Unifirst UNF Q3 2026 earnings

Investor Relations Contact

Shane O'Connor, Executive Vice President & CFO

UniFirst Corporation

978-658-8888

shane_oconnor@unifirst.com

UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2026

Wilmington, MA – July 1, 2026 – UniFirst Corporation (NYSE: UNF) (“UniFirst” or the “Company”) today reported results for its fiscal 2026 third quarter ended May 30, 2026.

Third Quarter 2026 Consolidated Results

• Consolidated revenues increased 3.9% to $634.4 million compared to $610.8 million in the third quarter of fiscal 2025, driven by organic growth in the core Uniform & Facility Service Solutions segment.
• Operating income and Adjusted EBITDA were $23.0 million and $82.6 million, respectively, compared to $48.2 million and $85.8 million, respectively, in the third quarter of fiscal 2025.
• Operating margin was 3.6% compared to 7.9% in the prior year period.
• Net income was $19.9 million compared to $39.7 million in the prior year period and diluted earnings per share was $1.09 compared to $2.13 in the prior year period.
• Adjusted EBITDA margin was 13.0% compared to 14.1% in the prior year period.
• The quarterly tax rate was 18.5% compared to 25.7% in the prior year period.

The Company’s results for the third quarter of fiscal 2026 included approximately $20.7 million of costs associated with the proposed merger with Cintas Corporation (“Cintas”), consisting primarily of legal, advisory and other professional service fees (“Transaction-related Costs”). In addition, the Company’s results for the third quarter of fiscal 2026 and 2025 included approximately $5.2 million and $1.0 million, respectively, of costs related to its enterprise resource planning project (“Key Initiative”). In the third quarter of fiscal 2026 and 2025, these costs decreased:

• Operating income by $26.0 million and $1.0 million, respectively.
• Adjusted EBITDA by $5.2 million and $1.0 million, respectively.
• Net income by $19.6 million and $0.7 million, respectively.
• Diluted earnings per share by $1.08 and $0.04, respectively.

Steven Sintros, UniFirst President and Chief Executive Officer, said, “We delivered solid growth and profitability in the third quarter, reflecting the continued strength of our service-driven business and the disciplined execution of our team. Our focus remains on taking great care of our customers and communities, supporting our Team Partners, and winning new business by demonstrating UniFirst’s compelling value proposition.”

Mr. Sintros continued, “I am grateful to our thousands of Team Partners for their unwavering dedication to serving our customers with excellence and for living our Core Values – Customer Focus, Respect for Others, and Commitment to Quality – every day.”

As previously announced on March 11, 2026, UniFirst and Cintas have entered into a definitive agreement under which Cintas will acquire UniFirst. Under the terms of the agreement, UniFirst shareholders will receive $155.00 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own. On June 11, 2026, UniFirst shareholders approved the proposed merger at a special meeting of shareholders.

On June 11, 2026, UniFirst and Cintas each received a Second Request for additional information from the Federal Trade Commission ("FTC") as part of its review of the proposed merger. The companies are cooperating with the FTC and continue to work through the regulatory review process. The transaction is expected to close in the second half of calendar 2026, subject to satisfaction or waiver of customary closing conditions and receipt of required regulatory approvals.

Segment Reporting Results

Uniform & Facility Service Solutions

• Revenues increased 3.9% to $575.7 million compared to $554.3 million in the prior year period.
• Organic growth, which excludes the effect of acquisitions and fluctuations in the Canadian dollar, was 3.6%.
• New customer account acquisitions were solid during the quarter and customer retention rates continued to improve, building on the year-to-date progress that the Company has seen in these areas.
• Operating margin was 3.4% compared to 7.8% in the prior period and Adjusted EBITDA margin was 13.4% compared to 14.3% in the prior period.
• The Key Initiative and Transaction-related Costs were both recorded to this segment and decreased operating and Adjusted EBITDA margins in the third quarter of fiscal 2026 by 4.5% and 0.9%, respectively. Key Initiative costs in prior year period decreased both operating and Adjusted EBITDA margins by 0.2%.
• The segment's operating and Adjusted EBITDA margin comparison in the third quarter of fiscal 2026 benefited from lower merchandise costs as well as elevated expense in prior year due to advisory costs for a strategic matter and legal costs related to an employee matter. These benefits were offset by higher healthcare claims and fuel costs.

Other

• Revenues for the quarter increased 4.4% to $27.8 million compared to $26.7 million in the prior year period. The segment had strong growth in its European operations which was partially offset by the continued wind-down of a large refurbishment project and fewer reactor outages.
• Operating income and Adjusted EBITDA were $4.9 million and $5.8 million, respectively.
• This segment consists of the Company’s nuclear solutions. Given the cyclical and seasonal nature of the nuclear industry, this segment’s results are often affected by seasonality, the timing and duration of power reactor outages and project-based activities.

Balance Sheet and Capital Allocation

• Cash, cash equivalents and short-term investments were $168.9 million, and the Company had no long-term debt outstanding as of May 30, 2026.
• The Company did not repurchase any shares of its Common Stock in the third quarter of fiscal 2026.
• The Company declared a quarterly cash dividend of $0.365 per Common Stock share and $0.292 per Class B Common Stock on April 14, 2026.

As previously announced, due to the pending transaction with Cintas, UniFirst is no longer providing financial guidance or hosting quarterly conference calls regarding its financial results.

About UniFirst Corporation

Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Together with its subsidiaries, the Company also manages specialized garment programs for the cleanroom and nuclear industries. In addition to partnering with leading brands, UniFirst manufactures its own branded workwear, protective clothing, and floorcare products at its five company-owned ISO-9001-certified manufacturing facilities. With more than 270 service locations, over 300,000 customer locations, and 16,000-plus employee Team Partners, the Company outfits more than 2 million workers every day. For more information, contact UniFirst at 888.296.2740 or visit UniFirst.com.

Forward-Looking Statements Disclosure

This public announcement contains forward-looking statements within the meaning of the federal securities laws that reflect the Company's current views with respect to future events and financial performance, including statements

regarding the transaction between UniFirst and Cintas (the “Transaction”). Forward-looking statements contained in this public announcement are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and may be identified by words such as “guidance,” “outlook,” “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “could,” “should,” “may,” “will,” “strategy,” “objective,” “assume,” “strive,” “design,” “assumption,” “vision,” “approximate,” or the negative versions thereof, and similar expressions and by the context in which they are used. Such forward-looking statements are based upon our current expectations and speak only as of the date made. Such statements are highly dependent upon a variety of risks, uncertainties and other important factors that could cause actual results to differ materially from those reflected in such forward-looking statements.

The following Transaction-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Cintas and UniFirst; the outcome of any legal proceedings that may be instituted against Cintas or UniFirst; the possibility that the Transaction does not close when expected or at all because required regulatory, shareholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Cintas and UniFirst operate; any failure to promptly and effectively integrate the businesses of Cintas and UniFirst; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Cintas’ or UniFirst’s customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Transaction; the dilution caused by Cintas’ issuance of additional shares of its capital stock in connection with the Transaction; changes in the trading price of Cintas’ or UniFirst’s capital stock; and the diversion of management’s attention and time to the Transaction from ongoing business operations and opportunities.

Additional factors include, but are not limited to, uncertainties caused by an economic recession or other adverse economic conditions, including, without limitation, as a result of elevated inflation or interest rates or extraordinary events or circumstances such as geopolitical conflicts like the conflicts between Russia and Ukraine and the United States and Iran and other disruption in the Middle East and their impact on our customers' businesses and workforce levels, disruptions of our business and operations, including limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers in connection with extraordinary events or circumstances, uncertainties regarding our ability to consummate acquisitions and successfully integrate acquired businesses and the performance of such businesses, uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation, any adverse outcome of pending or future contingencies or claims, our ability to compete successfully without any significant degradation in our margin rates, seasonal and quarterly fluctuations in business levels, our ability to preserve positive labor relationships and avoid becoming the target of corporate labor unionization campaigns that could disrupt our business, the effect of currency fluctuations on our results of operations and financial condition, our dependence on third parties to supply us with raw materials, which such supply could be severely disrupted as a result of extraordinary events or circumstances such as the conflict between Russia and Ukraine and the United States and Iran, any loss of key management or other personnel, increased costs as a result of any changes in federal, state, international or other laws, rules and regulations or governmental interpretation of such laws, rules and regulations, uncertainties regarding, or adverse impacts from continued high price levels of natural gas, electricity, fuel and labor or increases in such costs, the negative effect on our business from sharply depressed oil and natural gas prices, the continuing increase in domestic healthcare costs, increased workers' compensation claim costs, increased healthcare claim costs, our ability to retain and grow our customer base, demand and prices for our products and services, fluctuations in our nuclear business, political or other instability, supply chain disruption or infection among our employees in Mexico and Nicaragua where our principal garment manufacturing plants are located, our ability to properly and efficiently design, construct, implement and operate a new enterprise resource planning computer system, interruptions or failures of our information technology systems, including as a result of cyber-attacks, additional professional and internal costs necessary for compliance with any changes in or additional Securities and Exchange Commission (the “SEC”), New York Stock Exchange and accounting or other rules, strikes and unemployment levels, our efforts to evaluate and potentially reduce internal costs, the impact of U.S. and foreign trade policies and tariffs or other impositions on imported goods on our business, results of operations and financial condition, our ability to successfully implement our business strategies and processes, including our capital allocation strategies, our ability to successfully remediate the material weakness in internal control over financial reporting disclosed in our Annual Report on Form 10-K

for the year ended August 30, 2025 and the other factors described under Part I, Item 1A. “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended August 30, 2025, Part II, Item 1A. “Risk Factors” and elsewhere in our subsequent Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.

Consolidated Statements of Income

(Unaudited)