On this page of StockholderLetter.com we present the 4/4/2025 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.
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CELEBRATING A CENTURY. With the pool as the centerpiece of the rapidly growing Outdoor Living market, Hayward is prioritizing innovation, efficiency and comfort. We build better so that you can backyard better. Everything we do is guided by our mission to deliver exceptional products, outstanding service, and innovative technology to transform the experience of water. This year we proudly celebrate our 100-year anniversary. A momentous and rare milestone, we want to take the opportunity to review our past to better inform our future. As we celebrate this achievement, we reflect with immense pride on our journey, from the founding by Irving Hayward as a tool & die maker, to Oscar Davis acquiring the business in the 1960s and entering the pool market, to the global public company we are today. For a century, we ve served our customers with outstanding products and services, but our centennial celebration is not just a testament to our resilience and past accomplishments. Our company has a solid foundation for future growth and value creation. We are extremely excited about the long-term prospects for the pool industry and our ability to execute our growth plans. Most recently: We engineered more products with category-leading efficiency, including our No.1 rated ultra-high efficiency pumps, and our unbelievably efficient HeatPro VS. We invested in our proprietary Omni connected automation and control technologies, giving end users greater flexibility when they build and update their outdoor living spaces. We added a new suite of stunning lighting and water features and improved engineering across our suite of equipment to run more quietly. We expanded our reach beyond the backyard, with our Commercial Aquatics division offering its most versatile and efficient lineup of products yet. We are helping pool owners spend less time worrying about maintenance and energy bills, and more time enjoying their outdoor oasis. From creating energy-efficient, environmentally sustainable products to advocating for pool safety, we are proud to be a global company that is driving meaningful impact. We look forward to the next 100 years and are committed to building better one backyard at a time.
Hayward is well positioned to drive profitable growth and create stockholder value as we pursue our mission of delivering exceptional products, outstanding services and innovative technology to transform the experience of water. % 8 B F B HAYWARD | 2024 ANNUAL REPORT *For a reconciliation of Adjusted EBITDA to net income for 2024 and 2023, see pages 48-49 of our Form 10-K, which follows. Our 2024 performance resulted in sales and earnings growth, margin expansion and increased cash flow generation. Year over year, total net sales increased 6% and adjusted EBITDA* increased 12%. Gross profit margins expanded to a post-IPO record of 50.5% and free cash flow increased 22%. Such strong profitability and cash flow enabled us to reduce net leverage into our targeted range while completing a $123 million early debt repayment and the strategic acquisition of ChlorKing to advance our position in the commercial pool market. X During the year, we further strengthened the senior leadership team by appointing accomplished executives with expanded capabilities to key positions within the organization. I am confident we have the right leadership talent in place to execute our growth strategies and deliver on our commitments.
X As a technology leader, we increased investments in both R&D and engineering to support our commitment to innovation. We successfully launched several differentiated products during the year, and we are excited by their adoption in the marketplace. Hayward is a leader in critical product categories on the pool pad like IoT Controllers, Variable Speed Pumps, Water Sanitization, and LED Lighting, and we intend to continue developing industry-leading solutions to support our customers and improve the pool ownership experience. On behalf of Hayward employees around the world, thank you for your interest and investment in Hayward. I look forward to continuing our journey together in 2025 and beyond. Regards, KEVIN P P. HOLLERAN PRESIDENT AND CHIEF EXECUTIVE OFFICER, MEMBER OF THE BOARD OF DIRECTORS k ) Hayward has a long-standing culture of operational excellence and continuous improvement that we view as a competitive advantage. We demonstrated our capabilities again in 2024, consolidating our manufacturing footprint, investing in automation and productivity initiatives, and further expanding margins from already robust levels. As a testament to our product development and operational performance, and the value we provide customers, Hayward was recognized by the largest global distributor with awards for both Innovation Leadership and Operational Excellence. We are committed to providing industry-leading products along with superior customer service. To that end, we increased investments to enhance the customer experience, leveraging new technologies and tools. We upgraded our customer loyalty programs, rewards trips and partner summits to strengthen and expand our dealer relationships to grow our respective businesses. We also launched Hayward Hub DFW in Texas, a first-of-its-kind Hayward training and support facility for dealers and trade professionals in an important growth market. X 8 2025 represents a tremendous milestone for Hayward, the 100th anniversary of the Company s founding in 1925. We reflect on this achievement with immense pride on our journey, from the founding by Irving Hayward to the global public company we are today. We ve built a strong foundation for growth and value creation in our first 100 years, and I am excited about the opportunities that lie ahead. 2024 ANNUAL REPORT | HAYWARD
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HAYW 4/4/2025 Shareholder/Stockholder Letter Transcript:

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              k                           F              


CELEBRATING
A CENTURY.
With the pool as the centerpiece of the rapidly growing Outdoor Living market, Hayward is
prioritizing innovation, efficiency and comfort. We build better so that you can backyard better.
Everything we do is guided by our mission to deliver exceptional products, outstanding service,
and innovative technology to transform the experience of water.
This year we proudly celebrate our 100-year anniversary. A momentous and rare milestone,
we want to take the opportunity to review our past to better inform our future. As we celebrate
this achievement, we reflect with immense pride on our journey, from the founding by Irving
Hayward as a tool & die maker, to Oscar Davis acquiring the business in the 1960s and
entering the pool market, to the global public company we are today.
For a century, we   ve served our customers with outstanding products and services, but our
centennial celebration is not just a testament to our resilience and past accomplishments.
Our company has a solid foundation for future growth and value creation. We are extremely
excited about the long-term prospects for the pool industry and our ability to execute our
growth plans.
Most recently:

We engineered more products with category-leading efficiency, including our No.1 rated
ultra-high efficiency pumps, and our unbelievably efficient HeatPro   VS.

We invested in our proprietary Omni   connected automation and control technologies,
giving end users greater flexibility when they build and update their outdoor living spaces.

We added a new suite of stunning lighting and water features and improved engineering
across our suite of equipment to run more quietly.

We expanded our reach beyond the backyard, with our Commercial Aquatics division
offering its most versatile and efficient lineup of products yet.
We are helping pool owners spend less time worrying about maintenance and energy bills,
and more time enjoying their outdoor oasis. From creating energy-efficient, environmentally
sustainable products to advocating for pool safety, we are proud to be a global company that
is driving meaningful impact. We look forward to the next 100 years and are committed to
building better   one backyard at a time.

Hayward is well positioned to
drive profitable growth and create
stockholder value as we pursue our
mission of delivering exceptional
products, outstanding services and
innovative technology to transform
the experience of water.
%       8                                     
                                                        B                            

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                                                                        B             



HAYWARD | 2024 ANNUAL REPORT
*For a reconciliation of Adjusted EBITDA to net income for 2024
and 2023, see pages 48-49 of our Form 10-K, which follows.

Our 2024 performance resulted in sales
and earnings growth, margin expansion and
increased cash flow generation. Year over
year, total net sales increased 6% and adjusted
EBITDA* increased 12%. Gross profit margins
expanded to a post-IPO record of 50.5% and
free cash flow increased 22%. Such strong
profitability and cash flow enabled us to reduce
net leverage into our targeted range while
completing a $123 million early debt repayment
and the strategic acquisition of ChlorKing to
advance our position in the commercial pool
market.
             X                            
During the year, we further strengthened
the senior leadership team by appointing
accomplished executives with expanded
capabilities to key positions within the
organization. I am confident we have the right
leadership talent in place to execute our growth
strategies and deliver on our commitments.

                     X                  
As a technology leader, we increased
investments in both R&D and engineering to
support our commitment to innovation. We
successfully launched several differentiated
products during the year, and we are excited by
their adoption in the marketplace. Hayward is a
leader in critical product categories on the pool
pad like IoT Controllers, Variable Speed Pumps,
Water Sanitization, and LED Lighting, and we
intend to continue developing industry-leading
solutions to support our customers and improve
the pool ownership experience.
On behalf of Hayward employees around the
world, thank you for your interest and investment
in Hayward. I look forward to continuing our
journey together in 2025 and beyond.
Regards,
KEVIN P
P. HOLLERAN
PRESIDENT AND CHIEF EXECUTIVE OFFICER,
MEMBER OF THE BOARD OF DIRECTORS
k                     )                   
Hayward has a long-standing culture of
operational excellence and continuous
improvement that we view as a competitive
advantage. We demonstrated our capabilities
again in 2024, consolidating our manufacturing
footprint, investing in automation and
productivity initiatives, and further expanding
margins from already robust levels. As a
testament to our product development and
operational performance, and the value we
provide customers, Hayward was recognized
by the largest global distributor with awards
for both Innovation Leadership and Operational
Excellence.
We are committed to providing industry-leading
products along with superior customer service.
To that end, we increased investments to
enhance the customer experience, leveraging
new technologies and tools. We upgraded our
customer loyalty programs, rewards trips and
partner summits to strengthen and expand our
dealer relationships to grow our respective
businesses. We also launched Hayward Hub DFW
in Texas, a first-of-its-kind Hayward training
and support facility for dealers and trade
professionals in an important growth market.
X             8                                                       
2025 represents a tremendous milestone for
Hayward, the 100th anniversary of the Company   s
founding in 1925. We reflect on this achievement
with immense pride on our journey, from the
founding by Irving Hayward to the global public
company we are today. We   ve built a strong
foundation for growth and value creation in
our first 100 years, and I am excited about the
opportunities that lie ahead.
2024 ANNUAL REPORT | HAYWARD


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