the reporting provisions and trading restrictions of Section 16 of the Securities and Exchange Act of 1934, as amended (the "<u>Exchange</u> <u>Act</u>"), and the underlying rules and regulations promulgated by the SEC. A list of the Section 16 Individuals is attached hereto as <u>Attachment</u> <u>I</u>. The Board of Directors will periodically determine which of the Company's officers are "officers" for purposes of Section 16.

**Trading Window**: means a period when neither a Quarterly Blackout Period (as defined below) nor a Special Blackout Period (as defined below) is in effect, with respect with respect to any Insider.

GENERAL GUIDELINES

Generally, no Insider may trade, directly or indirectly, in Company securities or any derivative securities relating to the Company's securities, whether or not issued by the Company, while aware of MNPI concerning the Company. This prohibition continues for as long as the Insider is aware of MNPI, and applies even after their employment or association with the Company ends.

------

The Company may not, directly or indirectly, trade Company securities while in possession of MNPI related to the Company, unless such trading activity otherwise complies with all applicable federal and state securities laws or qualifies for the affirmative defense provided by Rule 10b5-1 of the Exchange Act ("<u>Rule 10b5-1</u>").

Designated Insiders may not trade in Company securities during any Blackout Periods, including Special Blackout Periods designated by an Insider Trading Compliance Officer. The restrictions on trading in this paragraph shall not apply to trades made under a trading plan which is adopted pursuant to Rule 10b5-1 following the approval of such plan in writing by an Insider Trading Compliance Officer (a "<u>Rule</u> <u>10b5-1</u> <u>Trading</u> <u>Plan</u>").

No Insider may tip or disclose MNPI concerning the Company to any outside person (including Family Members, Controlled Entities, analysts, individual investors and members of the investment community and news media), unless required as part of that Insider's regular duties for the Company and authorized by an Insider Trading Compliance Officer. This prohibition applies even if the Insider does not intend to realize a profit from such tip or disclosure. In any instance in which such information is disclosed to outsiders, the Company will take such steps as necessary to preserve the confidentiality of the information, if appropriate, including requiring the outsider to agree in writing to comply with the terms of these guidelines and/or to sign a confidentiality agreement or otherwise agree to keep the information confidential. The Company will also take such steps as necessary to comply with all applicable rules and regulations, including the SEC's Regulation FD, and to comply with the Company's Fair Disclosure (Reg FD Policy). All Insiders are expected to cooperate with the Company to ensure such compliance.

No Insider may give trading advice of any kind about the Company or the Company's securities,

or otherwise cause any other person to trade in Company securities, while possessing MNPI about the Company, except that Insiders should advise others not to trade if doing so might violate the law or these guidelines. The Company discourages all Insiders from giving trading advice concerning the Company to others even when the Insiders do not possess MNPI about the Company.

No Insider may (a) trade in the securities of another public company while in possession of MNPI concerning that public company if the Insider became aware of MNPI about that other public company through the course of the Insider's employment or association with the Company, or (b) tip, or otherwise cause any other person to trade in another public company's securities, or disclose MNPI concerning that public company while in possession of MNPI about that other public company, if the Insider became aware of MNPI about that other public company through the course of the Insider's employment or association with the Company.

Insiders are prohibited from making any gifts of Company securities while in possession of MNPI or during a Blackout Period, if applicable. Designated Insiders shall notify the Insider Trading Compliance Officers in writing of any gift of Company securities at least two (2) business days in advance of the proposed gift.

Each Section 16 Individual will be expected to certify compliance with this Policy in the Company's annual Director and Officer Questionnaire and otherwise from time to time upon request by an Insider Trading Compliance Officer, the Board of Directors or a committee of the Board of Directors.

------

Insiders shall, within sixty (60) days, unwind or otherwise terminate any transaction existing as of the time such Insider became subject to this Policy that would otherwise violate this Policy.

All trades proposed by an Insider Trading Compliance Officer must be submitted to the other Insider Trading Compliance Officer, Chief Financial Officer, or Chief Executive Officer for prior approval.

PROHIBITION ON CERTAIN TRADING ACTIVITIES

Short-Term Trades - Designated Insiders may not engage in any purchase and sale or sale and purchase of Company securities within six months where such subsequent transaction results in an investment gain to the individual making the transaction. Insiders should not be involved in active trading or short-term speculation relating to any Company securities.

Short Sales - Insiders may not trade in any interest or position relating to securities they do not own, including a "sale against the box," i.e., a sale with delayed delivery.

Transactions in Exchange-Traded Options - Insiders may not trade in publicly traded options in Company securities, such as puts, calls or similar options on Company stock, or in any derivative equity securities of the Company on an exchange or in any other organized market.

Hedging Transaction - Insiders may not engage in hedging or monetization transactions, or similar arrangements designed to hedge or offset any decrease in the market price of Company securities, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds, among others.

Margin Loans and Pledging Securities - Because margin or foreclosure sales may occur when the Insider is aware of MNPI, no Insider may hold Company securities in a margin account or pledge Company securities as collateral for a loan. Securities held in a margin account or pledged as collateral for a loan may be sold without the Insider's consent by a broker if the Insider fails to meet a margin call or by the lender in foreclosure if the Insider defaults on the loan. The foregoing restriction on purchasing Company securities on margin does not apply to the "cashless exercise" of stock options (i.e., the exercise of a stock option where the seller sells some of the shares underlying the option to pay the taxes required to be withheld, the exercise price of the options so exercised, and/or broker commissions related to the transactions). Cashless exercises remain subject to the other provisions of this Policy.

Standing and Limit Orders - Standing or limit orders on Company securities (other than under an approved 10b5-1 Trading Plan) are strongly discouraged. However, if an Insider determines that they must use a standing order or limit order, the order must be limited to brief periods of time when the Insider can be reasonably certain the order will not execute during a blackout period and will not execute at a time when the Insider otherwise possesses MNPI (except that standing orders may be used for longer periods under 10b5-1 Trading Plans that comply with the requirements of Rule 10b5-1) and must otherwise comply with the restrictions and procedures set forth in this Policy.

------

BLACKOUT PERIODS

In order to avoid any appearance that Insiders are trading with an informational advantage relating to the Company's financial results, the Company has established a Quarterly Blackout Period during which Designated Insiders may not trade in Company securities. The "<u>Quarterly Blackout Period</u>" generally commences two (2) weeks prior to the end of a quarterly or annual financial reporting period and generally ends on the conclusion of the second trading day following the Company's widespread public release of quarterly or year-end earnings. (For example, if there is a public release of quarterly or year-end earnings before the market opens on a Monday then generally the applicable Blackout Period ends and trading may occur when the market opens on Wednesday. If, however, the public release of the quarterly or year-end earnings occurs after the market opens on Monday, then the Blackout Period does not end and trading may not commence until the market opens on Thursday.) An Insider Trading Compliance Officer may determine an earlier start date for any particular Blackout Period or reduce or extend the length of any such Blackout Period in their sole and absolute discretion.

As a reminder, the absence of a Blackout Period does not create a legal right to trade in the Company securities. No Insider may trade in Company securities at any time while in possession of MNPI concerning the Company, unless such trades are pursuant to a valid 10b5-1 Trading Plan that complies with Rule 10b5-1 and the provisions of this Policy and was entered into at a time when the Insider was not in possession of MNPI.

The Company may designate, from time to time, a "<u>Special Blackout Period</u>" independent of the Quarterly Blackout Period during which Insiders that have been identified as being subject to the Special Blackout Period may not trade Company securities or securities of specific other public companies, as deemed appropriate or advisable by an Insider Trading Compliance Officer. The existence of a Special Blackout Period will be communicated to those subject to it, but will not be announced to the Company generally, should not be communicated to any other person, and may itself be considered under this Policy to be MNPI.

The Company may allow a Designated Insider to trade during a Blackout Period after consideration of all of the relevant facts and circumstances concerning the matter and if it has been demonstrated to the satisfaction of an Insider Trading Compliance Officer that the person requesting a trade is not in possession of MNPI. It should be understood and expected that the Company will allow Designated Insiders to trade during a Blackout Period only under rare and extraordinary circumstances, if at all. Nothing about this provision obliges the Company to allow such a trade or even to be available to consider such a request.

PRE-CLEARANCE PROCEDURES FOR PRE-CLEARANCE GROUP

Designated Insiders who are members of the Pre-Clearance Group may not trade in Company securities unless reasonable advance notice is provided to the Insider Trading Compliance Officers at least two (2) business days in advance of the proposed trade and an Insider Trading Compliance Officer or their designee has authorized ("<u>pre-cleared</u>") such trade. The Designated Insider must identify the amount and nature of the proposed trades and provide a certification that (a) the Designated Insider is not in possession of MNPI concerning the Company and (ii) with respect to Section 16 Individuals only, the proposed trades do not violate the trading restrictions of applicable securities laws. An Insider Trading Compliance Officer may not trade in Company

------

securities unless the other Insider Trading Compliance Officer, Chief Financial Officer, or Chief Executive Officer has approved the trade.

An Insider Trading Compliance Officer may, in their sole discretion, accept or reject any trading notice submitted for their review. Accordingly, no Designated Insider who is a member of the Pre-Clearance Group may effect any trade in Company securities unless and until authorized by an Insider Trading Compliance Officer or their designee in writing to so proceed. If approval is denied, then the Designated Insider should refrain from initiating any trade in Company Securities, and should not inform any other individual of the restriction.

An approval of a trade will be valid only for three (3) full trading days (including the day of approval) and trades not placed within this time must be resubmitted through the pre-clearance procedures and approved again before the trade may proceed.

As a reminder, even if a Designated Insider who is a member of the Pre-Clearance Group obtains pre-approval, such individual may not trade in Company securities while in possession of MNPI.

POLICY EXCEPTIONS

This Policy does not apply in the following limited circumstances, except as specifically noted:

Employee Benefit Plans and Employee Stock Purchase Plans - The trading prohibitions and restrictions set forth in this Policy do not apply to periodic contributions by the Company or Insiders to employee benefit plans (e.g., employee stock purchase plan ("<u>ESPP</u>"), pension or 401(k) plans) which are used to purchase Company securities pursuant to the employee's advance instructions. However, no Insider may alter their instructions regarding the purchase or sale of Company securities in such plans while in the possession of MNPI. Additionally, electing to enroll in the ESPP, making any changes in elections under the ESPP and selling any Company stock acquired under the ESPP are subject to trading restrictions under this Policy;

Vesting - This Policy does not prohibit the vesting of options, restricted stock, restricted stock units or performance restricted stock units, or the exercise of a withholding right pursuant to which the Company withholds shares of Company securities to satisfy tax withholding requirements or exercise price payments upon the vesting of any such awards, provided that any sales or exchanges of Company securities acquired pursuant to the vesting of such award are subject to this Policy and may not be made during a Blackout Period;

Estate Planning Transfers - Designated Insiders may participate in estate planning transfers, but only with prior approval from an Insider Trading Compliance Officer, provided that the transferor continues to control and directly or indirectly own such transferred Company securities; and

10b5-1 Trading Plans - Insiders may trade in Company securities outside of a trading window if such trade is executed pursuant to a valid 10b5-1 Trading Plan. No 10b5-1 Trading Plan may be entered into, adopted, modified or terminated by an Insider outside of a trading window, or when the Insider is in possession of MNPI.

------

RULE 10B5-1 TRADING PLANS

Under Rule 10b5-1, an individual may have an affirmative defense against an allegation of insider trading if they demonstrate that the trade in question took place pursuant to a binding contract, specific instruction or written plan that was put into place before they became aware of MNPI. Such contracts, instructions and plans are commonly referred to as Rule 10b5-1 Trading Plans.

Anyone wishing to establish a Rule 10b5-1 Trading Plan must first receive approval from an Insider Trading Compliance Officer. Any 10b5-1 Trading Plans must be submitted for approval at least five (5) business days prior to the entry into the Rule 10b5-1 Trading Plan.

Once such a plan is properly implemented, individual trades made under the 10b5-1 Trading Plan will not require approval and, subject to the provisions in this Policy, may be made at any time in compliance with the 10b5-1 Trading Plan, even outside of a trading window, if the 10b5-1 Trading Plan properly specifies the dates, prices and amounts of contemplated trades or establishes a formula for determining the dates, prices and amounts.

SPECIFIC RULE 10B5-1 TRADING PLAN REQUIREMENTS

10b5-1 Trading Plans must include a representation certifying that, on the date the 10b5-1 Trading Plan is adopted, the Insider is not in possession of MNPI and that the 10b5-1 Trading Plan is adopted in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1, that the Insider will act in good faith with respect with the 10b5-1 Trading Plan, and specify the number of shares or dollar value to be traded, a price and the date of the trade (or a formula for determining those items).

Section 16 Individuals must provide that no purchases or sales shall occur until the expiration of a cooling-off period consisting of the later of: ninety (90) days after the date the 10b5-1 Trading Plan is adopted, or two (2) business days after the disclosure of the Company's financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which the 10b5-1 Trading Plan was adopted (but not to exceed 120 days following the adoption). For all other Insiders, no purchases or sales shall occur until the expiration of a cooling-off period that is thirty (30) days after the date the 10b5-1 Trading Plan is adopted.

An Insider may not enter into multiple 10b5-1 Trading Plans providing for trades during overlapping periods except with respect to:

Separate contracts with different broker-dealers or other agents acting collectively on behalf of the Insider that may be treated as a single 10b5-1 Trading Plan;

One later commencing 10b5-1 Trading Plan under which trading is not authorized to begin until after all trades under the earlier commencing 10b5-1 Trading Plan are completed or expire without execution; and

A 10b5-1 Trading Plan providing for an "eligible sell-to-cover transaction" as allowed under Rule 10b5-1.

------

If a proposed new 10b5-1 Trading Plan is designed to effect an open-market purchase or sale of the total amount of securities subject to that plan in a single transaction (a "<u>Single-Trade Plan</u>"), the proposed new Single-Trade Plan may not be entered into if the Insider wishing to enter into the new Single-Trade Plan has, during the prior twelve (12) months, previously adopted another Single-Trade Plan. However, the above limitation on multiple Single-Trade Plans in any twelve (12)-month period does not apply if a proposed new Single-Trade Plan is designed solely to execute an "eligible sell-to-cover transaction."

Any modification to the amount, price or timing of the purchase or sale of the Company securities underlying a 10b5-1 Trading Plan is considered a termination of such 10b5-1 Trading Plan and the adoption of a new 10b5-1 Trading Plan.

COMPLIANCE AND VIOLATIONS- REPORTING CONCERNS

<u>Compliance</u>

The Company has designated the Insider Trading Compliance Officers as responsible for administering and enforcing this Policy. The Insider Trading Compliance Officers may designate one or more individuals who may perform or assist in performing their duties including, but not limited to, a situation where they are unable or unavailable to perform such duties. All determinations and interpretations by an Insider Trading Compliance Officer shall be final and not subject to further review.

Subject to any additional terms, conditions, or restrictions that may be set forth in an agreement between an Insider and the Company, for a period of time after their status with the Company terminates, all aspects of this Policy (including mandatory pre-clearance of any trades in Company securities by Designated Insiders who are members of the Pre-Clearance Group) shall continue to apply until the later of (a) the end of the first blackout period following the Company's widespread public release of earnings for the fiscal quarter in which the Insider's status with the Company terminates or (b) the beginning of the second trading day after the earlier of (i) the public disclosure of any MNPI known to the Insider or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such time as, in the judgment of, and subject to the advice of, the Company's Chief Legal Officer, any former MNPI known to the Insider is no longer material.

The Company reserves the right to amend or rescind, in whole or part, this Policy at any time and without notice. Neither this Policy, nor its terms, nor its enforcement shall constitute or be construed or relied on as a contract of employment, or as a promise or commitment of benefits or continued employment.

<u>Violations</u>

Civil and Criminal Penalties - The consequences of prohibited insider trading or tipping can be severe. Persons violating insider trading or tipping rules may be subject to civil and criminal penalties, which can include imprisonment for up to 20 years, criminal fines up $5 million and civil fines up to three times the profit gained or loss avoided. The Company and/or the supervisor of the person violating the rules may also be exposed to legal liability and may be required to pay major civil or criminal penalties.

Company Discipline - Violations of this Policy, federal or state insider trading or tipping laws by any Insider, may subject them to disciplinary action by the Company up to and including termination for cause or removal from their position.

------

Reporting of Violations - Any Insider who violates this Policy, any federal or state laws governing insider trading or tipping, or who knows of any such violation by any other Insiders, must report the violation immediately to the Insider Trading Compliance Officers or to the Chair of the Audit Committee. Upon learning of any such violation, an Insider Trading Compliance Officer will determine the appropriate course of action, including whether the Company should release any MNPI or whether the Company should report the violation to the SEC or any other appropriate governmental authority.

## Exhibit 21.1

**Exhibit 21.1**

---

| | |
|:---|:---|
| **Entity Name** | **Jurisdiction** |
| Alliance Laundry Holdings LLC | United States |
| Alliance Laundry Systems LLC | United States |
| Alliance Distribution Holdings Inc. | United States |
| Alliance Laundry Systems Distribution LLC | United States |
| Alliance DO Brasil Maquinas De Lavanderia Ltda. | Brazil |
| Alliance Laundry Holding S.a.r.l. | Luxembourg |
| Alliance Laundry CE s.r.o. | Czech Republic |
| Alliance Laundry Italy S.R.L. | Italy |
| Alliance Laundry (Netherlands) B.V. | Netherlands |
| Alliance Laundry BV | Belgium |
| Alliance Laundry Hong Kong Limited | Hong Kong |
| Alliance Laundry Equipment (Guangzhou) Ltd. | China |
| Alliance Laundry Systems Spain S.L. | Spain |
| Alliance Laundry France E.U.R.L. | France |
| Alliance Laundry Germany GmbH | Germany |
| Alliance Laundry Finance Ltd. | United Kingdom |
| Alliance Laundry SEA Pte. Ltd. | Singapore |
| Speed Queen Laundry Co Ltd. | China |
| Speed Queen Laundry (Thailand) Company Limited | Thailand |
| Alliance Laundry (Thailand) Company Limited | Thailand |
| Alliance Laundry Trade Receivables LLC | United States |
| Speed Queen Laundry LLC | United States |
| Speed Queen Laundry Franchise LLC | United States |
| Speed Queen Laundry Stores LLC | United States |
| Alliance Laundry Equipment Receivables 2015 LLC | United States |
| Alliance Laundry Equipment Receivables Trust 2015-A | United States |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-290787) pertaining to the 2015 Stock Option Plan, 2025 Omnibus Incentive Compensation Plan, and 2025 Employee Stock Purchase Plan of Alliance Laundry Holdings Inc. of our report dated March 13, 2026, with respect to the consolidated financial statements of Alliance Laundry Holdings Inc. included in this Annual Report (Form 10-K) for the year ended December 31, 2025.

/s/ Ernst & Young LLP

Milwaukee, Wisconsin

March 13, 2026

## Exhibit 31.1

**Exhibit 31.1**

Certification Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael D. Schoeb, certify that:

1. I have reviewed this Annual Report on Form 10-K of Alliance Laundry Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

material fact necessary to make the statements made, in light of the circumstances under which such statements

were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly

present in all material respects the financial condition, results of operations and cash flows of the registrant as

of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and

have:

aDesigned such disclosure controls and procedures, or caused such disclosure controls and procedures

to be designed under our supervision, to ensure that material information relating to the registrant,

including its consolidated subsidiaries, is made known to us by others within those entities, particularly

during the period in which this report is being prepared;

b.[Omitted];

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this

report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end

of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that

occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the

case of an annual report) that has materially affected, or is reasonably likely to materially affect, the

registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal

control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of

directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over

financial reporting which are reasonably likely to adversely affect the registrant's ability to record,

process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a

significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 13, 2026 | /s/ Michael D. Schoeb |
|  | Michael D. Schoeb |
|  | Chief Executive Officer |
|  | *(Principal Executive Officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

Certification Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Dean Nolden, certify that:

1. I have reviewed this Annual Report on Form 10-K of Alliance Laundry Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

material fact necessary to make the statements made, in light of the circumstances under which such statements

were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly

present in all material respects the financial condition, results of operations and cash flows of the registrant as

of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and

have:

aDesigned such disclosure controls and procedures, or caused such disclosure controls and procedures

to be designed under our supervision, to ensure that material information relating to the registrant,

including its consolidated subsidiaries, is made known to us by others within those entities, particularly

during the period in which this report is being prepared;

b.[Omitted];

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this

report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end

of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that

occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the

case of an annual report) that has materially affected, or is reasonably likely to materially affect, the

registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal

control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of

directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over

financial reporting which are reasonably likely to adversely affect the registrant's ability to record,

process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a

significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 13, 2026 | By: | /s/ Dean Nolden |
|  |  | Dean Nolden |
|  |  | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**Certification Pursuant to** 

**18 U.S.C. Section 1350,** 

**As adopted pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of Alliance Laundry Holdings Inc. (the

"Company") on Form 10-K for the period ended December 31, 2025, as filed with the Securities

and Exchange Commission (the "Report"), I, Michael D. Schoeb, Chief Executive Officer of the

Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section

906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of

the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the

financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: March 13, 2026 | /s/ Michael D. Schoeb |
|  | Michael D. Schoeb |
|  | Chief Executive Officer |
|  | *(Principal Executive Officer)* |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**Certification Pursuant to** 

**18 U.S.C. Section 1350,** 

**As adopted pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of Alliance Laundry Holdings Inc. (the

"Company") on Form 10-K for the period ended December 31, 2025, as filed with the Securities

and Exchange Commission (the "Report"), I, Dean Nolden, Chief Financial Officer of the

Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section

906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of

the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the

financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: March 13, 2026 | /s/ Dean Nolden |
|  | Dean Nolden |
|  | Chief Financial Officer |
|  | *(Principal Financial Officer)* |

---

## Exhibit 97.1

**Exhibit 97.1**

**Alliance Laundry Holdings Inc.** 

Incentive Compensation Recovery Policy

PURPOSE

This Incentive Compensation Recovery Policy (this "Recovery Policy") is adopted by Alliance Laundry Holdings Inc., a Delaware corporation (the "Company" or "Alliance"), as of September 25, 2025 as required by Section 10D of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 10D-1 under the Exchange Act and the applicable New York Stock Exchange Listing Standards (collectively, the "Recovery Rules"). The purpose of this Recovery Policy is solely to comply with the Company's obligations under the Recovery Rules and is not intended to obligate the Company to recover more than necessary to comply with the Recovery Rules. This Recovery Policy is intended to apply independently of all other clawback, recoupment or forfeiture policies, agreements or other arrangements of the Company (collectively, "Other Clawback Policies").

SCOPE

Each current and former Executive Officer (as defined below) shall be subject to this Recovery Policy with respect to Incentive Compensation (as defined below) and shall be required to execute a Recovery Policy Participation Agreement in the form attached as <u>Exhibit A</u>]. Failure by an Executive Officer to execute a Recovery Policy Participation Agreement shall have no impact on the applicability or enforceability of this Recovery Policy. This Recovery Policy shall only apply to Incentive Compensation received on or after the date that the Company first lists any class of its securities on a national securities exchange or a national securities association.

ADMINISTRATION

This Recovery Policy shall be administered by the Compensation Committee of the Board of Directors (the "Board") of the Company (the "Compensation Committee"). The Compensation Committee shall have the full power and authority to interpret, and make determinations under, this Recovery Policy, consistent with the Recovery Rules. All determinations and decisions made by the Compensation Committee pursuant to this Recovery Policy shall be final, conclusive and binding on all persons, including each member of the Company Group, its respective affiliates, stockholders and employees. In the absence of the Compensation Committee, a majority of the independent directors serving on the Board shall administer this Recovery Policy as set forth in this paragraph.

DEFINITIONS

**Company Group**: means the Company, collectively with each of its direct and indirect subsidiaries.

**Covered Financial Restatement**: means an accounting restatement required due to material noncompliance by the Company with any financial reporting requirements under the federal securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The following shall not constitute a Covered Financial Restatement: (i) out-of-period adjustments; (ii) retrospective application of a change in accounting principle; (iii) retrospective revision to reportable

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segment information due to a change in the structure of the internal organization of the Company Group; (iv) retrospective reclassification due to a discontinued operation; (v) retrospective application of a change in reporting entity, such as from a reorganization of entities under common control; and (vi) retrospective revision for stock splits, reverse stock splits, stock dividends or other change in capital structure.

**Excess Incentive Compensation:** means (i) the amount of Incentive Compensation received by an Executive Officer in excess of the amount that would have been received had it been determined based on the restated Financial Reporting Measure following the completion of a Covered Financial Restatement, and (ii) any other compensation that is computed based on, or otherwise attributable to, the amounts described in clause (i), in each case, as determined by the Compensation Committee in accordance with the Recovery Rules. The amount of Excess Incentive Compensation shall be determined on a gross basis without regard to any taxes owed or paid by the Executive Officer on the receipt or settlement of the Incentive Compensation. For Incentive Compensation based on stock price or total shareholder return, where the amount of Excess Incentive Compensation is not subject to mathematical recalculation directly from the information in an accounting restatement, the amount shall be based on a reasonable estimate of the effect of the accounting restatement on the stock price or total shareholder return upon which the Incentive Compensation was received. For the avoidance of doubt, Excess Incentive Compensation may include Incentive Compensation received by a person after such person ceases to be an Executive Officer, including a former employee of a member of the Company Group.

**Executive Officer:** means an "executive officer" (as defined in Rule 10D-1(d) under the Exchange Act) of the Company and as identified by the Compensation Committee in accordance with the Recovery Rules.

**Financial Reporting Measures:** means measures that are determined in accordance with the accounting principles used in preparing the Company Group's financial statements, and any measures that are derived in whole or in part from such measures, including stock price and other measures based on stock price such as total shareholder return. A Financial Reporting Measure need not be presented within the financial statements or included in a filing with the Securities and Exchange Commission.

**Incentive Compensation:** means any compensation that is granted, earned or becomes vested, in whole or in part, upon the attainment of a Financial Reporting Measure and as identified by the Compensation Committee in accordance with the Recovery Rules and that was received by an Executive Officer (i) after such individual began service as an Executive Officer, (ii) who served in such capacity at any time during the performance period for such compensation and (iii) while the Company had a class of securities listed on a national securities exchange or a national securities association. Except as otherwise determined by the Compensation Committee, Incentive Compensation shall not include the following: (i) salaries; (ii) amounts received solely at the discretion of the Compensation Committee or the Board and that are not received from a pool that is determined by satisfying a Financial Reporting Measure performance goal; (iii) amounts received solely upon satisfying one or more subjective standards; (iv) amounts received solely upon satisfying one or more strategic measures or operational measures; and (v) amounts received solely based on service or the passage of time.

**Incentive Compensation**: shall be considered to be "received" by an Executive Officer in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive Compensation is achieved or attained, even if the payment or grant of the Incentive Compensation occurs after the end of that fiscal period.

**Triggering Date:** means the earlier to occur of (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare a Covered

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Financial Restatement and (ii) the date a court of competent jurisdiction, regulator, or other legally authorized body directs the Company to prepare a Covered Financial Restatement; provided that the recovery of Excess Incentive Compensation pursuant to this Recovery Policy as a result of this clause (ii) shall only be required if such action by such court, regulator or other legally authorized body, as applicable, is final and non-appealable.

RECOVERY OF EXCESS INCENTIVE COMPENSATION

In the event the Company is required to prepare a Covered Financial Restatement, the Company shall seek reasonably promptly the recovery of any Excess Incentive Compensation received by an Executive Officer during the three completed fiscal years immediately preceding the applicable Triggering Date (or any transition period that results from a change in the Company's fiscal year within or immediately following such three completed fiscal years); provided, however, that a transition period between the last day of the Company's previous fiscal year-end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be considered a completed fiscal year for purposes of this Recovery Policy. The Company's obligation to recover Excess Incentive Compensation from an Executive Officer is not dependent on if, or when, the applicable restated financial statements are filed. Unless otherwise specified by the Compensation Committee, an Executive Officer shall be required to forfeit or repay the Excess Incentive Compensation within 90 days following the date such Executive Officer is informed that such Executive Officer has received Excess Incentive Compensation from a member of the Company Group. For the avoidance of doubt, any action by the Company to recover Excess Incentive Compensation under this Recovery Policy from an Executive Officer shall not, whether alone or in combination with any other action, event or condition, be deemed (i) "good reason" or term of similar import or to serve as a basis for a claim of constructive termination under any benefit or compensation arrangement applicable to such Executive Officer, or (ii) to constitute a breach of a contract or other arrangement to which such Executive Officer is party.

Subject to the Recovery Rules, the Compensation Committee shall have discretion to determine the method by which Excess Incentive Compensation shall be recovered from the applicable Executive Officers; provided that (i) to the extent the applicable Excess Incentive Compensation consists of amounts that have been received by, but not yet paid to, such Executive Officer, such unpaid amounts shall be forfeited and (ii) to the extent any remaining Excess Incentive Compensation consists of amounts paid to such Executive Officer in cash or shares of Company common stock that are still held by such Executive Officer, such Executive Officer shall be entitled to repay such amount either in cash or such shares of Company common stock, as applicable. For the avoidance of doubt, any Excess Incentive Compensation received by an Executive Officer that has subsequently been forfeited prior to payment thereof (including as a result of termination of employment or breach of contract) shall be deemed to have been repaid in accordance with this Recovery Policy. To the extent that the application of this Recovery Policy would provide for recovery of Excess Incentive Compensation that the Company recovers pursuant to Section 304 of the Sarbanes-Oxley Act or Other Clawback Policies, the amount the relevant Executive Officer has already reimbursed the Company will be credited to the required recovery under this Recovery Policy.

The Company must recover Excess Incentive Compensation pursuant to this Recovery Policy except to the extent the conditions of (i) or (ii) of this sentence are satisfied, including the Company's compliance with any additional requirements set forth in the applicable Recovery Rules related thereto, and the Compensation Committee has made a determination that recovery would be impracticable: (i) the direct expense paid to a third party to assist in enforcing this Recovery Policy would exceed the amount to be recovered; or (ii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

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GOVERNING LAW

This Recovery Policy shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflicts of law thereof or of any other jurisdiction.

ARBITRATION

If a dispute arises out of or relates to the RSUs, this Agreement or the Plan, or the breach, termination or validity of the RSUs, this Agreement or the Plan, such dispute shall be resolved by confidential final and binding arbitration by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be a mutually agreed upon location in Fond du Lac County, Wisconsin. Any dispute regarding the scope of the arbitration (including the matters subject to arbitration and any legal issues arising in the arbitration) shall be resolved by the arbitrators. The parties shall each bear their own expenses in connection with any dispute under or relating to this Recovery Policy.

COMPLIANCE AND ENFORCEMENT

This Recovery Policy and determinations and decisions made by the Compensation Committee pursuant to this Recovery Policy shall be binding and enforceable against all Executive Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.

This Recovery Policy shall not limit the rights of the Company to take any other actions or pursue other remedies that the Company may deem appropriate under the circumstances and under applicable law.

COMMUNICATION AND DISTRIBUTION

This Policy is documented and made available to all relevant stakeholders and accessible via the ALS intranet.

REVIEW AND UPDATE

The Board may amend this Recovery Policy from time to time in its sole and absolute discretion.

CONTACT INFORMATION

For questions or further information regarding this Policy, please contact:

**Policy Owner:** Compensation Committee of the Board of Directors

or

**Policy Governance Committee** Email: policycommittee@alliancels.com

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[<u>Exhibit A</u>]

Recovery Policy Participation Agreement

This Recovery Policy Participation Agreement (this "<u>Participation Agreement</u>") to the Incentive Compensation Recovery Policy (the "<u>Recovery Policy</u>") of Alliance Laundry Holdings Inc. (the "<u>Company</u>") is entered into between the Company and [NAME]. Capitalized terms used but not defined in this Participation Agreement shall have the meanings assigned to such terms in the Recovery Policy.

By signing below, the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.acknowledges and confirms that the undersigned has received and reviewed a copy of the Recovery Policy and that the undersigned is, and the undersigned's beneficiaries, heirs, executors, administrators or other legal representatives, as applicable, are, subject to the Recovery Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.acknowledges and agrees that the undersigned shall comply with the Recovery Policy, including, without limitation, by returning Excess Incentive Compensation pursuant to, and in accordance with, the Recovery Policy and applicable law, and that the undersigned remains subject to the Recovery Policy during and after the undersigned's employment or engagement with a member of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.notwithstanding the generality of the foregoing, acknowledges and agrees to comply with and be subject to the terms and conditions of the Recovery Policy, including those set forth regarding the adjudication and settlement of all disputes, controversies or claims arising out of or relating to the Recovery Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.acknowledges and agrees that in the event of any inconsistency between the Recovery Policy and the terms of any employment agreement to which the undersigned is a party, or the terms of any compensation plan, program, agreement or arrangement under which any Incentive Compensation has been granted, awarded, earned or paid, in each case, the terms of the Recovery Policy shall govern; and acknowledges that the Recovery Policy may be amended from time to time in accordance with the terms thereof and the undersigned shall remain subject to the Recovery Policy, as so amended, in all respects.

__________________________

Signature

__________________________

Print Name

__________________________

Date

<br>