BrightView : Investor Presentation

NYSE: BV

BrightView Investor Presentation

June 2024

Disclaimer

2

BrightView - much more than just mowing

MAINTENANCE									Water management
Mowing	Gardening	Mulching	Snow services		Tree care	& irrigation
Sweeping &							Golf course
	parking lot services	Landscape installation	Disaster recovery	Sports fields	maintenance	Landscape design
DEVELOPMENT	Design +	Landscape	Masonry +	Hardscape	Irrigation	Pools + water	Soil mixing +	Sports field
predev	installation	concrete	Installation	systems		features	testing	installation	3

BrightView today

MAINTENANCE

FY'23	$2.1 BILLION	~75%
Revenue
of revenues
$2.8B

Business	Essential commercial landscaping & snow services
•	Predictable recurring revenue model
Overview &
•	Non-discretionary and resilient service
Highlights
•	Broad offering of ancillary services

DEVELOPMENT

$0.7 BILLION ~25%

of revenues

Landscape architecture & development services

• New landscapes / large-scale redesign projects
• Horticultural and design thought-leadership
• Complex and high-profile projects

4

Opportunity abounds in a large & fragmented market

U.S. Commercial

~$113B Landscaping, Snow

and Development

~$96B

U.S. Commercial

Landscaping and Snow

~$74B

U.S. Commercial

Landscaping

Services

BrightView: ~$1.9B (Land only)

Market Share: 2.5%

• Stable, non-discretionary & versatile nature of service
• Resilient revenue from focus on industry's Top Quartile
• BrightView land market share >2% for last 5 years
• Overall market grows ~2% annually

Source: IBIS Industry Reports, Landscaping (June 2022) and Snow Removal (June 2023)

Recurring Revenue

+

Scalable Business Model

+

Accretive M&A

=

Significant Shareholder

Value Opportunity

We are the #1 player in a growing Industry with Revenues 5x our next largest competitor

5

Challenges since 2018 IPO; strategic shifts to unlock significant value

IPO thru 2022

Inconsistent organic growth

masked by M&A

Significant M&A with minimal

EBITDA conversion

Decentralized structure & rising

costs yield margin dilution

Highly Levered & inefficient

allocation of capital

2023 & Beyond

Focus on long-termprofitable growth & emphasis on core

Acquirer of choice focused on

strategy, culture & returns

Redefined support structure enabling scalable growth; Pricing efforts combat inflation

De-levered to lowest point since

IPO; positioned for efficient

capital deployment

Significant Value Creation Opportunity by

Leveraging Scale as #1 Player in the Industry

6

Strategic pivots position FY24 as Breakthrough year

Revenue ($Ms)

			2,775	2,816	2,770
		2,554
	2,405
2,354
2018	2019	2021	2022	2023	2024*

Adj. EBITDA ($Ms)

& EBITDA %

					325
	305	302
300
			299	11.7%
12.8%	12.7%		288
				10.6%
		11.8%	10.4%
2018	2019	2021	2022	2023	2024*

Adjusted EBITDA		Adj. EBITDA %

Net Debt ($Ms)

& Leverage Ratio

			1,375
1,149	1,131	1,056
			4.8	871
3.8	3.7				754
	3.5
				2.9
					2.4
2018	2019	2021	2022	2023	2Q24
	Net Debt	Leverage Ratio

*Midpoint of FY24 Financial Guidance as of May 2024 Earnings Call; FY24 revenue reflects divested franchise business and unwinding of non-profitable subcontractor business (FY24 impact: ~$10M and ~$60M, respectively. Refer to slide 16 for detail on subcontractor business)

NOTE: FY20 excluded from above due to atypical results related to COVID pandemic

Strategic Pivots Enable Long-Term Profitable Growth & Value Creation

7

Key value unlock through operating as One BrightView

Employer of Choice	Customer First	Accretive M&A
Prioritize employees and	Focused on being the partner	Establish foundation and
of choice
BrightView winning culture	deliver on integration
	Deliver efficient, collaborative,	Strategic allocation of capital
Investment in fleet and	and unified service
1 + 1 = 3
capabilities	Strengthen and develop
Reinvestment to drive organic	existing relationships	Leverage size & scale;
growth and operational	Target strategic and large	evaluate Greenfield and
efficiency	Adjacent Services
	accounts
Align & optimize	Emphasize core businesses &	Acquirer of choice focused
organizational structure to	on strategy, culture and
deemphasize non-core
breakdown existing silos	returns
businesses

Operating as One BrightView to generate profitable growth and unlock

significant long-term shareholder

8

FY24 Strategic Changes

9

Key Investments to Drive Profitable Growth

Better Culture = Better Customer Service = Service Provider of Choice

Trucks

Mowers

Boots

10