0001833197--12-31false2026Q3http://fasb.org/us-gaap/2026#OtherAssetshttp://fasb.org/us-gaap/2026#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesswim:autocoverDealerxbrli:pureswim:segment00018331972026-01-012026-09-2600018331972026-10-3000018331972026-09-2600018331972025-12-3100018331972026-06-282026-09-2600018331972025-06-292025-09-2700018331972025-01-012025-09-270001833197us-gaap:CommonStockMember2024-12-310001833197us-gaap:AdditionalPaidInCapitalMember2024-12-310001833197us-gaap:RetainedEarningsMember2024-12-310001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-3100018331972024-12-310001833197us-gaap:RetainedEarningsMember2025-01-012025-03-2900018331972025-01-012025-03-290001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-290001833197us-gaap:CommonStockMember2025-01-012025-03-290001833197us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-290001833197us-gaap:CommonStockMember2025-03-290001833197us-gaap:AdditionalPaidInCapitalMember2025-03-290001833197us-gaap:RetainedEarningsMember2025-03-290001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-2900018331972025-03-290001833197us-gaap:RetainedEarningsMember2025-03-302025-06-2800018331972025-03-302025-06-280001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-302025-06-280001833197us-gaap:CommonStockMember2025-03-302025-06-280001833197us-gaap:AdditionalPaidInCapitalMember2025-03-302025-06-280001833197us-gaap:CommonStockMember2025-06-280001833197us-gaap:AdditionalPaidInCapitalMember2025-06-280001833197us-gaap:RetainedEarningsMember2025-06-280001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-2800018331972025-06-280001833197us-gaap:RetainedEarningsMember2025-06-292025-09-270001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-292025-09-270001833197us-gaap:CommonStockMember2025-06-292025-09-270001833197us-gaap:AdditionalPaidInCapitalMember2025-06-292025-09-270001833197us-gaap:CommonStockMember2025-09-270001833197us-gaap:AdditionalPaidInCapitalMember2025-09-270001833197us-gaap:RetainedEarningsMember2025-09-270001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-2700018331972025-09-270001833197us-gaap:CommonStockMember2025-12-310001833197us-gaap:AdditionalPaidInCapitalMember2025-12-310001833197us-gaap:RetainedEarningsMember2025-12-310001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001833197us-gaap:RetainedEarningsMember2026-01-012026-03-2800018331972026-01-012026-03-280001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-280001833197us-gaap:CommonStockMember2026-01-012026-03-280001833197us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-280001833197us-gaap:CommonStockMember2026-03-280001833197us-gaap:AdditionalPaidInCapitalMember2026-03-280001833197us-gaap:RetainedEarningsMember2026-03-280001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-2800018331972026-03-280001833197us-gaap:RetainedEarningsMember2026-03-292026-06-2700018331972026-03-292026-06-270001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-292026-06-270001833197us-gaap:CommonStockMember2026-03-292026-06-270001833197us-gaap:AdditionalPaidInCapitalMember2026-03-292026-06-270001833197us-gaap:CommonStockMember2026-06-270001833197us-gaap:AdditionalPaidInCapitalMember2026-06-270001833197us-gaap:RetainedEarningsMember2026-06-270001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-2700018331972026-06-270001833197us-gaap:RetainedEarningsMember2026-06-282026-09-260001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-282026-09-260001833197us-gaap:CommonStockMember2026-06-282026-09-260001833197us-gaap:AdditionalPaidInCapitalMember2026-06-282026-09-260001833197us-gaap:CommonStockMember2026-09-260001833197us-gaap:AdditionalPaidInCapitalMember2026-09-260001833197us-gaap:RetainedEarningsMember2026-09-260001833197us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-09-260001833197us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2025-02-012025-02-280001833197us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2026-02-012026-02-280001833197us-gaap:CarryingReportedAmountFairValueDisclosureMemberswim:SeniorSecuredNewTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2026-09-260001833197us-gaap:EstimateOfFairValueFairValueDisclosureMemberswim:SeniorSecuredNewTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2026-09-260001833197us-gaap:CarryingReportedAmountFairValueDisclosureMemberswim:SeniorSecuredNewTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2025-12-310001833197us-gaap:EstimateOfFairValueFairValueDisclosureMemberswim:SeniorSecuredNewTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2025-12-310001833197us-gaap:CarryingReportedAmountFairValueDisclosureMemberswim:SeniorSecuredTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2026-09-260001833197us-gaap:EstimateOfFairValueFairValueDisclosureMemberswim:SeniorSecuredTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2026-09-260001833197us-gaap:CarryingReportedAmountFairValueDisclosureMemberswim:SeniorSecuredTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2025-12-310001833197us-gaap:EstimateOfFairValueFairValueDisclosureMemberswim:SeniorSecuredTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2025-12-310001833197us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2026-09-260001833197us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-12-310001833197us-gaap:TrademarksAndTradeNamesMember2026-09-260001833197us-gaap:TechnologyBasedIntangibleAssetsMember2026-09-260001833197us-gaap:UnpatentedTechnologyMember2026-09-260001833197swim:PoolDesignsMember2026-09-260001833197us-gaap:CustomerRelationshipsMember2026-09-260001833197us-gaap:OrderOrProductionBacklogMember2026-09-260001833197us-gaap:TrademarksAndTradeNamesMember2025-12-310001833197us-gaap:TechnologyBasedIntangibleAssetsMember2025-12-310001833197us-gaap:UnpatentedTechnologyMember2025-12-310001833197swim:PoolDesignsMember2025-12-310001833197us-gaap:CustomerRelationshipsMember2025-12-310001833197us-gaap:OrderOrProductionBacklogMember2025-12-310001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:NewTermLoanMember2026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:NewTermLoanMember2025-12-310001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:PriorTermLoanMember2026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:PriorTermLoanMember2025-12-310001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:PriorAndNewRevolvingCreditFacilitiesMember2026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:PriorAndNewRevolvingCreditFacilitiesMember2025-12-310001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:NewRevolvingCreditFacilityMember2026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:NewTermLoanMember2026-08-200001833197us-gaap:LineOfCreditMemberswim:NewCreditAgreementMember2026-06-282026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:NewCreditAgreementMember2026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMemberswim:NewRevolvingCreditFacilityMembersrt:MinimumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMemberswim:NewRevolvingCreditFacilityMembersrt:MaximumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:CanadianPrimeRateMemberswim:NewRevolvingCreditFacilityMembersrt:MinimumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:CanadianPrimeRateMemberswim:NewRevolvingCreditFacilityMembersrt:MaximumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:EuroInterbankOfferedRateAndAustralianDollarRateMemberswim:NewRevolvingCreditFacilityMembersrt:MinimumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:EuroInterbankOfferedRateAndAustralianDollarRateMemberswim:NewRevolvingCreditFacilityMembersrt:MaximumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:NewRevolvingCreditFacilityMembersrt:MinimumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:NewRevolvingCreditFacilityMembersrt:MaximumMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:NewRevolvingCreditFacilityMember2026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:SeniorSecuredNewTermLoanFacilityMember2026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMemberswim:SeniorSecuredNewTermLoanFacilityMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:BaseRateMemberswim:SeniorSecuredNewTermLoanFacilityMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:SeniorSecuredNewTermLoanFacilityMember2026-08-202026-08-200001833197us-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberswim:SeniorSecuredNewTermLoanFacilityMember2026-01-012026-09-260001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:PriorRevolvingCreditFacilityMember2022-02-230001833197us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberswim:PriorRevolvingCreditFacilityMember2026-01-012026-09-260001833197swim:InterestRateSwap2023Member2023-03-100001833197swim:InterestRateSwap2025Member2025-06-040001833197swim:InGroundSwimmingPoolsMember2026-06-282026-09-260001833197swim:InGroundSwimmingPoolsMember2025-06-292025-09-270001833197swim:InGroundSwimmingPoolsMember2026-01-012026-09-260001833197swim:InGroundSwimmingPoolsMember2025-01-012025-09-270001833197swim:CoversMember2026-06-282026-09-260001833197swim:CoversMember2025-06-292025-09-270001833197swim:CoversMember2026-01-012026-09-260001833197swim:CoversMember2025-01-012025-09-270001833197swim:LinersMember2026-06-282026-09-260001833197swim:LinersMember2025-06-292025-09-270001833197swim:LinersMember2026-01-012026-09-260001833197swim:LinersMember2025-01-012025-09-270001833197swim:A2021OmnibusEquityPlanMember2021-04-122021-04-120001833197us-gaap:SellingGeneralAndAdministrativeExpense2026-06-282026-09-260001833197us-gaap:SellingGeneralAndAdministrativeExpense2025-06-292025-09-270001833197us-gaap:SellingGeneralAndAdministrativeExpense2026-01-012026-09-260001833197us-gaap:SellingGeneralAndAdministrativeExpense2025-01-012025-09-270001833197us-gaap:RestrictedStockUnitsRSUMember2025-12-310001833197us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-09-260001833197us-gaap:RestrictedStockUnitsRSUMember2026-09-260001833197us-gaap:EmployeeStockOptionMember2025-12-310001833197us-gaap:EmployeeStockOptionMember2026-01-012026-09-260001833197us-gaap:EmployeeStockOptionMember2026-09-260001833197us-gaap:StockAppreciationRightsSARSMember2025-12-310001833197us-gaap:StockAppreciationRightsSARSMember2026-01-012026-09-260001833197us-gaap:StockAppreciationRightsSARSMember2026-09-260001833197us-gaap:PerformanceSharesMember2025-01-012025-12-310001833197us-gaap:PerformanceSharesMembersrt:MinimumMember2025-01-012025-12-310001833197us-gaap:PerformanceSharesMembersrt:MaximumMember2025-01-012025-12-310001833197us-gaap:PerformanceSharesMember2026-01-012026-09-260001833197us-gaap:PerformanceSharesMembersrt:MinimumMember2026-01-012026-09-260001833197us-gaap:PerformanceSharesMembersrt:MaximumMember2026-01-012026-09-260001833197us-gaap:PerformanceSharesMember2025-12-310001833197us-gaap:PerformanceSharesMember2026-09-260001833197us-gaap:RestrictedStockMember2026-06-282026-09-260001833197us-gaap:RestrictedStockMember2025-06-292025-09-270001833197us-gaap:RestrictedStockMember2026-01-012026-09-260001833197us-gaap:RestrictedStockMember2025-01-012025-09-270001833197us-gaap:RestrictedStockUnitsRSUMember2026-06-282026-09-260001833197us-gaap:RestrictedStockUnitsRSUMember2025-06-292025-09-270001833197us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-09-260001833197us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-270001833197us-gaap:EmployeeStockOptionMember2026-06-282026-09-260001833197us-gaap:EmployeeStockOptionMember2025-06-292025-09-270001833197us-gaap:EmployeeStockOptionMember2026-01-012026-09-260001833197us-gaap:EmployeeStockOptionMember2025-01-012025-09-270001833197us-gaap:StockAppreciationRightsSARSMember2026-06-282026-09-260001833197us-gaap:StockAppreciationRightsSARSMember2025-06-292025-09-270001833197us-gaap:StockAppreciationRightsSARSMember2026-01-012026-09-260001833197us-gaap:StockAppreciationRightsSARSMember2025-01-012025-09-270001833197us-gaap:PerformanceSharesMember2026-06-282026-09-260001833197us-gaap:PerformanceSharesMember2025-06-292025-09-270001833197us-gaap:PerformanceSharesMember2026-01-012026-09-260001833197us-gaap:PerformanceSharesMember2025-01-012025-09-270001833197swim:SingleReportableSegmentMember2026-06-282026-09-260001833197swim:SingleReportableSegmentMember2025-06-292025-09-270001833197swim:SingleReportableSegmentMember2026-01-012026-09-260001833197swim:SingleReportableSegmentMember2025-01-012025-09-270001833197us-gaap:SubsequentEventMemberswim:RepurchaseProgramMember2026-10-270001833197us-gaap:SubsequentEventMemberswim:RepurchaseProgramMember2026-10-272026-10-27

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________

FORM 10-Q

_______________________________________________________________

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 26, 2026

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: 001-40358

Latham Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware						83-2797583
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
787 Watervliet Shaker Road, Latham, NY						12110
(Address of principal executive offices)						(Zip Code)

(800) 833-3800

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, par value $0.0001 per share			SWIM			The Nasdaq Stock Market LLC

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☒

As of October 30, 2026, 117,750,570 shares of the registrant’s common stock, $0.0001 par value, were outstanding.

---

Table of Contents

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION			3
Item 1. Financial Statements			3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			25
Item 3. Quantitative and Qualitative Disclosures About Market Risk			40
Item 4. Controls and Procedures			40
PART II — OTHER INFORMATION			42
Item 1. Legal Proceedings			42
Item 1A. Risk Factors			42
Item 5. Other Information			43
Item 6. Exhibits			44
SIGNATURES			45

2

---

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Index to Condensed Consolidated Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statements of Operations			5
Condensed Consolidated Statements of Comprehensive Income			6
Condensed Consolidated Statements of Stockholders’ Equity			7
Condensed Consolidated Statements of Cash Flows			9
Notes to Condensed Consolidated Financial Statements			10

3

---

Table of Contents

Latham Group, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

			September 26, 2026						December 31, 2025
Assets
Current assets:
Cash			$	94,810					$	71,043
Trade receivables, net			78,925						39,914
Inventories, net			86,691						74,926
Income tax receivable			6,447						12,178
Prepaid expenses and other current assets			9,743						20,943
Total current assets			276,616						219,004
Property and equipment, net			137,497						118,820
Equity method investment			28,189						26,482
Deferred tax assets			1,056						718
Operating lease right-of-use assets			32,830						30,723
Goodwill			161,732						155,189
Intangible assets, net			251,126						268,073
Other assets			3,412						4,214
Total assets			$	892,458					$	823,223
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	36,019					$	19,283
Current maturities of long-term debt			2,250						3,250
Income tax payable			488						—
Current operating lease liabilities			7,022						7,630
Accrued expenses and other current liabilities			70,498						48,979
Total current liabilities			116,277						79,142
Long-term debt, net of discount, debt issuance costs, and current portion			290,212						276,591
Deferred income tax liabilities, net			34,269						34,269
Non-current operating lease liabilities			25,808						23,964
Other long-term liabilities			1,623						3,396
Total liabilities			$	468,189					$	417,362
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both September 26, 2026 and December 31, 2025; no shares issued and outstanding as of both September 26, 2026 and December 31, 2025			—						—
Common stock, $0.0001 par value; 900,000,000 shares authorized as of September 26, 2026 and December 31, 2025; 117,750,570 and 116,766,927 shares issued and outstanding, as of September 26, 2026 and December 31, 2025, respectively			12						12
Additional paid-in capital			473,924						473,423
Accumulated deficit			(47,416)						(63,692)
Accumulated other comprehensive loss			(2,251)						(3,882)
Total stockholders’ equity			424,269						405,861
Total liabilities and stockholders’ equity			$	892,458					$	823,223

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

---

Table of Contents

Latham Group, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Net sales			$	182,175					$	161,903					$	496,964					$	445,962
Cost of sales			115,348						104,596						322,902						291,811
Gross profit			66,827						57,307						174,062						154,151
Selling, general and administrative expense			35,862						28,586						110,071						91,146
Amortization			7,358						7,213						21,893						21,704
Income from operations			23,607						21,508						42,098						41,301
Other expense (income):
Interest expense, net			5,423						6,067						16,109						19,587
Loss on extinguishment and modification of debt			5,022						—						5,022						—
Other (income) expense, net			(71)						1,168						2,123						(2,187)
Total other expense, net			10,374						7,235						23,254						17,400
Earnings from equity method investment			1,789						1,310						3,705						2,751
Income before income taxes			15,022						15,583						22,549						26,652
Income tax expense			2,966						7,466						6,273						8,517
Net income			$	12,056					$	8,117					$	16,276					$	18,135
Net income per share attributable to common stockholders:
Basic			$	0.10					$	0.07					$	0.14					$	0.16
Diluted			$	0.10					$	0.07					$	0.14					$	0.15
Weighted-average common shares outstanding – basic and diluted
Basic			117,690,489						116,603,331						117,360,560						116,323,609
Diluted			119,797,839						119,907,619						119,756,831						119,720,706

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

---

Table of Contents

Latham Group, Inc.

Condensed Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Net income			$	12,056					$	8,117					$	16,276					$	18,135
Other comprehensive income, net of tax:
Foreign currency translation adjustments			517						146						1,631						345
Total other comprehensive income, net of tax			517						146						1,631						345
Comprehensive income			$	12,573					$	8,263					$	17,907					$	18,480

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

---

Table of Contents

Latham Group, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share amounts)

(unaudited)

			Shares						Amount						Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Loss						Total  Stockholders' Equity
Balances at December 31, 2024			115,764,839						$	12					$	467,076					$	(74,816)					$	(5,050)					$	387,222
Net loss			—						—						—						(5,962)						—						(5,962)
Foreign currency translation adjustments			—						—						—						—						217						217
Issuance of common stock upon release of restricted stock units			941,370						—						—						—						—						—
Common stock withheld for taxes on restricted stock units			(343,232)						—						(2,306)						—						—						(2,306)
Stock-based compensation expense			—						—						1,971						—						—						1,971
Balances at March 29, 2025			116,362,977						$	12					$	466,741					$	(80,778)					$	(4,833)					$	381,142
Net income			—						—						—						15,980						—						15,980
Foreign currency translation adjustments			—						—						—						—						(18)						(18)
Issuance of common stock upon release of restricted stock units			182,341						—						—						—						—						—
Common stock withheld for taxes on restricted stock units			(9,189)						—						(57)						—						—						(57)
Stock-based compensation expense			—						—						1,381						—						—						1,381
Balances at June 28, 2025			116,536,129						$	12					$	468,065					$	(64,798)					$	(4,851)					$	398,428
Net income			—						—						—						8,117						—						8,117
Foreign currency translation adjustments			—						—						—						—						146						146
Issuance of common stock upon release of restricted stock units			180,323						—						—						—						—						—
Common stock withheld for taxes on restricted stock units			(60,677)						—						(314)						—						—						(314)
Stock-based compensation expense			—						—						1,980						—						—						1,980
Balances at September 27, 2025			116,655,775						$	12					$	469,731					$	(56,681)					$	(4,705)					$	408,357

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7

---

Table of Contents

Latham Group, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share amounts)

(unaudited)

			Shares						Amount						Additional Paid-in Capital						Accumulated  Deficit						Accumulated Other Comprehensive Loss						Total Stockholders' Equity
Balances at December 31, 2025			116,766,927						$	12					$	473,423					$	(63,692)					$	(3,882)					$	405,861
Net loss			—						—						—						(8,534)						—						(8,534)
Foreign currency translation adjustments			—						—						—						—						653						653
Issuance of common stock upon release of restricted stock units			1,005,086						—						—						—						—						—
Common stock withheld for taxes on restricted stock units			(364,294)						—						(2,382)						—						—						(2,382)
Stock-based compensation expense			—						—						1,104						—						—						1,104
Balances at March 28, 2026			117,407,719						$	12					$	472,145					$	(72,226)					$	(3,229)					$	396,702
Net income			—						—						—						12,754						—						12,754
Foreign currency translation adjustments			—						—						—						—						461						461
Issuance of common stock upon release of restricted stock units			178,907						—						—						—						—						—
Common stock withheld for taxes on restricted stock units			(51,394)						—						(94)						—						—						(94)
Stock-based compensation expense			—						—						1,609						—						—						1,609
Balances at June 27, 2026			117,535,232						$	12					$	473,660					$	(59,472)					$	(2,768)					$	411,432
Net income			—						—						—						12,056						—						12,056
Foreign currency translation adjustments			—						—						—						—						517						517
Issuance of common stock upon release of restricted stock units			336,792						—						—						—						—						—
Common stock withheld for taxes on restricted stock units			(121,454)						—						(734)						—						—						(734)
Stock-based compensation expense			—						—						998						—						—						998
Balances at September 26, 2026			117,750,570						$	12					$	473,924					$	(47,416)					$	(2,251)					$	424,269

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8

---

Table of Contents

Latham Group, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

			Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025
Cash flows from operating activities:
Net income			$	16,276					$	18,135
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			40,194						37,978
Unrealized foreign currency loss (gain)			2,155						(2,878)
Amortization of deferred financing costs and debt discount			1,246						1,290
Non-cash lease expense			5,829						5,455
Change in fair value of interest rate swap			(1,468)						610
Stock-based compensation expense			3,711						5,332
Loss on extinguishment of debt			2,045						—
Bad debt expense			1,427						1,623
Other non-cash, net			632						655
Earnings from equity method investment			(3,705)						(2,751)
Distributions received from equity method investment			1,998						1,816
Changes in operating assets and liabilities:
Trade receivables			(40,138)						(50,352)
Inventories			(9,346)						7,331
Prepaid expenses and other current assets			(329)						(795)
Income tax receivable			5,731						(5,603)
Other assets			(131)						(241)
Accounts payable			15,752						16,296
Accrued expenses and other current liabilities			13,341						6,672
Other long-term liabilities			(644)						(452)
Net cash provided by operating activities			54,576						40,121
Cash flows from investing activities:
Purchases of property and equipment			(22,178)						(16,160)
Acquisition of business, net of cash acquired			(14,250)						(4,934)
Net cash used in investing activities			(36,428)						(21,094)
Cash flows from financing activities:
Proceeds from long-term debt borrowings, net of discount			298,500						—
Payments on long-term debt borrowings			(284,813)						(1,625)
Proceeds from borrowings on revolving credit facility			35,000						25,000
Payments on revolving credit facility			(35,000)						(25,000)
Deferred financing fees paid			(4,697)						—
Repayments of finance lease obligations			(663)						(616)
Common stock withheld for taxes on restricted stock units			(3,210)						(2,677)
Net cash provided by (used in) financing activities			5,117						(4,918)
Effect of exchange rate changes on cash			502						11
Net increase in cash			23,767						14,120
Cash at beginning of period			71,043						56,398
Cash at end of period			$	94,810					$	70,518
Supplemental cash flow information:
Cash paid for interest			$	19,050					$	20,735
Income taxes paid, net			472						8,023
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses			$	1,050					$	422
Right-of-use operating and finance lease assets obtained in exchange for lease liabilities			14,201						7,172
Purchase of property and equipment through settlement of deposit			12,000						—

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

9

---

Table of Contents

Notes to Condensed Consolidated Financial Statements (unaudited)

1. NATURE OF THE BUSINESS

Latham Group, Inc. (the “Company” or “Latham”) wholly owns Latham Pool Products, Inc. (“Latham Pool Products”), a designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. Latham Pool Products offers a portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Unaudited Interim Financial Information

The unaudited condensed consolidated balance sheet at December 31, 2025 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of September 26, 2026 and for the fiscal quarters and three fiscal quarters ended September 26, 2026 and September 27, 2025, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with Latham Group, Inc.’s audited consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2025 included in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on March 4, 2026 (the “Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of these condensed consolidated financial statements, have been included. The Company’s results of operations for the fiscal quarter and three fiscal quarters ended September 26, 2026 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2026 or other interim periods thereof.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are evaluated on an ongoing basis and revised as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known.

Seasonality

Although the Company generally has demand for its products throughout the year, its business is seasonal and weather is one of the principal external factors affecting the business. In general, net sales and net income are highest (or net loss is the lowest) during the second and third quarters, representing the peak months of swimming pool use, pool installation, and remodeling and repair activities. Severe weather may also affect net sales in all periods.

Significant Accounting Policies

Refer to the Annual Report for a discussion of the Company’s significant accounting policies.

10

---

Table of Contents

Recently Issued Accounting Pronouncements

The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition period related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company, which will occur no later than December 31, 2026. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which improves disclosures to provide more detailed information about a business entity’s expenses. ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2024-03 and its potential impact on the condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) (“ASU 2025-11”), which improves the navigability of the required interim disclosures and clarifies when that guidance is applicable. ASU 2025-11 is effective for public business entities for interim reporting periods within annual fiscal years beginning after December 15, 2027. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2025-11 and its potential impact on the condensed consolidated financial statements.

3. ACQUISITIONS

Business Combinations

In February 2025, the Company completed the acquisition of two autocover dealers located in New York and Tennessee for a purchase price of $5.6 million. In February 2026, the Company completed the acquisition of Freedom Pools in Australia for a purchase price of $15.4 million, including a holdback of $1.6 million that has been accrued for on the Company's condensed consolidated balance sheet. Each of these acquisitions qualified as a business combination. These transactions resulted in an increase to goodwill and intangibles, but were not material to the Company's condensed consolidated financial statements, and as a result, additional business combination disclosures for these acquisitions have been omitted.

4. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value.

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3 — Unobservable inputs that reflect the Company’s own assumptions incorporated into valuation techniques. These valuations require significant judgment.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When there is more than one input at different levels within the hierarchy, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assessment of the significance of a particular input to the fair value measurement in its entirety requires substantial judgment and consideration of factors specific to the asset or liability. Level 3 inputs are inherently difficult to estimate. Changes to these inputs can have significant impact on fair value measurements. Assets and liabilities measured at fair value using Level 3 inputs are based on one or more of the following valuation techniques: market approach, income approach or cost approach. There were no transfers between fair value measurement levels during the fiscal quarters ended September 26, 2026 or September 27, 2025.

11

---

Table of Contents

Assets and liabilities measured at fair value on a nonrecurring basis

The Company’s non-financial assets such as goodwill, intangible assets, and property and equipment are measured at fair value upon acquisition and remeasured to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 2 and Level 3 inputs.

Fair value of financial instruments

The Company considers the carrying amounts of cash, trade receivables, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities to approximate fair value because of the short-term maturities of these instruments.

Term loans

Term loans (see Note 7) are carried at amortized cost; however, the Company estimates the fair value of term loans for disclosure purposes. The fair value of a term loan is determined using inputs based on observable market data of a non-public exchange, which are classified as Level 2 inputs. The following table sets forth the carrying amount and fair value of the term loans (in thousands):

			September 26, 2026												December 31, 2025
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
New Term Loan			$	292,462					$	292,462					$	—					$	—
Prior Term Loan			$	—					$	—					$	279,841					$	279,841

Interest rate swap

The Company estimates the fair value of the interest rate swap on a quarterly basis using Level 2 inputs, including the forward SOFR curve. The fair value is estimated by comparing (i) the present value of all future monthly fixed rate payments versus (ii) the variable payments based on the forward SOFR curve. As of September 26, 2026 and December 31, 2025, the Company’s interest rate swap was an asset of $0.3 million and a liability of $1.1 million, respectively, which were recorded within other assets and other long-term liabilities, respectively, on the condensed consolidated balance sheets. See Note 7 for further detail.

5. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill as of September 26, 2026 and as of December 31, 2025 was $161.7 million and $155.2 million, respectively. The change in the carrying value during the three fiscal quarters ended September 26, 2026 was primarily driven by the acquisition of Freedom Pools made in the first fiscal quarter of 2026.

12

---

Table of Contents

Intangible Assets

Intangible assets, net as of September 26, 2026 consisted of the following (in thousands):

			September 26, 2026
			Gross Carrying Amount						Foreign Currency Translation						Accumulated Amortization						Net Amount
Trade names and trademarks			$	149,319					$	201					$	47,789					$	101,731
Patented technology			16,126						—						12,880						3,246
Technology			13,000						—						4,190						8,810
Pool designs			13,628						157						5,547						8,238
Dealer relationships			241,492						(57)						112,486						128,949
Order backlog			2,393						(3)						2,238						152
			$	435,958					$	298					$	185,130					$	251,126

The Company recognized $7.4 million and $21.9 million of amortization expense related to intangible assets during the fiscal quarter and three fiscal quarters ended September 26, 2026. The Company recognized $7.2 million and $21.7 million of amortization expense related to intangible assets during the fiscal quarter and three fiscal quarters ended September 27, 2025.

The changes in the carrying values of dealer relationships, trade names and trademarks and backlog during the three fiscal quarters ended September 26, 2026 were driven primarily by the acquisition of Freedom Pools made in the first fiscal quarter of 2026.

Intangible assets, net as of December 31, 2025 consisted of the following (in thousands):

			December 31, 2025
			Gross Carrying Amount						Foreign Currency Translation						Accumulated Amortization						Net Amount
Trade names and trademarks			$	148,100					$	(112)					$	42,784					$	105,204
Patented technology			16,126						—						11,776						4,350
Technology			13,000						—						3,540						9,460
Pool designs			13,628						(78)						4,845						8,705
Dealer relationships			238,551						—						98,197						140,354
Order backlog			2,020						—						2,020						—
			$	431,425					$	(190)					$	163,162					$	268,073

The Company estimates that amortization expense related to definite-lived intangible assets will be as follows in each of the next five fiscal years and thereafter (in thousands):

Fiscal Year Ending						Estimated Future Amortization Expense
Remainder of fiscal year 2026						$	7,363
2027						29,142
2028						28,121
2029						22,751
2030						21,902
Thereafter						141,847
						$	251,126

13

---

Table of Contents

6. INVENTORIES, NET

Inventories, net consisted of the following (in thousands):

			September 26, 2026						December 31, 2025
Raw materials			$	60,396					$	50,973
Finished goods			26,295						23,953
			$	86,691					$	74,926

7. DEBT

The components of the Company’s outstanding long-term debt obligations consisted of the following (in thousands):

			September 26, 2026						December 31, 2025
New Term Loan			$	300,000					$	—
Prior Term Loan			—						284,813
Prior and New Revolving Credit Facilities			—						—
Less: Unamortized discount and debt issuance costs			(7,538)						(4,972)
Total debt			292,462						279,841
Less: Current portion of long-term debt			(2,250)						(3,250)
Total long-term debt			$	290,212					$	276,591

On August 20, 2026 (the "Closing Date"), Latham Pool Products and certain subsidiary guarantors entered into a new credit agreement (the "New Credit Agreement") with Jefferies Finance LLC, which provides a senior secured multicurrency revolving line of credit in an initial principal amount of $75.0 million, which includes a sub-limit for letters of credit (the "New Revolving Credit Facility"), and a U.S. Dollar senior secured term loan facility (the “New Term Loan”) in an initial principal amount of $300.0 million (collectively, the "Refinancing"). On the Closing Date, proceeds from the borrowings under the New Credit Agreement were used to repay and replace all outstanding obligations under, and terminate, the Credit and Guaranty Agreement, dated as of February 23, 2022, among Latham Pool Products, Latham International Manufacturing Corp. ("LIMC") and the other guarantors party thereto, the lenders party thereto and Barclays Bank PLC, as administrative agent (the "Prior Credit Agreement").

The New Credit Agreement was evaluated under ASC 470-50, Debt - Modifications and Extinguishments. The borrowings under the Refinancing represent a loan syndication. As such, the New Credit Agreement was evaluated on a lender-by-lender basis and resulted in new borrowings, extinguishments and modifications depending on each lender's participation or lack thereof in the New Term Loan and the New Revolving Credit Facility. As part of the New Credit Agreement, $1.0 million of previously capitalized debt issuance costs were expensed within loss on extinguishment and modification of debt in the condensed consolidated statement of operations for the three fiscal quarters ended September 26, 2026.

The Company is required to meet certain financial covenants, including maintaining specific liquidity measurements. To the extent that outstanding usage of the New Revolving Credit Facility exceeds 40% of the commitments under the New Revolving Credit Facility as of the last day of any fiscal quarter, LIMC is required to be in compliance with a maximum First Lien Net Leverage Ratio (as defined below) of 5.20:1.00 as of the last day of such fiscal quarter. There are also negative covenants, including certain restrictions on the Company’s ability to incur additional indebtedness, create liens, make investments, consolidate or merge with other entities, enter into transactions with affiliates, make prepayments with respect to certain indebtedness and make restricted payments and other distributions.

The New Credit Agreement contains customary mandatory prepayment provisions, including requirements to make mandatory prepayments with 50% of any excess cash flow and with 100% of the net cash proceeds from the incurrence of nonpermitted indebtedness, asset sales and casualty and condemnation events, in each case, subject to customary exceptions.

14

---

Table of Contents

New Revolving Credit Facility

The New Revolving Credit Facility may be utilized to finance working capital and other general corporate purposes and permits Latham Pool Products to borrow loans in U.S. Dollars, Canadian Dollars, Euros and Australian Dollars. The New Revolving Credit Facility matures on August 20, 2031. Loans outstanding under the New Revolving Credit Facility denominated in U.S. Dollars and Canadian Dollars bear interest, at the borrower’s option, at a rate per annum based on Term SOFR or the Term CORRA Rate (each, as defined in the New Credit Agreement), as applicable, plus a margin ranging from 3.25% to 3.50%, depending on the First Lien Net Leverage Ratio (as defined in the New Credit Agreement, the "First Lien Net Leverage Ratio"), or at a rate per annum based on the Alternate Base Rate or the Canadian Prime Rate (each, as defined in the New Credit Agreement), plus a margin ranging from 2.25% to 2.50%, depending on the First Lien Net Leverage Ratio. Loans outstanding under the New Revolving Credit Facility denominated in Euros or Australian Dollars bear interest based on EURIBOR or the BBSY (each, as defined in the New Credit Agreement), respectively, plus a margin ranging from 3.25% to 3.50%, depending on the First Lien Net Leverage Ratio. A commitment fee accrues on any unused portion of the commitments under the New Revolving Credit Facility. The commitment fee is due and payable quarterly in arrears, and accrues at a rate per annum ranging from 0.25% to 0.50%, depending on the First Lien Net Leverage Ratio. Borrowings under the New Revolving Credit Facility are not subject to amortization and are due at maturity.

The Company incurred debt issuance costs of $0.8 million related to the New Revolving Credit Facility. The debt issuance costs were recorded within other assets on the condensed consolidated balance sheet and are being amortized over the life of the New Revolving Credit Facility.

As of September 26, 2026, there were no outstanding borrowings on the New Revolving Credit Facility and $75.0 million was available for future borrowing.

New Term Loan

Pursuant to the New Credit Agreement, Latham Pool Products borrowed $300.0 million in term loans. The New Term Loan matures on August 20, 2033. Loans outstanding under the New Term Loan bear interest, at the borrower’s option, at a rate per annum based on Term SOFR (as defined in the New Credit Agreement), plus a margin of 4.00%, or based on the Alternate Base Rate (as defined in the New Credit Agreement), plus a margin of 3.00%. Loans under the New Term Loan are subject to scheduled quarterly amortization payments of $750,000, which represents 0.25% of the initial principal amount of the New Term Loan.

The Company recorded debt issuance costs of $5.2 million and $2.5 million of debt discount related to the New Term Loan as a direct reduction to the carrying amount of long-term debt on the condensed consolidated balance sheet.

Outstanding borrowings under the New Term Loan as of September 26, 2026 were $292.5 million, net of unamortized discount and debt issuance costs of $7.5 million.

As of September 26, 2026, the unamortized debt issuance costs and discount on the New Term Loan were $5.1 million and $2.4 million, respectively. The effective interest rate was 8.26% at September 26, 2026, including the impact of the Company’s interest rate swap.

Prior Revolving Credit Facility

On February 23, 2022, the Company entered into a revolving credit facility with Barclays Bank, PLC under the Prior Credit Agreement that was utilized to finance ongoing general corporate and working capital needs and permitted Latham Pool Products to borrow loans in U.S. Dollars, Canadian Dollars, Euros and Australian Dollars up to $75.0 million (the "Prior Revolving Credit Facility"). The Prior Revolving Credit Facility had a maturity date of February 23, 2027 but was terminated as of the Closing Date of the Refinancing.

During the three fiscal quarters ended September 26, 2026, the Company repaid $35.0 million of outstanding borrowings on the Prior Revolving Credit Facility before the Refinancing.

Prior Term Loan

15

---

Table of Contents

Pursuant to the Prior Credit Agreement, Latham Pool Products also borrowed $325.0 million in term loans (the "Prior Term Loan"). The Prior Term Loan was repaid and terminated as of the Closing Date of the Refinancing.

Interest Rate Risk

Interest rate risk associated with the Prior Credit Agreement was, and with the New Credit Agreement is, mitigated partially through interest rate swaps.

The Company entered into an interest rate swap that was executed on March 10, 2023 (the “2023 Interest Rate Swap”). The 2023 Interest Rate Swap had an effective date of May 18, 2023 and a termination date of May 18, 2026. Under the terms of the 2023 Interest Rate Swap, the Company fixed its SOFR borrowing rate at 4.3725% on a notional amount of $161.0 million. The 2023 Interest Rate Swap was not designated as a hedging instrument for accounting purposes (see Note 4).

Subsequently, the Company entered into a new interest rate swap that was executed on June 4, 2025 (the “2025 Interest Rate Swap”). As part of the 2025 Interest Rate Swap, the Company terminated the 2023 Interest Rate Swap prior to its May 18, 2026 termination date. The 2025 Interest Rate Swap became effective on May 19, 2025 and has a termination date of May 18, 2027. Under the terms of the 2025 Interest Rate Swap, the Company fixed its SOFR borrowing rate at 3.92% on a notional amount of $140.0 million. The 2025 Interest Rate Swap is not designated as a hedging instrument for accounting purposes (see Note 4).

Debt Maturities

Principal payments due on the outstanding debt, excluding the New Revolving Credit Facility, in the next five fiscal years, excluding any potential payments based on excess cash flow levels, are as follows (in thousands):

Fiscal Year Ending			New Term Loan
Remainder of fiscal year 2026			$	—
2027			3,000
2028			3,000
2029			3,000
2030			3,000
Thereafter			288,000
			$	300,000

Guarantees

The obligations under the New Credit Agreement are guaranteed by LIMC and the wholly-owned domestic subsidiaries of LIMC (other than Latham Pool Products) as set forth in the loan guaranty (the “Guarantors”), which was executed in connection with the New Credit Agreement. The obligations under the New Credit Agreement are secured by substantially all of the Guarantors’ tangible and intangible assets, including their accounts receivable, equipment, intellectual property and inventory. The New Credit Agreement also restricts payments and other distributions unless certain conditions are met, which could restrict the Company’s ability to pay dividends. The ownership chain between Latham Pool Products and the Company consists of a series of holding companies with no material assets, liabilities, or standalone operations other than indirect equity interests in Latham Pool Products.

16

---

Table of Contents

8. PRODUCT WARRANTIES

The warranty reserve activity consisted of the following (in thousands):

			Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025
Balance at the beginning of the fiscal year			$	3,349					$	2,647
Adjustments to reserve			2,718						2,338
Less: Settlements made (in cash or in kind)			(2,661)						(1,957)
Balance at the end of the fiscal quarter			$	3,406					$	3,028

9. LEASES

For leases with initial terms greater than 12 months, the Company considers these right-of-use assets and records the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, the Company does not consider them as right-of-use assets and instead considers them short-term lease costs that are recognized on a straight-line basis over the lease term. The Company’s leases may include escalation clauses, renewal options, and/or termination options that are factored into the Company’s determination of lease term and lease payments when it is reasonably certain the option will be exercised. The Company elected to take the practical expedient and not separate lease and non-lease components of contracts. The Company estimates an incremental borrowing rate to discount the lease payments based on information available at lease commencement because the implicit rate of the lease is generally not known.

The Company leases manufacturing facilities, office space, land, and certain vehicles and equipment under operating leases. The Company also leases certain vehicles and equipment under finance leases. The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The components of lease expense for the fiscal quarter and three fiscal quarters ended September 26, 2026 and September 27, 2025 were as follows (in thousands):

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Operating lease expense			$	2,545					$	2,266					$	7,282					$	6,592
Finance lease amortization of assets			214						215						649						636
Finance lease interest on lease liabilities			56						67						171						202
Short-term lease expense			70						135						210						328
Variable lease expense			210						187						673						554
Total lease expense			$	3,095					$	2,870					$	8,985					$	8,312

17

---

Table of Contents

Operating and finance lease right-of-use assets and lease-related liabilities as of September 26, 2026 and December 31, 2025 were as follows (in thousands):

						September 26, 2026						December 31, 2025						Classification
Lease right-of-use assets:
Operating leases						$	32,830					$	30,723					Operating lease right-of-use assets
Finance leases						2,480						2,714						Other assets
Total lease right-of-use assets						$	35,310					$	33,437
Lease-related liabilities:
Current
Operating leases						$	7,022					$	7,630					Current operating lease liabilities
Finance leases						914						815						Accrued expenses and other current liabilities
Non-current
Operating leases						25,808						23,964						Non-current operating lease liabilities
Finance leases						1,782						2,125						Other long-term liabilities
Total lease liabilities						$	35,526					$	34,534

The table below presents supplemental information related to leases as of September 26, 2026 and December 31, 2025:

			September 26, 2026						December 31, 2025
Weighted-average remaining lease term (years):
Finance leases			3.1						3.6
Operating leases			5.4						4.9
Weighted-average discount rate:
Finance leases			7.9		%				8.1		%
Operating leases			6.5		%				5.9		%

The table below presents supplemental information related to the cash flows for operating leases recorded on the condensed consolidated statements of cash flows (in thousands):

			Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows for operating leases			$	5,693					$	5,589

18

---

Table of Contents

The following table summarizes fiscal year maturities of operating and finance lease liabilities as of September 26, 2026 (in thousands):

			Operating Leases						Finance Leases						Total
Remainder of fiscal year 2026			$	2,372					$	274					$	2,646
2027			8,556						1,080						9,636
2028			7,175						985						8,160
2029			6,569						498						7,067
2030			5,393						167						5,560
Thereafter			9,077						19						9,096
Total lease payments			39,142						3,023						42,165
Less: Interest			(6,312)						(327)						(6,639)
Present value of lease liability			$	32,830					$	2,696					$	35,526

10. NET SALES

The following table sets forth the Company’s disaggregation of net sales by product line (in thousands):

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
In-ground Swimming Pools			$	92,442					$	75,377					$	248,487					$	211,711
Covers			59,643						54,893						134,125						123,749
Liners			30,090						31,633						114,352						110,502
			$	182,175					$	161,903					$	496,964					$	445,962

11. INCOME TAXES

The effective income tax rate for the fiscal quarter and three fiscal quarters ended September 26, 2026 was 19.7% and 27.8%, respectively, compared to 47.9% and 32.0%, respectively, for the fiscal quarter and three fiscal quarters ended September 27, 2025. The differences between the U.S. federal statutory income tax rate and the Company's effective income tax rates for the fiscal quarter ended September 26, 2026 and the fiscal quarter ended September 27, 2025 were primarily attributable to the jurisdictional mix of income, the discrete impact of stock-based compensation forfeitures or windfalls and exercises and the effects of branch accounting for Latham Canada.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA maintained the 21% corporate tax rate and made permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductibility and 100% bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective in 2026. The OBBBA did not have a material impact on the Company's effective tax rate.

12. STOCK-BASED COMPENSATION

On April 12, 2021, the Company’s stockholders approved the Latham Group, Inc. 2021 Omnibus Equity Incentive Plan (as amended, the “2021 Omnibus Equity Plan”), which became effective on April 22, 2021, and was further amended on May 2, 2023 and April 30, 2026. Such amendments, among other things, collectively increased the maximum aggregate number of shares reserved for issuance under the 2021 Omnibus Equity Plan to 24,570,212 shares. The 2021 Omnibus Equity Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock units and other stock-based and cash-based awards.

19

---

Table of Contents

The following table summarizes the Company’s stock-based compensation expense (in thousands):

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Selling, general and administrative			$	998					$	1,980					$	3,711					$	5,332

As of September 26, 2026, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $9.8 million, which is expected to be recognized over a weighted-average period of 2.2 years.

Restricted Stock Units

The following table represents the Company’s restricted stock units activity during the three fiscal quarters ended September 26, 2026:

			Shares						Weighted- Average Grant- Date Fair Value
Outstanding at January 1, 2026			3,335,594						$	4.22
Granted			922,631						6.26
Vested			(1,213,999)						4.36
Forfeited			(746,468)						4.49
Outstanding at September 26, 2026			2,297,758						$	4.88

Stock Options

The following table represents the Company’s stock options activity during the three fiscal quarters ended September 26, 2026:

			Shares						Weighted- Average Exercise Price  per Share						Weighted- Average Remaining Contract Term						Aggregate Intrinsic Value
															(in years)						(in thousands)
Outstanding at January 1, 2026			1,150,712						$	14.84
Granted			—						—
Exercised			(15,562)						5.77
Forfeited			—						—
Expired			(100,757)						17.20
Outstanding at September 26, 2026			1,034,393						$	14.74					4.65						$	57
Vested and expected to vest at September 26, 2026			1,034,393						$	14.74					4.65						$	57
Options exercisable at September 26, 2026			1,031,811						$	14.77					4.65						$	52

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

20

---

Table of Contents

Stock Appreciation Rights

The following table represents the Company’s stock appreciation rights activity during the three fiscal quarters ended September 26, 2026:

			Shares						Weighted- Average Exercise Price  per Share						Weighted- Average Remaining Contract Term						Aggregate Intrinsic Value
															(in years)						(in thousands)
Outstanding at January 1, 2026			514,503						$	3.12
Granted			907,591						6.44
Exercised			(200,719)						3.24
Forfeited			(13,569)						3.24
Outstanding at September 26, 2026			1,207,806						$	5.59					8.64						$	963
Vested and expected to vest at September 26, 2026			1,207,806						$	5.59					8.64						$	963
Stock appreciation rights exercisable at September 26, 2026			158,960						$	3.05					6.69						$	508

The aggregate intrinsic value of stock appreciation rights is calculated as the difference between the strike price of the stock appreciation rights and the fair value of the Company’s common stock for those stock appreciation rights that had strike prices lower than the fair value of the Company’s common stock.

Performance Stock Units

During the year ended December 31, 2025, the Compensation Committee of the Board of Directors of the Company approved the grant of performance stock units (“PSUs”) as a portion of the annual equity award to the Company’s senior management. The 2025 PSU program includes three equal tranches of grants. Each tranche has an annual performance period, with performance goals established for the first tranche of PSUs granted in 2025 in dollars, and second and third tranches of PSUs granted or to be granted in 2026 and 2027, respectively, as a percentage of growth from actual performance in the prior year. Any earned PSUs cliff vest on the third anniversary of the grant date for the first tranche. Thirty-three percent of the target number of PSUs awarded on each grant date will be earned at 0% to 200% of the target number of PSUs based on the Company’s achievement of the applicable Adjusted EBITDA performance goal (with 100% of PSUs being earned at target performance, and linear interpolation between threshold and target performance and between target and maximum performance) as defined in the award agreement, for each year of the three-year performance period beginning on January 1, 2025 and ending December 31, 2027. The first and second tranches of PSUs under the 2025 PSU program were granted in March 2025 and 2026, respectively.

During the three fiscal quarters ended September 26, 2026, additional PSU grants were approved for the 2026 PSU program. The 2026 PSU program includes three equal tranches of grants. Each tranche has an annual performance period, with performance goals established for the first tranche of PSUs granted in 2026 in dollars, and second and third tranches of PSUs to be granted in 2027 and 2028, respectively, as a percentage of growth from actual performance in the prior year. Any earned PSUs cliff vest on the third anniversary of the grant date for the first tranche. Thirty-three percent of the target number of PSUs awarded on each grant date will be earned at 0% to 200% of the target number of PSUs based on the Company’s achievement of the applicable Adjusted EBITDA performance goal (with 100% of PSUs being earned at target performance, and linear interpolation between threshold and target performance and between target and maximum performance) as defined in the award agreement, for each year of the three-year performance period beginning on January 1, 2026 and ending December 31, 2028. The first tranche of PSUs under the 2026 PSU program was granted in March 2026.

Adjusted EBITDA is considered a performance condition and the grant date fair value corresponds with management’s expectation of the probable outcome of the performance condition as of the grant date. The grant date fair value was determined based on the fair market value of the Company’s stock at market close on the grant date multiplied by the target number of shares subject to the award and adjusted for management’s expectation of the probable outcome of the performance condition. The probability of achieving the performance criteria is assessed quarterly during the performance period. Compensation expense related to unvested PSUs is recognized ratably over the performance period.

21

---

Table of Contents

The following table represents the Company’s PSU activity during the three fiscal quarters ended September 26, 2026:

			Shares						Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2026			941,803						$	5.23
Granted			314,026						6.30
Vested			(190,328)						7.08
Adjustment for performance achievement (1)			—						—
Forfeited			(277,032)						6.11
Outstanding at September 26, 2026 ⁽²⁾			788,469						$	4.90

(1)Represents the adjustment to previously granted PSUs based on the Company’s performance expectations as of the end of each respective fiscal year.

(2)An additional 358,180 PSUs could potentially be included if the maximum performance level of 200% is earned for all PSUs granted on or after January 1, 2025 and outstanding as of September 26, 2026.

13. NET INCOME PER SHARE

Basic and diluted net income per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Numerator:
Net income attributable to common stockholders			$	12,056					$	8,117					$	16,276					$	18,135
Denominator:
Weighted-average common shares outstanding
Basic			117,690,489						116,603,331						117,360,560						116,323,609
Diluted			119,797,839						119,907,619						119,756,831						119,720,706
Net income per share attributable to common stockholders:
Basic			$	0.10					$	0.07					$	0.14					$	0.16
Diluted			$	0.10					$	0.07					$	0.14					$	0.15

As of September 26, 2026 and December 31, 2025, 117,750,570 and 116,766,927 shares of common stock were issued and outstanding, respectively.

The following table includes the number of shares that may be dilutive common shares in the future that were not included in the computation of diluted net income per share because the effect was anti-dilutive:

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Restricted stock awards			—						—						—						—
Restricted stock units			3,453						—						236,449						240,049
Stock options			1,026,832						1,031,911						1,068,397						1,221,363
Stock appreciation rights			894,095						—						889,183						—
Performance stock units			—						—						100,671						132,414

22

---

Table of Contents

14. SEGMENT REPORTING

The Company conducts business as one operating and reportable segment that designs, manufactures, and markets in-ground swimming pools, pool covers, and pool liners. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), reviews financial information presented on a consolidated basis for purposes of assessing financial performance and allocating resources.

The Company reports consolidated net income (loss), as management believes that is the measure most consistent with the measurement principles in the Company’s consolidated financial statements. Consolidated net income (loss) is used by the CODM predominantly in the annual budget and forecasting, including consideration of budget-to-actual variances when making decisions about the allocation of operating and capital resources.

Operations of the Company’s single segment consisted of the following (in thousands):

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Net sales			$	182,175					$	161,903					$	496,964					$	445,962
Other cost of sales(1)			109,964						100,174						307,786						279,229
Other selling, general and administrative expense(2)			28,745						24,669						90,886						79,427
Depreciation			5,883						5,452						17,652						15,638
Amortization(3)			7,572						7,429						22,542						22,340
Stock-based compensation expense			998						1,980						3,711						5,332
Strategic initiative costs(4)			686						684						1,645						2,246
Acquisition and integration related costs(5)			3,231						7						9,155						289
Restructuring charges(6)			1,489						—						1,489						160
Interest expense, net			5,423						6,067						16,109						19,587
Loss on extinguishment and modification of debt(7)			5,022						—						5,022						—
Other (income) expense, net			(71)						1,168						2,123						(2,187)
Earnings from equity method investment			(1,789)						(1,310)						(3,705)						(2,751)
Income tax expense			2,966						7,466						6,273						8,517
Net income			$	12,056					$	8,117					$	16,276					$	18,135

(1)Other cost of sales includes total cost of sales (as presented in the condensed consolidated statements of operations) excluding depreciation, stock-based compensation, restructuring charges, and strategic initiative costs.

(2)Other selling, general and administrative expense includes total selling, general and administrative expense (as presented in the condensed consolidated statements of operations) excluding depreciation, amortization, stock-based compensation, strategic initiative costs and acquisition and integration related costs.

(3)Inclusive of finance lease amortization.

(4)Represents fees paid to external consultants and other expenses for our strategic initiatives.

(5)Represents acquisition and integration costs, including the earn-out related to the Coverstar Central acquisition, as well as other costs related to potential transactions.

(6)Represents costs that include severance and other expenses for our program to optimize certain operational and administrative functions.

(7)Represents the loss on extinguishment and modification of debt in connection with the Refinancing.

23

---

Table of Contents

15. SUBSEQUENT EVENTS

On October 27, 2026, the Latham Board of Directors approved a stock repurchase program (the “Repurchase Program”) which authorized the Company to repurchase up to $100 million of the Company’s shares of common stock over the next three years. The Company may effect these repurchases in open market transactions, privately negotiated purchases or other acquisitions. The Company is not obligated to repurchase any of its shares of its common stock under the Repurchase Program and the timing and amount of any repurchases will depend on market conditions, the Company’s stock price, alternative uses of capital, the terms of the Company’s debt instruments and other factors.

24

---

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 4, 2026 (the “Annual Report”).

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this report constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this report other than statements of historical fact may constitute forward-looking statements, including statements regarding our future operating results and financial position, our business strategy and plans, business and market trends, our objectives for future operations, macroeconomic and geopolitical conditions, acquisitions and related benefits, and the sufficiency of our cash balances, working capital and cash generated from operating, investing, and financing activities for our future liquidity and capital resource needs. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “confident,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, which 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, including those set forth under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the Annual Report and as described in other subsequent reports we file with the SEC, including elsewhere in this Quarterly Report on Form 10-Q. For similar reasons, our past results may not be a reliable indicator of future performance or trends. We encourage you to read this report and our other filings with the SEC carefully. You also should be aware that these risk factors and other information do not describe every risk that we face. New emerging risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business, financial condition, results of operations and cash flows. We operate in a very competitive and rapidly changing environment, and new risks emerge from time to time that may impair our business, financial condition, results of operations and cash flows. Although we believe that the expectations reflected in the forward-looking statements are reasonable and our expectations based on third-party information and projections are from sources that management believes to be reputable, we cannot guarantee future results, levels of activities, performance, or achievements.

These forward-looking statements reflect our views with respect to future events as of the date of this Quarterly Report on Form 10-Q or the date specified herein, and we have based these forward-looking statements on our current expectations and projections about future events and trends. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. Our forward-looking statements further do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.

Overview

We are the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. We hold the leading position in North America in every product category in which we compete. It is our view that we are the most sought-after brand in the pool industry. We are Latham, The Pool CompanyTM.

With an operating history that spans over 70 years, we offer the industry’s broadest portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners.

We have a heritage of innovation. In an industry that has traditionally marketed on a business-to-business basis (pool manufacturer to dealer), we pioneered the first “direct-to-homeowner” digital and social marketing strategy that has transformed the homeowner’s purchase journey. Through this marketing strategy, we are able to create demand for our pools and to provide high quality, purchase-ready consumer leads to our dealer partners.

25

---

Table of Contents

Partnership with our dealers is integral to our collective success, and we have enjoyed long-tenured relationships averaging over 15 years. We support our dealer network with business development tools, co-branded marketing programs, and in-house training.

The full resources of our Company are dedicated to designing and manufacturing high-quality pool products, with the homeowner in mind, and positioning ourselves as a value-added partner to our dealers.

Our operations consist of approximately 1,900 employees on average across approximately 40 locations. The broad geographic reach of our national manufacturing and distribution network allows us to service our customers on short lead times and to deliver our products in a cost-effective manner. Our mission is to design and manufacture high-quality pool products, with the homeowner in mind, and to be a value-added partner to our dealers.

We conduct our business as one operating and reportable segment that designs, manufactures, and markets in-ground swimming pools, pool covers, and pool liners.

Recent Developments

Highlights for the fiscal quarter ended September 26, 2026

•Increase in net sales of 12.5%, or $20.3 million, to $182.2 million for the fiscal quarter ended September 26, 2026, compared to $161.9 million for the fiscal quarter ended September 27, 2025.

•Increase in net income of $3.9 million to $12.1 million and representing a 6.6% net income margin for the fiscal quarter ended September 26, 2026, compared to $8.1 million and representing a 5.0% net income margin for the fiscal quarter ended September 27, 2025.

•Increase in Adjusted EBITDA (as defined below) of $6.9 million to $45.3 million for the fiscal quarter ended September 26, 2026, compared to $38.3 million for the fiscal quarter ended September 27, 2025. Adjusted EBITDA margin increased from 23.7% to 24.8%.

Highlights for the three fiscal quarters ended September 26, 2026

•Increase in net sales of 11.4%, or $51.0 million, to $497.0 million for the three fiscal quarters ended September 26, 2026, compared to $446.0 million for the three fiscal quarters ended September 27, 2025.

•Decrease in net income of $1.9 million to $16.3 million and representing a 3.3% net income margin for the three fiscal quarters ended September 26, 2026, compared to net income of $18.1 million and representing a 4.1% net income margin for the three fiscal quarters ended September 27, 2025.

•Increase in Adjusted EBITDA of $12.7 million to $102.0 million for the three fiscal quarters ended September 26, 2026, compared to $89.4 million for the three fiscal quarters ended September 27, 2025. Adjusted EBITDA margin increased from 20.0% to 20.5%.

Business Update

We delivered strong third quarter and year-to-date results, demonstrating continued success in material conversion and underpinning our expectation that Latham continues to gain share across our product lines. Third quarter net sales increased by 12.5%, including 8.4% organic growth, led by in-ground pool sales, which grew by 22.6%, or 13.9% organically, compared to last year’s third quarter.

The substantial increase in in-ground pool sales was driven almost entirely by fiberglass pools, which are increasingly being recognized by consumers and pool builders for their competitive advantages over concrete, namely fast and easy installation, cost efficiency, durability, lifetime warranty and lower maintenance costs. Similarly, autocovers continued to gain momentum as they have strong safety benefits, offer significant cost savings to pool owners and are compatible with all types of in-ground pools. Cover sales showed substantial organic growth of autocovers, where we are achieving meaningful revenue synergies following the acquisitions of several of our Coverstar dealers over the last two years.

The Sand States remain a key growth market for Latham, which we believe has the potential to drive a step-change in companywide sales. Sales growth in the Sand States accelerated to 21.1% in the third quarter and increased 16.6% year-to-

26

---

Table of Contents

date, led by strong performance in Florida and Texas. We are making meaningful progress in executing the Sand States growth strategy we outlined earlier this year, delivering on key initiatives that position us to drive continued growth by building on our refined market development framework. We also partnered with a national homebuilder to offer Latham fiberglass pools as an option in their new home construction in Florida. In parallel, we continued to strengthen our sales capabilities, adding field sales resources in Florida, with further expansion planned in Texas and Arizona, while targeted marketing initiatives are gaining traction and contributing to growth.

Additionally, we completed the build-out of our commercial organization, including hiring a Chief Commercial Officer.

Strategic Acquisition

Strategic transactions continue to be part of our growth strategy. On February 26, 2026, we completed the acquisition of Freedom Pools, a fiberglass pool manufacturer and installer operating in Australia and New Zealand. The acquisition has been and is expected to continue to be accretive to our earnings, adding approximately $20.0 million in net sales and approximately $4.0 million in Adjusted EBITDA, on an annualized basis, before acquisition synergies. The purchase price was $15.4 million, and included a holdback of $1.6 million that has been accrued on our condensed consolidated balance sheet. The transaction was fully funded with cash on hand.

Purchase of Property

During the fiscal quarter ended March 28, 2026, we purchased four fiberglass production facilities that had previously been leased. The transaction was completed on February 6, 2026 for a total purchase price of $17.6 million. The purchase price included a $12.0 million deposit made in the fourth quarter of 2025, and $5.6 million paid at closing. This purchase was the primary reason for the increase in property and equipment, net on the condensed consolidated balance sheet as of September 26, 2026.

Debt Refinancing

On August 20, 2026, we entered into an agreement (the “New Credit Agreement”) with Jefferies Finance LLC, which provides a senior secured multicurrency revolving line of credit (the “New Revolving Credit Facility”) in an initial principal amount of $75.0 million and a U.S. Dollar senior secured term loan facility (the “New Term Loan”) in an initial principal amount of $300.0 million (collectively, the “Refinancing”). On the Closing Date, proceeds under the agreement were used to repay and replace all outstanding obligations under, and terminate the Prior Credit Agreement (as defined below) and for general corporate purposes.

Key Performance Indicators

Net Sales

We derive our revenue from the design, manufacture, and sale of in-ground swimming pools, pool covers, and pool liners. We sell fiberglass pools, which are one-piece manufactured fiberglass pools that are ready to be installed in a consumer’s backyard, and custom vinyl pools, which are manufactured pools that are made out of non-corrosive steel or composite polymer frame, on top of which a vinyl liner is installed. We sell liners for the interior surface of vinyl pools (including pools that were not manufactured by us). We also sell all-season pool covers, which are winterizing mesh or solid pool covers that protect pools against debris and cold or inclement weather, and automatic safety covers for pools that can be operated with a switch.

Our sales are made through one-step and two-step business-to-business distribution channels. In our one-step distribution channel, we sell our products directly to dealers who, in turn, sell our products to consumers. In our two-step distribution channel, we sell our products to distributors who warehouse our products and sell them on to dealers, who ultimately sell our products to consumers.

Each product shipped is considered to be one performance obligation. With the exception of our extended service warranties and our custom product contracts, we recognize our revenue when control of our promised goods is transferred to our customers (dealer in one-step distribution channel or distributor in two-step distribution channel), either upon shipment or arrival at our customer’s destination depending upon the terms of the purchase order. Sales are recognized net of any estimated rebates, returns, allowances, or other sales incentives. Revenue that is derived from our extended service warranties, which are separately priced and sold, is recognized over the term of the contracts. Revenue from custom

27

---

Table of Contents

products is recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation.

Gross Margin

Gross margin is gross profit as a percentage of our net sales. Gross margin depends upon several factors, such as the prices we charge buyers, changes in prices of raw materials, the volume and relative sales mix among product lines, and plant performance, among other factors. Gross margin is also impacted by the costs of distribution and occupancy costs, which can vary.

Our gross profit is variable in nature and generally follows changes in net sales. The components of our cost of sales may not be comparable to the components of cost of sales or similar measures of other companies. As a result, our gross profit and gross margin may not be comparable to similar data made available by other companies.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA margin are key metrics used by management and the Board of Directors of the Company (the “Board”) to assess our financial performance. Adjusted EBITDA and Adjusted EBITDA margin are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA and Adjusted EBITDA margin to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, to utilize as a significant performance metric in our annual management incentive bonus plan compensation, and to compare our performance against that of other companies using similar measures. We have presented Adjusted EBITDA and Adjusted EBITDA margin solely as supplemental disclosures because we believe they allow for a more complete analysis of results of operations and assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance, such as (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expense (benefit), (iv) (gain) loss on sale and disposal of property and equipment, (v) restructuring charges, (vi) stock-based compensation expense, (vii) unrealized losses (gains) on foreign currency transactions, (viii) strategic initiative costs, (ix) acquisition and integration related costs and (x) other.

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and should not be considered as alternatives to net income (loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP, and they should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. We encourage evaluation of these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA and Adjusted EBITDA margin, be mindful that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. There can be no assurance that we will not modify the presentation of Adjusted EBITDA and Adjusted EBITDA margin in the future, and any such modification may be material. Our presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed to imply that our future results will be unaffected by any such adjustments. In addition, other companies, including companies in our industry, may not calculate Adjusted EBITDA and Adjusted EBITDA margin at all or may calculate Adjusted EBITDA and Adjusted EBITDA margin differently and accordingly, are not necessarily comparable to similarly entitled measures of other companies, which reduces the usefulness of Adjusted EBITDA and Adjusted EBITDA margin as tools for comparison.

We believe Adjusted EBITDA and Adjusted EBITDA margin are useful measurements for investors as they help identify underlying trends that could otherwise be masked by certain expenses that we do not consider indicative of our ongoing operating performance. We also use Adjusted EBITDA and Adjusted EBITDA margin for planning purposes, assessing our financial performance, and other strategic decisions. For a discussion of Adjusted EBITDA and Adjusted EBITDA margin and the limitations on their use, and the reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, and our calculation of Adjusted EBITDA margin see “— Non-GAAP Financial Measures” below.

28

---

Table of Contents

Results of Operations

Fiscal Quarter Ended September 26, 2026 Compared to Fiscal Quarter Ended September 27, 2025

The following table summarizes our results of operations for the fiscal quarter ended September 26, 2026 and September 27, 2025 (dollars in thousands):

			Fiscal Quarter Ended
									% of												% of												Change
			September 26,						Net						September 27,						Net						Change						% of
			2026						Sales						2025						Sales						Amount						Net Sales
Net sales			$	182,175					100.0		%				$	161,903					100.0		%				$	20,272					—		%
Cost of sales			115,348						63.3		%				104,596						64.6		%				10,752						(1.3)		%
Gross profit			66,827						36.7		%				57,307						35.4		%				9,520						1.3		%
Selling, general and administrative expense			35,862						19.7		%				28,586						17.6		%				7,276						2.1		%
Amortization			7,358						4.0		%				7,213						4.5		%				145						(0.5)		%
Income from operations			23,607						13.0		%				21,508						13.3		%				2,099						(0.3)		%
Other expense (income):
Interest expense, net			5,423						3.0		%				6,067						3.7		%				(644)						(0.7)		%
Loss on extinguishment and modification of debt			5,022						2.8		%				—						—		%				5,022						2.8		%
Other (income) expense, net			(71)						—		%				1,168						0.8		%				(1,239)						(0.8)		%
Total other expense, net			10,374						5.8		%				7,235						4.5		%				3,139						1.3		%
Earnings from equity method investment			1,789						1.0		%				1,310						0.8		%				479						0.2		%
Income before income taxes			15,022						8.2		%				15,583						9.6		%				(561)						(1.4)		%
Income tax expense			2,966						1.6		%				7,466						4.6		%				(4,500)						(3.0)		%
Net income			$	12,056					6.6		%				$	8,117					5.0		%				$	3,939					1.6		%
Adjusted EBITDA (a)			$	45,254					24.8		%				$	38,328					23.7		%				$	6,926					1.1		%

________________________________________

(a)Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Financial Measures” for a reconciliation to net income, the most directly comparable GAAP measure, and for information regarding our use of Adjusted EBITDA.

Net Sales

Net sales was $182.2 million for the fiscal quarter ended September 26, 2026, compared to $161.9 million for the fiscal quarter ended September 27, 2025. The $20.3 million, or 12.5%, increase in net sales was due to a $16.7 million increase in sales volume and a $3.6 million increase from higher pricing. The increase in net sales was primarily driven by organic growth in our in-ground pool sales including sales growth in the Sand States, organic growth of autocovers and the benefit of recent price increases, as well as the acquisition of Freedom Pools. The increase in net sales of $20.3 million across our product lines consisted of an increase of $17.1 million for in-ground swimming pools and $4.8 million for covers, partially offset by a decrease of $1.5 million for liners.

Cost of Sales and Gross Margin

Cost of sales was $115.3 million for the fiscal quarter ended September 26, 2026, compared to $104.6 million for the fiscal quarter ended September 27, 2025. The $10.8 million, or 10.3%, increase in cost of sales was primarily the result of the increase in sales volume, partially offset by the impact of production efficiencies resulting from lean manufacturing and

29

---

Table of Contents

value engineering programs. Gross margin increased by 1.3%, to 36.7% of net sales for the fiscal quarter ended September 26, 2026, compared to 35.4% of net sales for the fiscal quarter ended September 27, 2025. The 1.3% increase in gross margin was primarily driven by greater plant absorption on higher volumes and the ongoing benefits of our lean manufacturing and value engineering initiatives.

Selling, General and Administrative Expense

Selling, general and administrative expense was $35.9 million for the fiscal quarter ended September 26, 2026, compared to $28.6 million for the fiscal quarter ended September 27, 2025. The $7.3 million, or 25.5%, increase in selling, general and administrative expense was primarily due to investments in support of our growth strategies and market share expansion, sales and marketing initiatives to accelerate the fiberglass conversion strategy in the Sand States, acquisition and integration related costs, which included $3.2 million of performance-based compensatory earn-out expenses related to our Coverstar Central acquisition in 2024, as well as costs related to our digital transformation program.

Amortization

Amortization was $7.4 million for the fiscal quarter ended September 26, 2026 and $7.2 million for the fiscal quarter ended September 27, 2025. The $0.1 million, or 2.0%, increase in amortization was due to the Freedom Pools acquisition.

Interest Expense, net

Interest expense, net was $5.4 million for the fiscal quarter ended September 26, 2026, compared to $6.1 million for the fiscal quarter ended September 27, 2025. The $0.6 million, or 10.6%, decrease in interest expense, net was primarily the result of the change in the fair value of our interest rate swap, a decrease in interest rates and a change in the amortization of financing fees related to the Refinancing (defined below), compared to the fiscal quarter ended September 27, 2025.

Loss on Extinguishment and Modification of Debt

Loss on extinguishment and modification of debt was $5.0 million for the fiscal quarter ended September 26, 2026, compared to none for the fiscal quarter ended September 27, 2025 due to the Refinancing that was completed in August 2026.

Other (Income) Expense, Net

Other income, net was $0.1 million for the fiscal quarter ended September 26, 2026, compared to other expense, net of $1.2 million for fiscal quarter ended September 27, 2025. The $1.2 million increase in other income, net was primarily driven by a favorable change in net foreign currency transaction gains and losses associated with our international subsidiaries.

Earnings from Equity Method Investment

Earnings from our equity method investment in Premier Pools & Spas was $1.8 million for the fiscal quarter ended September 26, 2026, compared to $1.3 million for the fiscal quarter ended September 27, 2025, due to the financial performance of Premier Pools & Spas.

Income Tax Expense

Income tax expense was $3.0 million for the fiscal quarter ended September 26, 2026, compared to $7.5 million for the fiscal quarter ended September 27, 2025. Our effective tax rate was 19.7% for the fiscal quarter ended September 26, 2026, compared to 47.9% for the fiscal quarter ended September 27, 2025. The differences between the U.S. federal statutory income tax rate and our effective income tax rates for the fiscal quarter ended September 26, 2026 and the fiscal quarter ended September 27, 2025 were primarily attributable to the jurisdictional mix of income, the discrete impact of stock-based compensation forfeitures or windfalls and exercises and the effects of branch accounting for Latham Canada.

30

---

Table of Contents

Net Income

Net income was $12.1 million for the fiscal quarter ended September 26, 2026, compared to $8.1 million for the fiscal quarter ended September 27, 2025. The $3.9 million, or 48.5%, increase in net income was primarily driven by an increase in net sales, as well as the other factors described above.

Net Income Margin

Net income margin was 6.6% for the fiscal quarter ended September 26, 2026, compared to 5.0% for the fiscal quarter ended September 27, 2025. The 1.6% increase in net income margin was primarily driven by the $3.9 million increase in net income, as well as the other factors described above.

Adjusted EBITDA

Adjusted EBITDA was $45.3 million for the fiscal quarter ended September 26, 2026, compared to $38.3 million for the fiscal quarter ended September 27, 2025. The $6.9 million, or 18.1%, increase in Adjusted EBITDA was primarily because of higher gross margin that more than offset higher sales and marketing expenses, as well as the factors described above.

Adjusted EBITDA Margin

Adjusted EBITDA margin was 24.8% for the fiscal quarter ended September 26, 2026, compared to 23.7% for the fiscal quarter ended September 27, 2025. The 1.1% increase in Adjusted EBITDA margin was primarily because of the increase in net sales as well as the other factors described above.

31

---

Table of Contents

Three Fiscal Quarters Ended September 26, 2026 Compared to Three Fiscal Quarters Ended September 27, 2025

The following table summarizes our results of operations for the three fiscal quarters ended September 26, 2026 and September 27, 2025 (dollars in thousands):

			Three Fiscal Quarters Ended
									% of												% of												Change
			September 26,						Net						September 27,						Net						Change						% of
			2026						Sales						2025						Sales						Amount						Net Sales
Net sales			$	496,964					100.0		%				$	445,962					100.0		%				$	51,002					—		%
Cost of sales			322,902						65.0		%				291,811						65.4		%				31,091						(0.4)		%
Gross profit			174,062						35.0		%				154,151						34.6		%				19,911						0.4		%
Selling, general and administrative expense			110,071						22.1		%				91,146						20.4		%				18,925						1.7		%
Amortization			21,893						4.4		%				21,704						4.9		%				189						(0.5)		%
Income from operations			42,098						8.5		%				41,301						9.3		%				797						(0.8)		%
Other expense (income):
Interest expense, net			16,109						3.3		%				19,587						4.4		%				(3,478)						(1.1)		%
Loss on extinguishment and modification of debt			5,022						1.0		%				—						—		%				5,022						1.0		%
Other expense (income), net			2,123						0.4		%				(2,187)						(0.5)		%				4,310						0.9		%
Total other expense, net			23,254						4.7		%				17,400						3.9		%				5,854						0.8		%
Earnings from equity method investment			3,705						0.7		%				2,751						0.6		%				954						0.1		%
Income before income taxes			22,549						4.5		%				26,652						6.0		%				(4,103)						(1.5)		%
Income tax expense			6,273						1.2		%				8,517						1.9		%				(2,244)						(0.7)		%
Net income			$	16,276					3.3		%				$	18,135					4.1		%				$	(1,859)					(0.8)		%
Adjusted EBITDA (a)			$	102,029					20.5		%				$	89,354					20.0		%				$	12,675					0.5		%

______________________________________________________________

(a)Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Financial Measures” for a reconciliation to net income, the most directly comparable GAAP measure, and for information regarding our use of Adjusted EBITDA.

Net Sales

Net sales was $497.0 million for the three fiscal quarters ended September 26, 2026, compared to $446.0 million for the three fiscal quarters ended September 27, 2025. The $51.0 million, or 11.4%, increase in net sales was due to a $38.8 million increase in sales volume and a $12.2 million increase from higher pricing. The sales volume increase was primarily due to organic growth of 7.9% with the acquisition of Freedom Pools contributing the remainder. The increase in net sales across our product lines consisted of an increase of $36.8 million for in-ground swimming pools, $10.4 million for covers and $3.9 million for liners.

Cost of Sales and Gross Margin

Cost of sales was $322.9 million for the three fiscal quarters ended September 26, 2026, compared to $291.8 million for the three fiscal quarters ended September 27, 2025. The $31.1 million increase in cost of sales was primarily the result of the increase in sales volume, partially offset by the impact of production efficiencies resulting from lean manufacturing and value engineering programs. Gross margin increased by 0.4% and was 35.0% of net sales for the three fiscal quarters

32

---

Table of Contents

ended September 26, 2026, compared to 34.6% of net sales for the three fiscal quarters ended September 27, 2025. The increase in gross margin reflects the benefits of our incremental lean manufacturing and value engineering initiatives.

Selling, General and Administrative Expense

Selling, general and administrative expense was $110.1 million for the three fiscal quarters ended September 26, 2026, compared to $91.1 million for the three fiscal quarters ended September 27, 2025. The $18.9 million, or 20.8%, increase in selling, general and administrative expense was primarily driven by increased sales and marketing investments to accelerate our fiberglass conversion strategy in the Sand States, acquisition and integration related costs, which included $7.7 million of performance-based compensatory earn-out expenses related to our Coverstar Central acquisition in 2024 and costs related to our digital transformation program.

Amortization

Amortization was $21.9 million for the three fiscal quarters ended September 26, 2026 compared to $21.7 million for the three fiscal quarters ended September 27, 2025. The $0.2 million, or 0.9%, increase in amortization expense was driven by the acquisition of Freedom Pools.

Interest Expense, net

Interest expense, net was $16.1 million for the three fiscal quarters ended September 26, 2026, compared to $19.6 million for the three fiscal quarters ended September 27, 2025. The $3.5 million, or 17.8%, decrease in interest expense, net was the result of the change in the fair value of our interest rate swap and lower interest rates, compared to the three fiscal quarters ended September 27, 2025.

Loss on Extinguishment and Modification of Debt

Loss on extinguishment and modification of debt was $5.0 million for the three fiscal quarters ended September 26, 2026, compared to none for the three fiscal quarters ended September 27, 2025 due to the Refinancing that was completed in August 2026.

Other Expense (Income), Net

Other expense, net was $2.1 million for the three fiscal quarters ended September 26, 2026, compared to other income, net of $2.2 million for the three fiscal quarters ended September 27, 2025. The $4.3 million increase in other expense, net was primarily driven by an unfavorable change in net foreign currency transaction gains and losses associated with our international subsidiaries.

Earnings from Equity Method Investment

Earnings from our equity method investment in Premier Pools & Spas were $3.7 million for the three fiscal quarters ended September 26, 2026, compared to $2.8 million for the three fiscal quarters ended September 27, 2025, due to the financial performance of Premier Pools & Spas.

Income Tax Expense

Income tax expense was $6.3 million for the three fiscal quarters ended September 26, 2026, compared to income tax expense of $8.5 million for the three fiscal quarters ended September 27, 2025. Our effective tax rate was 27.8% for the three fiscal quarters ended September 26, 2026, compared to 32.0% for the three fiscal quarters ended September 27, 2025. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for both the three fiscal quarters ended September 26, 2026 and September 27, 2025 was primarily attributable to the jurisdictional mix of income, the discrete impact of stock-based compensation forfeitures or windfalls and exercises and the effects of branch accounting for Latham Canada.

Net Income

Net income was $16.3 million for the three fiscal quarters ended September 26, 2026, compared to $18.1 million for the three fiscal quarters ended September 27, 2025. The $1.9 million, or 10.3%, decrease in net income was primarily

33

---

Table of Contents

driven by a one-time loss on extinguishment and modification of debt related to the Refinancing, as well as the other factors described above.

Net Income Margin

Net income margin was 3.3% for the three fiscal quarters ended September 26, 2026, compared to 4.1% for the three fiscal quarters ended September 27, 2025. The 0.8% decrease in net income margin was driven by a $1.9 million decrease in net income as well as the other factors described above.

Adjusted EBITDA

Adjusted EBITDA was $102.0 million for the three fiscal quarters ended September 26, 2026, compared to $89.4 million for the three fiscal quarters ended September 27, 2025. The $12.7 million, or 14.2%, increase in Adjusted EBITDA was driven by the factors described above.

Adjusted EBITDA Margin

Adjusted EBITDA margin was 20.5% for the three fiscal quarters ended September 26, 2026 compared to 20.0% for the three fiscal quarters ended September 27, 2025. The 0.5% increase in Adjusted EBITDA margin was primarily because of the increase in net sales as well as the other factors described above.

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA margin are key metrics used by management and our Board to assess our financial performance. Adjusted EBITDA and Adjusted EBITDA margin are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA and Adjusted EBITDA margin to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, to utilize as a significant performance metric in our annual management incentive bonus plan compensation, and to compare our performance against that of other companies using similar measures. We have presented Adjusted EBITDA and Adjusted EBITDA margin solely as supplemental disclosures because we believe they allow for a more complete analysis of results of operations and assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance, such as (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expense (benefit), (iv) (gain) loss on sale and disposal of property and equipment, (v) restructuring charges, (vi) stock-based compensation expense, (vii) unrealized (gains) losses on foreign currency transactions, (viii) strategic initiative costs, (ix) acquisition and integration related costs, (x) loss on extinguishment and modification of debt and (xi) other.

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and should not be considered as alternatives to net income (loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP, and they should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. We encourage evaluation of these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA and Adjusted EBITDA margin, be mindful that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. There can be no assurance that we will not modify the presentation of Adjusted EBITDA and Adjusted EBITDA margin in the future, and any such modification may be material. Our presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed to imply that our future results will be unaffected by any such adjustments. In addition, other companies, including companies in our industry, may not calculate Adjusted EBITDA and Adjusted EBITDA margin at all or may calculate Adjusted EBITDA and Adjusted EBITDA margin differently and accordingly, are not necessarily comparable to similarly entitled measures of other companies, which reduces the usefulness of Adjusted EBITDA and Adjusted EBITDA margin as tools for comparison.

34

---

Table of Contents

Adjusted EBITDA and Adjusted EBITDA margin have their limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted EBITDA and Adjusted EBITDA margin:

•do not reflect every expenditure, future requirements for capital expenditures or contractual commitments;

•do not reflect changes in our working capital needs;

•do not reflect the interest expense, net, or the amounts necessary to service interest or principal payments, on our outstanding debt;

•do not reflect income tax expense (benefit), and because the payment of taxes is part of our operations, tax expense is a necessary element of our costs and ability to operate;

•do not reflect non-cash stock-based compensation, which will remain a key element of our overall compensation package; and

•do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.

Although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA and Adjusted EBITDA margin, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect any costs of such replacements.

Management compensates for these limitations by primarily relying on our GAAP results, while using Adjusted EBITDA and Adjusted EBITDA margin as supplements to the corresponding GAAP financial measures.

35

---

Table of Contents

The following table provides a reconciliation of our net income to Adjusted EBITDA for the periods presented and the calculation of Adjusted EBITDA margin (dollars in thousands):

			Fiscal Quarter Ended												Three Fiscal Quarters Ended
			September 26,						September 27,						September 26,						September 27,
			2026						2025						2026						2025
Net income			$	12,056					$	8,117					$	16,276					$	18,135
Depreciation and amortization			13,455						12,881						40,194						37,978
Interest expense, net			5,423						6,067						16,109						19,587
Income tax expense			2,966						7,466						6,273						8,517
(Gain) loss on sale and disposal of property and equipment			—						(26)						—						20
Restructuring charges(a)			1,489						—						1,489						160
Stock-based compensation expense(b)			998						1,980						3,711						5,332
Unrealized (gains) losses on foreign currency transactions(c)			(72)						1,181						2,155						(2,878)
Strategic initiative costs(d)			686						684						1,645						2,246
Acquisition and integration related costs(e)			3,231						7						9,155						289
Loss on extinguishment and modification of debt(f)			5,022						—						5,022						—
Other(g)			—						(29)						—						(32)
Adjusted EBITDA			$	45,254					$	38,328					$	102,029					$	89,354
Net sales			$	182,175					$	161,903					$	496,964					$	445,962
Net income margin			6.6		%				5.0		%				3.3		%				4.1		%
Adjusted EBITDA margin			24.8		%				23.7		%				20.5		%				20.0		%

______________________________________________________________

(a)Represents costs that include severance and other expenses for our program to optimize certain operational and administrative functions.

(b)Represents non-cash stock-based compensation expense.

(c)Represents unrealized foreign currency transaction losses (gains) associated with our international subsidiaries.

(d)Represents fees paid to external consultants and other expenses for our strategic initiatives.

(e)Represents acquisition and integration costs, including the earn-out related to the Coverstar Central acquisition, as well as other costs related to potential transactions.

(f)Represents the loss on extinguishment and modification of debt in connection with the Refinancing.

(g)Other costs consist of other discrete items as determined by management, primarily including (i) fees paid to external advisors for various matters and (ii) other items.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity are net cash provided by operating activities and availability under our New Revolving Credit Facility (as defined below). Historically, we have funded working capital requirements, capital expenditures, payments related to acquisitions, and debt service requirements with internally generated cash on hand, through borrowings under our credit facilities, and through the issuance of shares of our common stock. Our primary cash needs are to fund working capital, capital expenditures, debt service requirements and any acquisitions or investments we may undertake.

As of September 26, 2026, we had $94.8 million of cash, $292.5 million of outstanding borrowings and an additional $75.0 million of borrowing availability under our New Revolving Credit Facility.

36

---

Table of Contents

Our primary working capital requirements are for the purchase of inventory, payroll, rent, facility costs and other selling, general and administrative costs. Our working capital requirements fluctuate during the fiscal year, driven primarily by seasonality and the timing of raw material purchases. Our capital expenditures are primarily related to our growth strategy, including production capacity, diversifying our product offerings, storage, and delivery equipment. We are currently undergoing a digital transformation program to upgrade all of our technology and enterprise resource planning ("ERP") systems. We expect to fund these capital expenditures from net cash provided by operating activities or the utilization of a portion of our borrowing availability under our New Revolving Credit Facility.

Our disciplined capital activity allocation strategy remains focused on deploying capital opportunistically to position Latham for profitable organic and acquisition-related growth and to de-lever and further reduce our net debt leverage ratio.

It is our belief that our existing cash, cash generated from operations and availability under our New Revolving Credit Facility will be adequate to fund our operating expenses and capital expenditure requirements over the next 12 months, as well as our longer-term liquidity needs. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect. We may issue debt or equity securities, which may provide an additional source of liquidity. However, there can be no assurance equity or debt financing will be available to us when we need it or, if available, the terms will be satisfactory to us and not dilutive to our then-current stockholders.

Our Indebtedness

On August 20, 2026 (the "Closing Date"), we completed the Refinancing. Latham Pool Products and certain subsidiary guarantors, entered into New Credit Agreement with Jefferies Finance LLC, which provides a senior secured multicurrency revolving line of credit in an initial principal amount of $75.0 million, which includes a sub-limit for letters of credit, and a U.S. Dollar senior secured term loan facility in an initial principal amount of $300.0 million. On the Closing Date, proceeds from the borrowings under the New Credit Agreement were used to repay and replace all outstanding obligations under, and terminate, the Credit and Guaranty Agreement, dated as of February 23, 2022, among Latham Pool Products, Latham International Manufacturing Corp. ("LIMC") and the other guarantors party thereto, the lenders party thereto and Barclays Bank PLC, as administrative agent (the "Prior Credit Agreement").

We are required to meet certain financial covenants, including maintaining specific liquidity measurements. To the extent that outstanding usage of the New Revolving Credit Facility exceeds 40% of the commitments under the New Revolving Credit Facility as of the last day of any fiscal quarter, LIMC is required to be in compliance with a maximum First Lien Net Leverage Ratio (as defined below) of 5.20:1.00 as of the last day of such fiscal quarter. There are also negative covenants, including certain restrictions on our ability to incur additional indebtedness, create liens, make investments, consolidate or merge with other entities, enter into transactions with affiliates, make prepayments with respect to certain indebtedness and make restricted payments and other distributions.

The New Credit Agreement contains customary mandatory prepayment provisions, including requirements to make mandatory prepayments with 50% of any excess cash flow and with 100% of the net cash proceeds from the incurrence of nonpermitted indebtedness, asset sales and casualty and condemnation events, in each case, subject to customary exceptions.

As of September 26, 2026, we were in compliance with all covenants under the New Credit Agreement.

New Revolving Credit Facility

The New Revolving Credit Facility may be utilized to finance working capital and other general corporate purposes and permits Latham Pool Products to borrow loans in U.S. Dollars, Canadian Dollars, Euros and Australian Dollars. The New Revolving Credit Facility matures on August 20, 2031. Loans outstanding under the New Revolving Credit Facility denominated in U.S. Dollars and Canadian Dollars bear interest, at the borrower’s option, at a rate per annum based on Term SOFR or the Term CORRA Rate (each, as defined in the New Credit Agreement), as applicable, plus a margin ranging from 3.25% to 3.50%, depending on the First Lien Net Leverage Ratio (as defined in the New Credit Agreement, the “First Lien Net Leverage Ratio”), or at a rate per annum based on the Alternate Base Rate or the Canadian Prime Rate (each, as defined in the New Credit Agreement), plus a margin ranging from 2.25% to 2.50%, depending on the First Lien Net Leverage Ratio. Loans outstanding under the New Revolving Credit Facility denominated in Euros or Australian Dollars bear interest based on EURIBOR or the BBSY (each, as defined in the New Credit Agreement), respectively, plus a margin ranging from 3.25% to 3.50%, depending on the First Lien Net Leverage Ratio. A commitment fee accrues on any unused portion of the commitments under the New Revolving Credit Facility. The commitment fee is due and payable quarterly in arrears and accrues at a rate per annum ranging from 0.25% to 0.50%, depending on the First Lien Net

37

---

Table of Contents

Leverage Ratio. Borrowings under the New Revolving Credit Facility are not subject to amortization and are due at maturity.

As of September 26, 2026, we had no outstanding borrowings under the New Revolving Credit Facility and $75.0 million was available for future borrowing.

New Term Loan

Pursuant to the New Credit Agreement, we borrowed $300.0 million in term loans. The New Term Loan matures on August 20, 2033. Loans outstanding under the New Term Loan bear interest, at the borrower’s option, at a rate per annum based on Term SOFR (as defined in the New Credit Agreement), plus a margin of 4.00%, or based on the Alternate Base Rate (as defined in the New Credit Agreement), plus a margin of 3.00%. Loans under the New Term Loan are subject to scheduled quarterly amortization payments of $750,000, which represents 0.25% of the initial principal amount of the New Term Loan.

As of September 26, 2026, we had $292.5 million of outstanding borrowings under the New Term Loan.

Prior Revolving Credit Facility

On February 23, 2022, the Company entered into a prior revolving credit facility with Barclays Bank, PLC that was utilized to finance ongoing general corporate and working capital needs and permits Latham Pool Products to borrow loans in U.S Dollars, Canadian Dollars, Euros and Australian Dollars up to $75 million (the "Prior Revolving Credit Facility"). The Prior Revolving Credit Facility would have matured on February 23, 2027 but was terminated in connection with the Refinancing.

During the three fiscal quarters ended September 26, 2026, we repaid $35.0 million of outstanding borrowings on the Prior Revolving Credit Facility, before the Refinancing.

Prior Term Loan

Pursuant to the Prior Credit Agreement, Latham Pool Products also borrowed $325.0 million in term loans (the "Prior Term Loan"). The Prior Term Loan was repaid and terminated as of the Closing Date of the Refinancing.

Cash Flows

The following table summarizes our sources and uses of cash for each of the periods presented (dollars in thousands):

			Three Fiscal Quarters Ended
			September 26,						September 27,
			2026						2025
Net cash provided by operating activities			$	54,576					$	40,121
Net cash used in investing activities			(36,428)						(21,094)
Net cash provided by (used in) financing activities			5,117						(4,918)
Effect of exchange rate changes on cash			502						11
Net increase in cash			$	23,767					$	14,120

Operating Activities

During the three fiscal quarters ended September 26, 2026, operating activities provided $54.6 million of cash. Net income, after adjustments for non-cash items, provided cash of $70.3 million. Cash provided by operating activities was partially reduced by changes in our operating assets and liabilities, which used $15.8 million. Net cash used due to changes in our operating assets and liabilities for the three fiscal quarters ended September 26, 2026 consisted primarily of a $40.1 million increase in trade receivables, a $9.3 million increase in inventories, a $0.6 million decrease in other long-term liabilities, a $0.3 million increase in prepaid expenses and other current assets and a $0.1 million increase in other assets,

38

---

Table of Contents

partially offset by a $15.8 million increase in accounts payable, a $13.3 million increase in accrued expenses and other current liabilities and a $5.7 million decrease in income tax receivable. The change in trade receivables was primarily driven by the increase and timing of net sales, the change in accounts payable was primarily driven by volume of purchases and timing of payments and the change in accrued expenses and other current liabilities was primarily driven by the performance-based compensatory earn-out expenses related to our Coverstar Central acquisition in 2024.

During the three fiscal quarters ended September 27, 2025, operating activities provided $40.1 million of cash. Net income, after adjustments for non-cash items, provided cash of $67.3 million. Cash provided by operating activities was partially reduced by changes in our operating assets and liabilities, which used $27.1 million. Net cash used by changes in our operating assets and liabilities for the three fiscal quarters ended September 27, 2025 consisted primarily of a $50.4 million increase in trade receivables, a $5.6 million increase in income tax receivable, a $0.8 million increase in prepaid expenses and other current assets, a $0.5 million decrease in other long-term liabilities and a $0.2 million increase in other assets, partially offset by a $16.3 million increase in accounts payable, a $7.3 million decrease in inventories and a $6.7 million increase in accrued expenses and other current liabilities. The change in trade receivables was primarily driven by the increase and timing of net sales and the change in accounts payable was primarily driven by volume of purchases and timing of payments.

Investing Activities

During the three fiscal quarters ended September 26, 2026, investing activities used $36.4 million of cash, consisting of purchases of property and equipment for $22.2 million and a cash payment for the acquisition of business, net of cash acquired of $14.3 million. Acquisition of business, net of cash acquired included $13.9 million cash paid for the acquisition of Freedom Pools and $0.4 million for a holdback paid related to the acquisition of two of our smaller autocover dealers in New York and Tennessee. Purchases of property and equipment included the second payment of $5.6 million that was paid as a follow up to the deposit made in the prior year of $12.0 million for the purchase of four fiberglass plants that had previously been leased. The remainder was primarily to expand capacity for production and diversify offerings, especially for fiberglass pools, and on-going strategic initiatives such as our digital transformation program.

During the three fiscal quarters ended September 27, 2025, investing activities used $21.1 million of cash, consisting of purchases of property and equipment for $16.2 million and the acquisition of two of our autocover dealers of $4.9 million. The purchase of property and equipment was primarily to expand capacity for production and diversify offerings, especially for fiberglass pools, as well as on-going strategic initiatives such as digital transformation.

Financing Activities

During the three fiscal quarters ended September 26, 2026, financing activities provided $5.1 million of cash, primarily consisting of proceeds from long-term debt borrowings, net of discount of $298.5 million, partially offset by payments on long-term debt borrowings of $284.8 million, deferred financing fees paid of $4.7 million, common stock withheld for taxes on restricted stock units of $3.2 million and repayments of finance lease obligations of $0.7 million.

During the three fiscal quarters ended September 27, 2025, financing activities used $4.9 million of cash, primarily consisting of common stock withheld for taxes on restricted stock units of $2.7 million, Term Loan payments of $1.6 million and repayments of finance lease obligations of $0.6 million.

Contractual Obligations

There have been no material changes, outside of the ordinary course of business, to our contractual obligations during the three fiscal quarters ended September 26, 2026 from those described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual Obligations” in our Annual Report.

Critical Accounting Policies and Estimates

Our condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States. Throughout the preparation of these financial statements, we have made estimates and assumptions that impact the reported amounts of assets, liabilities, and the disclosure of contingent liabilities at the date of the financial statements and revenues and expenses during the reporting period. Our critical accounting policies and estimates are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report and Note 2 to our condensed consolidated

39

---

Table of Contents

financial statements in this Quarterly Report on Form 10-Q. These estimates are based on historical results, trends, and other assumptions we believe to be reasonable. We evaluate these estimates on an ongoing basis. Actual results may differ from estimates.

Recently Issued and Adopted Accounting Pronouncements

A description of recently issued accounting pronouncements that may potentially impact our financial position, results of operations or cash flows, and notes to such financial statements, is disclosed in Note 2 to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures about Market Risk

Market risk is the potential loss that may result from market changes associated with our business or with an existing or forecasted financial transaction. The value of a financial instrument may change as a result of changes in interest rates, exchange rates, commodity prices, equity prices and other market changes. We are exposed to changes in interest rates and foreign currency exchange rates because we finance certain operations through variable rate debt instruments and denominate some of our transactions in foreign currencies. Changes in these rates may have an impact on future cash flow and earnings. We manage these risks through normal operating and financing activities.

During the three fiscal quarters ended September 26, 2026, there have been no material changes to the information included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report.

Interest Rate Risk

We entered into an interest rate swap that was executed on March 10, 2023 (the “2023 Interest Rate Swap”). The 2023 Interest Rate Swap had an effective date of May 18, 2023 and a termination date of May 18, 2026. Under the terms of the 2023 Interest Rate Swap, we fixed our SOFR borrowing rate on a notional amount of $161.0 million. The 2023 Interest Rate Swap was not designated as a hedging instrument for accounting purposes.

Additionally, we entered into a new interest rate swap that was executed on June 4, 2025 (the “2025 Interest Rate Swap”). As part of the 2025 Interest Rate Swap, we terminated the 2023 Interest Rate Swap prior to its May 18, 2026 termination date. The 2025 Interest Rate Swap became effective on May 19, 2025 and has a termination date of May 18, 2027. Under the terms of the 2025 Interest Rate Swap, we fixed our SOFR borrowing rate on a notional amount of $140.0 million. The 2025 Interest Rate Swap is not designated as a hedging instrument for accounting purposes.

An increase or decrease of 1% in the effective interest rate, giving effect related to interest rate swaps, as of September 26, 2026, would cause an increase or decrease to annual interest expense, net of approximately $1.4 million.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under 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 disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 26, 2026. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of September 26, 2026.

40

---

Table of Contents

Changes in Internal Control over Financial Reporting

Starting in the second quarter of 2024, as part of a multi-year implementation of a new ERP system, the Company began utilizing certain aspects of the new ERP system. Eventually, this ERP system will replace the existing core financial systems. The ERP system is designed to accurately maintain the Company’s financial records, enhance the flow of financial information, improve data management and provide timely information to its management team. The Company does not believe the changes implemented to date represent a material change in internal control over financial reporting.

There were no other changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures

In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of a control system must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements related to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.

41

---

Table of Contents

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may be involved in legal proceedings in the ordinary course of business, including, among others, contract and employment claims, personal injury claims, intellectual property claims, product liability claims and warranty claims, some of which may be covered by insurance. Currently, there are no legal proceedings against us that we believe will have a material adverse effect on our business, financial condition, results of operations or cash flows. Further, no material legal proceedings were terminated, settled, or otherwise resolved during the fiscal quarter ended September 26, 2026. However, the results of any current or future legal proceedings cannot be predicted with certainty and, regardless of the outcome, we may incur significant costs and experience a diversion of management resources as a result of legal proceedings.

Item 1A. Risk Factors

We have disclosed under the heading “Risk Factors” in our Annual Report, the risk factors that materially affect our business, financial condition, and results of operations. There have been no material changes from the risk factors previously disclosed in our Annual Report and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 28, 2026. You should carefully consider the risks, uncertainties, assumptions and other important factors set forth in the Annual Report and other subsequent reports we file with the SEC, including this Quarterly Report on Form 10-Q, any of which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied. For similar reasons, our past results may not be a reliable indicator of future performance and trends. You also should be aware that these risk factors and other information do not describe every risk that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may affect us. We operate in a very competitive and rapidly changing environment and new risks emerge from time to time, and we anticipate that subsequent events and developments will cause our views to change. In addition, these risks do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may undertake. Any of these known or emerging factors may materially adversely affect our business, financial condition, and operating results, as well as the trading price of our common stock.

42

---

Table of Contents

Item 5. Other Information

Rule 10b5-1 Trading Plans – Directors and Section 16 Officers

During the fiscal quarter ended September 26, 2026, none of the Company’s directors or Section 16 officers adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or (ii) any “non-Rule 10b5-1 trading arrangement.”

43

---

Table of Contents

Item 6. Exhibits

Exhibit
No.						Description
3.1						Amended and Restated Certificate of Incorporation of Latham Group, Inc. (incorporated by reference to Exhibit 3.1 to Latham Group, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on June 3, 2021 (File No. 001-40358))
3.2						Amended and Restated Bylaws of Latham Group, Inc. (incorporated by reference to Exhibit 3.2 to Latham Group, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on June 3, 2021 (File No. 001-40358))
10.1†						Credit Agreement, dated as of August 20, 2026, by and among Latham Pool Products, Inc., Latham International Manufacturing Corp., the other guarantors party thereto, the lenders and letter of credit issuers party thereto and Jefferies Finance LLC, as administrative agent (incorporated by reference to Exhibit 10.1 to Latham Group, Inc.’s Current Report on Form 8-K filed with the SEC on August 21, 2026 (File No. 001-40358))
10.2†						Loan Guaranty, dated as of August 20, 2026, by and among Latham Pool Products, Inc., Latham International Manufacturing Corp., the other guarantors party thereto, the lenders and letter of credit issuers party thereto and Jefferies Finance LLC, as administrative agent (incorporated by reference to Exhibit 10.2 to Latham Group, Inc.’s Current Report on Form 8-K filed with the SEC on August 21, 2026 (File No. 001-40358))
31.1*						Certification of CEO, pursuant to SEC Rule 13a-14(a) and 15d-14(a)
31.2*						Certification of CFO, pursuant to SEC Rule 13a-14(a) and 15d-14(a)
32.1**						Certification by the CEO, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certification by the CFO, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*						Inline XBRL Taxonomy Extension Schema Document
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

_____________________________________________

*Filed herewith.

**Furnished herewith.

†Schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish any omitted schedules or exhibits upon the request of the Securities and Exchange Commission. A list of the omitted schedules and exhibits to this agreement is set forth in the agreement.

44

---

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:       November 4, 2026

			LATHAM GROUP, INC.
			/s/ Oliver C. Gloe
			Oliver C. Gloe
			Chief Financial Officer
			(Principal Financial Officer)

45

---

---