On this page of StockholderLetter.com we present the latest annual shareholder letter from Hayward Holdings, Inc. — ticker symbol HAYW. Reading current and past HAYW letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report Company Overview & Year In Review

I commend our teams for successfully executing our strategic objectives, strengthening our competitive position, and advancing our mission of delivering exceptional products, outstanding service, and innovative solutions to transform the experience of water. Kevin P. Holleran President and Chief Executive Officer DEAR FELLOW STOCKHOLDERS, 2025 marked a significant milestone for Hayward as we celebrated the centennial anniversary of our founding in 1925. During this landmark year, we continued to perform at a high level, delivering solid results amid ongoing challenges in the global pool industry. This performance reflects the commitment of our employees worldwide and the resilience of our aftermarket-driven business model focused on serving the extensive installed base of existing pools. I commend our teams for successfully executing our strategic objectives, strengthening our competitive position, and advancing our mission of delivering exceptional products, outstanding service, and innovative solutions to transform the experience of water. CONSISTENT PERFORMANCE In 2025, we demonstrated strength across key financial metrics. Net sales increased 7% and adjusted EBITDA* 8%. Gross profit margin expanded to a post-IPO record of 48.0% and cash flows from operating activities increased 21%, enabling further reduction in net leverage from 2.8x to 1.9x as we continued to invest strategically in the business. Our results build on a proven long term track record, reinforcing the durability of our model. From 2019 to 2025, we achieved compound annual growth rates of approximately 7% for net sales and 10% for adjusted EBITDA, underscoring the stability of the aftermarket and our ability to deliver consistent profitable growth despite some variability in new construction and remodel. ADVANCING TECHNOLOGY LEADERSHIP Innovation continues to distinguish Hayward. In 2025, we increased our investments in R&D and advanced engineering to support a robust pipeline of new and upgraded products. Many of these innovations unlock significant aftermarket upgrade opportunities by enabling entry into new product categories or expanding compatibility with competitive systems. Most notably, we launched OmniX , an industry first automation ecosystem that provides a simple, cost-effective pathway to upgrading the largely non-automated installed base of pools. By making automation more accessible and affordable, OmniX strengthens our market leadership and meaningfully enhances the pool ownership experience. 7% 8% 21% INCREASE IN NET SALES INCREASE IN ADJUSTED EBITDA* INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES 2025 Annual Report || i
OPERATIONAL EXCELLENCE Operational excellence is deeply embedded in our culture and continues to be a key competitive advantage. In 2025, we successfully mitigated the impact of new tariffs and inflation, realigned our supply chain, and further optimized our sourcing footprint. Contemporaneously, we made targeted investments in automation and productivity to support sustained margin performance. Our unwavering dedication to quality, reliability, and continuous improvement sets Hayward apart and fortifies relationships with customers and channel partners. ELEVATING THE CUSTOMER EXPERIENCE The delivery of industry-leading products and services remains central to our strategic vision. During the year, we further elevated the customer experience through investments in digital platforms, educational resources, and loyalty programs. We expanded dealer engagement initiatives, including hands on training within our growing network of Hayward Hub locations, helping our partners better serve pool owners and grow their businesses. In addition, we broadened the deployment of AI enabled technical service agents to improve efficiency and service quality for our customers. CELEBRATING 100 YEARS AND LOOKING AHEAD Our 100th anniversary represents a proud achievement for Hayward. Since our inception, innovation, resilience, and a steadfast commitment to our customers have defined our journey. As we honor our first century, our focus remains firmly on the future. With a strong foundation, differentiated portfolio, and disciplined execution, Hayward is well positioned for sustainable growth and long-term value creation as we enter our next century of leadership. On behalf of Hayward employees worldwide, thank you for your ongoing trust, support, and investment. We look forward to building on our momentum and advancing our shared success. Regards, Kevin P. Holleran President and Chief Executive Officer Member of the Board of Directors *For a reconciliation of adjusted EBITDA to net income for 2025 to 2024, see pages 48 49 of our Form 10-K, which follows. ii || 2025 Annual Report
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HAYW Shareholder/Stockholder Letter Transcript:

2025
Annual Report
Company Overview & Year In Review


I commend our teams for successfully executing our strategic
objectives, strengthening our competitive position, and
advancing our mission of delivering exceptional products,
outstanding service, and innovative solutions to transform
the experience of water.
Kevin P. Holleran
President and Chief Executive Officer
DEAR FELLOW STOCKHOLDERS,
2025 marked a significant milestone for Hayward as we celebrated the centennial anniversary of our founding in 1925.
During this landmark year, we continued to perform at a high level, delivering solid results amid ongoing challenges in
the global pool industry. This performance reflects the commitment of our employees worldwide and the resilience of
our aftermarket-driven business model focused on serving the extensive installed base of existing pools. I commend
our teams for successfully executing our strategic objectives, strengthening our competitive position, and advancing
our mission of delivering exceptional products, outstanding service, and innovative solutions to transform the
experience of water.
CONSISTENT PERFORMANCE
In 2025, we demonstrated strength across key financial metrics. Net sales increased 7% and adjusted EBITDA* 8%.
Gross profit margin expanded to a post-IPO record of 48.0% and cash flows from operating activities increased 21%,
enabling further reduction in net leverage from 2.8x to 1.9x as we continued to invest strategically in the business.
Our results build on a proven long term track record, reinforcing the durability of our model. From 2019 to 2025,
we achieved compound annual growth rates of approximately 7% for net sales and 10% for adjusted EBITDA,
underscoring the stability of the aftermarket and our ability to deliver consistent profitable growth despite some
variability in new construction and remodel.
ADVANCING TECHNOLOGY LEADERSHIP
Innovation continues to distinguish Hayward. In 2025, we increased our investments in R&D and advanced
engineering to support a robust pipeline of new and upgraded products. Many of these innovations unlock significant
aftermarket upgrade opportunities by enabling entry into new product categories or expanding compatibility with
competitive systems. Most notably, we launched OmniX   , an industry first automation ecosystem that provides
a simple, cost-effective pathway to upgrading the largely non-automated installed base of pools. By making
automation more accessible and affordable, OmniX strengthens our market leadership and meaningfully
enhances the pool ownership experience.
7%
8%
21%
INCREASE
IN NET SALES
INCREASE
IN ADJUSTED
EBITDA*
INCREASE IN
CASH FLOW FROM OPERATING
ACTIVITIES
2025 Annual Report || i

OPERATIONAL EXCELLENCE
Operational excellence is deeply embedded in our culture and continues to be a key competitive advantage.
In 2025, we successfully mitigated the impact of new tariffs and inflation, realigned our supply chain, and
further optimized our sourcing footprint. Contemporaneously, we made targeted investments in automation
and productivity to support sustained margin performance. Our unwavering dedication to quality, reliability, and
continuous improvement sets Hayward apart and fortifies relationships with customers and channel partners.
ELEVATING THE CUSTOMER EXPERIENCE
The delivery of industry-leading products and services remains central to our strategic vision. During the year, we
further elevated the customer experience through investments in digital platforms, educational resources, and loyalty
programs. We expanded dealer engagement initiatives, including hands on training within our growing network of
Hayward Hub locations, helping our partners better serve pool owners and grow their businesses. In addition, we
broadened the deployment of AI enabled technical service agents to improve efficiency and service quality for our
customers.
CELEBRATING 100 YEARS AND LOOKING AHEAD
Our 100th anniversary represents a proud achievement for Hayward. Since our inception, innovation, resilience,
and a steadfast commitment to our customers have defined our journey. As we honor our first century, our focus
remains firmly on the future. With a strong foundation, differentiated portfolio, and disciplined execution, Hayward
is well positioned for sustainable growth and long-term value creation as we enter our next century of leadership.
On behalf of Hayward employees worldwide, thank you for your ongoing trust, support, and investment. We look
forward to building on our momentum and advancing our shared success.
Regards,
Kevin P. Holleran
President and Chief Executive Officer
Member of the Board of Directors
*For a reconciliation of adjusted EBITDA to net income for 2025 to 2024, see pages 48     49 of our Form 10-K, which follows.
ii || 2025 Annual Report


shareholder letter icon 4/2/2026 Letter Continued (Full PDF)
 

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