\n| \n ($ in millions, except per share figures)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRevenue<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n702.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n662.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.1%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,317.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,261.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4.4%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Income (Loss)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n6.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (73.4%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(13.5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(4.0<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (237.5%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Income (Loss) Margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n (80) bps<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.0<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n (70) bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted EBITDA<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n79.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n73.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7.6%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n132.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n125.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted EBITDA Margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n 20 bps<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n 10 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet loss available to common shareholders<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(7.1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(2.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (195.8%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(31.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(21.8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (44.0%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nWeighted average number of common shares outstanding<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n94.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n95.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.6%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n94.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n95.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.0%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nBasic (Loss) per Share<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.08<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.03<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (166.7%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.33<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.23<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (43.5%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted Net Income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n13.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n21.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (38.1%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n11.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n27.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (59.0%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted weighted average number of common shares outstanding<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n148.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n149.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.1%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n148.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n149.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (0.7%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted Earnings per Share<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.09<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (35.7%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.07<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.18<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (61.1%)<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income, Adjusted Earnings (Loss) per Share, and Adjusted weighted average number of common shares outstanding are non-GAAP measures. Refer to the \u201cNon-GAAP Financial Measures\u201d and \u201cReconciliation of GAAP to Non-GAAP Financial Measures\u201d sections for more information. Basic Earnings (Loss) per Share is determined by dividing Net Income (Loss) available to common shareholders by the Weighted average number of common shares outstanding. Net income (Loss) available to common shareholders is calculated as Net Income (Loss) less dividends declared on Series A Convertible Preferred Shares and Earnings allocated to Convertible Preferred Shares<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor the three months ended March 31, 2026, total revenue increased 6.1% to $702.9 million driven by a $49.1 million increase in snow removal revenue combined with a $12.7 million increase in our commercial landscaping business. The increase was partially offset by a decrease in our Development Services revenue.<\/p>\n \nFor the six months ended March 31, 2026, total revenue increased 4.4% to $1,317.7 million driven by a $85.2 million increase in snow removal revenue. The increase was partially offset by a decrease in our Development Services revenue.<\/p>\n \n\n| \n Second Quarter Fiscal 2026 Results \u2013 Segments<\/b><\/p>\n<\/td>\n<\/tr>\n\n | <\/tr>\n \n| \n Maintenance Services – Operating Highlights<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended
\n
March 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended
\n
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLandscape Maintenance<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n333.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n320.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4.0%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n701.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n697.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSnow Removal<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n221.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n172.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 28.5%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n290.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n204.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 41.6%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal Revenue<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n554.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n492.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12.5%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n991.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n902.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted EBITDA<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n69.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n56.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 23.4%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n105.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n91.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 15.4%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted EBITDA Margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 11.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n 110 bps<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10.6<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10.1<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n 50 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCapital Expenditures<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n54.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n31.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 74.8%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n103.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n73.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 41.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor the second quarter of fiscal 2026, revenue in the Maintenance Services Segment increased by $61.8 million, or 12.5%, from the 2025 period. Snow removal services increased by $49.2 million, or 28.5%, due to increased snowfall in the period1<\/sup>, and commercial landscaping services increased by $12.6 million, or 4.0%. The increase in commercial landscaping services revenue was driven by increased ancillary & contract services.<\/p>\n\nAdjusted EBITDA for the Maintenance Services Segment for the three months ended March 31, 2026, increased by $13.2 million to $69.5 million from $56.3 million in the 2025 period. Segment Adjusted EBITDA Margin increased 110 basis points, to 12.5%, in the three months ended March 31, 2026, from 11.4% in the 2025 period. The increases in Segment Adjusted EBITDA and Adjusted EBITDA Margin was primarily driven by increased snow removal services and commercial landscaping revenue described above, partially offset by increased investments in our sales force and increased snow services costs.<\/p>\n \nFor the six months ended March 31, 2026, Maintenance Services net service revenues increased by $88.9 million, or 9.9%, from the 2025 period. Snow removal services increased by $85.2 million, or 41.6%, due to increased snowfall in the period1<\/sup>, and commercial landscaping services increased by $3.7 million, or 0.5%. The increase in commercial landscaping services revenue was driven by increased ancillary services.<\/p>\n\nAdjusted EBITDA for the Maintenance Services Segment for the six months ended March 31, 2026 increased by $14.0 million to $105.0 million from $91.0 million in the 2025 period. Segment Adjusted EBITDA Margin increased 50 basis points, to 10.6%, in the six months ended March 31, 2026, from 10.1% in the 2025 period. The increase in Segment Adjusted EBITDA and Adjusted EBITDA Margin was primarily driven by increased snow removal services and commercial landscaping revenue described above, partially offset by increased investments in our sales force and increased snow services costs.<\/p>\n \n\n| \n 1<\/sup>As defined by the National Oceanic Atmospheric Administration, U.S. Department of Commerce (\u201cNOAA\u201d) for the Company’s footprint during the respective three-month periods and six-month periods<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Development Services – Operating Highlights<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended
\n
March 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended
\n
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRevenue<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n149.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n171.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (13.0%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n328.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n363.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (9.6%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted EBITDA<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n17.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (44.2%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n27.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n34.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (20.5%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted EBITDA Margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n (360) bps<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 8.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n (110) bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCapital Expenditures<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 78.3%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n10.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n19.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (48.2%)<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor the second quarter of fiscal 2026, revenue in the Development Services Segment decreased by $22.3 million, or 13.0%, compared to the prior year. The decrease was driven by the timing and mix of Development Services projects.<\/p>\n \nAdjusted EBITDA for the Development Services Segment for the three months ended March 31, 2026, decreased $7.6 million, to $9.6 million, compared to the prior year. Segment Adjusted EBITDA Margin decreased 360 basis points, to 6.4% for the quarter from 10.0% in the 2025 period. The decreases in Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by the change in revenue described above, and to a lesser extent as increased investments in our sales force.<\/p>\n \nFor the six months ended March 31, 2026, revenue in the Development Services Segment decreased by $34.9 million, or 9.6%, compared to the 2025 period. The decrease was driven by the timing and mix of Development Services projects .<\/p>\n \nAdjusted EBITDA for the Development Services Segment for the six months ended March 31, 2026, decreased $7.1 million, to $27.5 million, compared to the 2025 period. Segment Adjusted EBITDA Margin decreased 110 basis points, to 8.4%, for the period from 9.5% in the 2025 period. The decreases in Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by the change in revenue described above, as well as increased investments in our sales force.<\/p>\n \n\n| \n Total BrightView Cash Flow Metrics<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Six Months Ended
\n
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Cash Provided by Operating Activities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n82.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n151.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (45.7%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted Free Cash Flow<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(24.5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n67.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (136.6%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCapital Expenditures<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n113.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n92.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 23.0%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Capital Expenditures<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n106.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n84.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 26.1%<\/i><\/p>\n<\/td>\n<\/tr>\n\n | <\/tr>\n \n| \n Adjusted Free Cash Flow and Net Capital Expenditures are a non-GAAP financial measure. Refer to the \u201cNon-GAAP Financial Measures\u201d and \u201cReconciliation of GAAP to Non-GAAP Financial Measures\u201d sections for more information<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet cash provided by operating activities for the six months ended March 31, 2026, decreased $69.4 million, to $82.3 million, from $151.7 million in the prior year. This decrease was due to a decrease in cash provided by accounts receivable and unbilled and deferred revenue. The decrease was partially offset by increases in non-cash adjustments to reconcile net loss to net cash provided by operating activities combined with a decrease in cash used by accounts payable and other operating liabilities.<\/p>\n \nAdjusted Free Cash Flow decreased $91.5 million to an outflow of $24.5 million for the six months ended March 31, 2026, from an inflow of $67.0 million in the prior year. The decrease in Adjusted Free Cash Flow was due to a decrease in net cash provided by operating activities combined with an increase in cash used for capital expenditures.<\/p>\n \nFor the six months ended March 31, 2026, capital expenditures were $113.5 million, compared with $92.3 million in the prior year, representing 8.6% and 7.3% of revenue, respectively. The Company also generated proceeds from the sale of property and equipment of $6.7 million and $7.6 million during the six months ended March 31, 2026 and 2025, respectively. Net of proceeds from the sale of property and equipment, net capital expenditures represented 8.1% of revenue in the six months ended March 31, 2026, compared to 6.7% for the six months ended March 31, 2025.<\/p>\n \n\n| \n Total BrightView Balance Sheet Metrics<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n ($ in millions)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31,
\n
2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,
\n
2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31,
\n
2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Financial Debt1<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n910.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n877.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n859.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMinus:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Cash & Equivalents<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n74.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n141.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Net Financial Debt2<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n900.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n802.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n718.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Net Financial Debt to Adjusted EBITDA ratio3<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.5x<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.3x<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.1x<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |