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Fourth Quarter 2025 Earnings Webcast Presentation Rollins, Inc. February 12, 2026 © 2026 Rollins, Inc. All rights reserved.1
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2 Cautionary Statement Regarding Forward - Looking Statements This presentation as well as other written or oral statements by the Company may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Generally, statements that do not relate to historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “should,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this presentation include, but are not limited to, statements regarding: expectations with respect to our financial and business performance; a balanced capital allocation strategy; our recession-resilient business model yields consistently strong financial performance; underlying markets remain healthy and customer retention rates are strong; focus on margins as well as pricing and productivity; healthy balance sheet provides flexibility and positions us well to execute on capital allocation priorities; “sticky” multi-dimensional, multi-year relationships with customers; high degree of recurring and ancillary revenue provides stability in growth and earnings profile; expectations related to acquisitions; our expected growth; and healthy dividend. These forward-looking statements are based on information available as of the date of this presentation, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and may also be described from time to time in our future reports filed with the SEC. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law. © 2026 Rollins, Inc. All rights reserved.
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3 Reconciliation of GAAP and Non - GAAP Financial Measures A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, statement of financial position or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. These measures should not be considered in isolation or as a substitute for revenues, net income, earnings per share or other performance measures prepared in accordance with GAAP. Management believes all of these non-GAAP financial measures are useful to provide investors with information about current trends in, and period-over-period comparisons of, the Company's results of operations. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. The Company has used the following non-GAAP financial measures in this earnings presentation: Organic revenues Organic revenues are calculated as revenues less the revenues from acquisitions completed within the prior 12 months and excluding the revenues from divested businesses. Acquisition revenues are based on the trailing 12-month revenue of our acquired entities. Management uses organic revenues, and organic revenues by type to compare revenues over various periods excluding the impact of acquisitions and divestitures. Adjusted operating income and adjusted operating margin Adjusted operating income and adjusted operating margin are calculated by adding back to operating income those expenses associated with the amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. Adjusted operating margin is calculated as adjusted operating income divided by revenues. Management uses adjusted operating income and adjusted operating margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. Adjusted net income and adjusted EPS Adjusted net income and adjusted EPS are calculated by adding back to the GAAP measures amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control, excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses, and by further subtracting the tax impact of those expenses, gains, or losses. Management uses adjusted net income and adjusted EPS as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, incremental EBITDA margin and adjusted incremental EBITDA margin EBITDA is calculated by adding back to net income depreciation and amortization, interest expense, net, and provision for income taxes. EBITDA margin is calculated as EBITDA divided by revenues. Adjusted EBITDA and adjusted EBITDA margin are calculated by further adding back those expenses associated with the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control, and excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses. Management uses EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. Incremental EBITDA margin is calculated as the change in EBITDA divided by the change in revenue. Management uses incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods. Adjusted incremental EBITDA margin is calculated as the change in adjusted EBITDA divided by the change in revenue. Management uses adjusted incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods. Free cash flow, free cash flow conversion, adjusted free cash flow, and adjusted free cash flow conversion Free cash flow is calculated by subtracting capital expenditures from cash provided by operating activities. Management uses free cash flow to demonstrate the Company’s ability to maintain its asset base and generate future cash flows from operations. Free cash flow conversion is calculated as free cash flow divided by net income. Adjusted free cash flow is calculated by adding back to cash provided by operating activities the impact of certain delayed income tax payments. Adjusted free cash flow conversion is calculated as adjusted free cash flow divided by net income. Management uses free cash flow conversion and adjusted free cash flow conversion to demonstrate how much net income is converted into cash. Management believes that free cash flow and adjusted free cash flow are important financial measures for use in evaluating the Company’s liquidity. Free cash flow and adjusted free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, the Company’s definition of free cash flow and adjusted free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow and adjusted free cash flow as measures that provide supplemental information to our consolidated statements of cash flows. Adjusted sales, general, and administrative ("SG&A") Adjusted SG&A is calculated by removing the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. Management uses adjusted SG&A to compare SG&A expenses consistently over various periods. Leverage ratio Leverage ratio, a financial valuation measure, is calculated by dividing adjusted net debt by adjusted EBITDAR. Adjusted net debt is calculated by adding short-term debt and operating lease liabilities to total long-term debt less a cash adjustment of 90% of total consolidated cash. Adjusted EBITDAR is calculated by adding back to net income depreciation and amortization, interest expense, net, provision for income taxes, operating lease cost, and stock-based compensation expense. Management uses leverage ratio as an assessment of overall liquidity, financial flexibility, and leverage. © 2026 Rollins, Inc. All rights reserved.
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Delivered Solid Revenue and Earnings in 2025 2025 Results 4 Full Year Revenue $3.8B Adjusted EPS1 $1.12 up 11.0% up 13.1% Free Cash Flow1 $650.0M up 12.1% Other FY 2025 Highlights • Double-digit growth across all major service lines • Organic growth of 6.9%, acquisitions drove remaining 4.1% of growth. • One-time business was a drag on growth in the fourth quarter. Organic recurring & ancillary service revenue growth was above 7.0% for the year • Adjusted operating income margin1 of 20.0% saw +10 bps of expansion. • Executed balanced capital allocation program, deploying over $880M of capital. • Welcomed 26 new businesses to Rollins portfolio, including Saela Full year comparisons are against FY 2024 unless otherwise noted. 1 These amounts are non-GAAP numbers (see Appendix). © 2026 Rollins, Inc. All rights reserved.
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Short-Term Weather Impacts Weighed on One-Time Revenue and Margins 2025 Results 5 Fourth Quarter Revenue $912.9M Adjusted EPS1 $0.25 up 9.7% up 8.7% Free Cash Flow1 $159.0Mdown 13.6% Other Q4 Highlights • Organic growth1 was 5.7%, acquisitions drove remaining 4.0% growth • Softer one-time revenues due to short-term weather impacts. This was partially offset by organic recurring & ancillary service growth above 7.0% for the quarter • Adjusted EBITDA Margin1 decreased 60 bps to 21.2% primarily due to timing of gains on vehicles and decreased leverage on people costs due to lower one-time revenue volume in the quarter Full quarter comparisons are against Q4 2024 unless otherwise noted. 1 These amounts are non-GAAP numbers (see Appendix). © 2026 Rollins, Inc. All rights reserved.
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$3,388.7 $158.1 $118.8 $93.4 $2.1 $3,761.1 FY 2024 Residential Commercial Termite Other FY 2025 6 FY 2025 Revenue Growth Double-Digit Growth Rate in FY 2025 Across All Service Lines Note: Figures may not foot due to rounding. 1 These amounts are non-GAAP numbers (See Appendix). +6.9% organic1 +4.1% acquisition1 +11.0% total $86M organic1 $33M acquisition1 $77M organic1 $81M acquisition1 $68M organic1 $25M acquisition1 +7.6% organic1 +2.9% acquisition1 +10.5% total +9.9% organic1 +3.7% acquisition1 +13.6% total +5.0% organic1 +5.3% acquisition1 +10.3% total (in millions) © 2026 Rollins, Inc. All rights reserved.
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$832.2 $35.9 $24.5 $20.5 ($0.1) $912.9 Q4 2024 Residential Commercial Termite Other Q4 2025 7 Q4 Revenue Growth Growth in Q4 Across All Major Service Lines Note: Figures may not foot due to rounding. 1 These amounts are non-GAAP numbers (See Appendix). +5.7% organic1 +4.0% acquisition1 +9.7% total $18M organic1 $6M acquisition1 $16M organic1 $20M acquisition1 $13M organic1 $7M acquisition1 +6.4% organic1 +2.3% acquisition1 +8.7% total +7.6% organic1 +4.3% acquisition1 +11.9% total +4.4% organic1 +5.3% acquisition1 +9.7% total © 2026 Rollins, Inc. All rights reserved. (in millions)
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22.8% 0.1% -0.1% -0.1% 22.7% FY 2025 Adjusted EBITDA Margin 1 8 KEY DRIVERS Gross Profit • Improvements in margin associated with materials & supplies and insurance & claims, partially offset by higher fleet and other costs; people costs were neutral to gross margin Adj. SG&A 1 • Lower volumes negatively impacted leverage across several categories; partially offset by improvements in insurance and claims Adj. EBITDA 1 • FY 2025 Adj. EBITDA1 was $855 million, up 10.8% Made Significant Long-Term Investments to Support Future Growth -10 bps FY 2024 Adj. EBITDA Margin1 FY 2025 Adj. EBITDA Margin1 Other Note: Figures may not foot due to rounding. 1 These amounts are non-GAAP numbers (See Appendix). Adjusted SG&A1 Gross Margin © 2026 Rollins, Inc. All rights reserved.
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21.8% -0.3% -0.4% 0.1% 21.2% Q4 Adjusted EBITDA Margin 1 9 KEY DRIVERS Gross Profit • Negatively impacted by higher people costs and fleet costs, partially offset by improvements in materials & supplies and insurance & claims Adj. SG&A1 • Lower volumes negatively impacted leverage across several categories; partially offset by improvements in insurance and claims Adj. EBITDA 1 • Q4 Adj. EBITDA1 was $194 million, up 7.0% Lower Volumes in the Quarter Hampered Productivity -60 bps Q4 2024 Adj. EBITDA Margin1 Q4 2025 Adj. EBITDA Margin1 Other Note: Figures may not foot due to rounding. 1 These amounts are non-GAAP numbers (See Appendix). Adjusted SG&A1 Gross Margin © 2026 Rollins, Inc. All rights reserved.
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10 Free Cash Flow and Capital Allocation FY 2025 Uses of Cash Flow Cash Flow & Balance Sheet • Q4 Free Cash Flow Conversion1 was 137% • Cash flow in Q4 2024 benefitted from a disaster relief measure that allowed us to defer a $22M tax payment to Q2 2025 • Leverage1 of 0.9x Acquisitions • Completed 26 acquisitions Dividends • Dividend +11% YoY Solid Cash Flow Generation and Balanced Capital Allocation Strategy Q4 2024 Q4 2025 $184M $159M -13.6% 174% 137% Q4 2025 Free Cash Flow1 1 These amounts are Non-GAAP numbers (See Appendix). Cash Generation • FY 2025 Free Cash Flow Conversion 1 was 123% • Cash flow was negatively impacted by an out of period tax payment of $22M which was deferred from Q4 2024 FY 2024 FY 2025 $580M $650M +12.1% 124% 123% FY 2025 Free Cash Flow1 Dividends $328M M&A $310M Capex $28M Share Repurchases $217M © 2026 Rollins, Inc. All rights reserved.
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Unabated Long - Term Financial Performance 11 $3,389 $3,761 24 Years of Consecutive Growth High Recurring Revenue 90+% Domestic Revenue Financial Consistency Across Cycles Recession-Resilient Business Model Yields Consistently Strong Financial Performance $647 $650 $665 $677 $751 $802 $859 $895 $1,021 $1,075 $1,137 $1,205 $1,271 $1,337 $1,412 $1,485 $1,573 $1,674 $1,822 $2,015 $2,161 $2,424 $2,696 $33 $47 $66 $78 $97 $106 $120 $130 $147 $167 $181 $200 $215 $231 $262 $286 $311 $351 $384 $411 $454 $546 $593 $691 $772 $855 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue Adj. EBITDA Adj. EBITDA Margin1: 5% 7% 10% 12% 13% 13% 14% 15% 14% 16% 16% 17% 17% 17% 19% 19% 20% 21% 21% 20% 21% 23% 22% 23% 23% FCF Conversion 1: NM 124% 160% 139% 110% 97% 115% 112% 110% 113% 123% 135% 110% 117% 120% 103% 116% 118% 118% 144% 155% 105% 118% 114% 124% 6% Revenue Growth 11% Adj. EBITDA1 Growth Great Financial Crisis Industrial Slowdown COVID Pandemic 12% Revenue Growth 14% Adj. EBITDA1 Growth ($M) 6% Revenue Growth 8% Adj. EBITDA1 Growth $3,073 23% 123% 1 These amounts are Non-GAAP numbers (See Appendix). © 2026 Rollins, Inc. All rights reserved.
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Sustainable Growth Solid revenue growth of 11.0% for FY 2025 with double-digit growth across all service lines Organic growth of 6.9%, acquisitions drove remaining 4.1% of growth. One-time business was a drag on growth in the fourth quarter. Organic growth of recurring & ancillary services was above 7% for the year Underlying markets remain healthy and customer retention rates are strong Key Takeaways © 2026 Rollins, Inc. All rights reserved.12 Better Before Bigger Made investments throughout our business to support our teammates and enhance our customer experience. Rolled out The Rollins Way; making investments to support the growth of our company and establish consistent leadership behaviors across the enterprise We have made encouraging progress in improving retention of our newer teammates, specifically those who are with us for six months or less Margins Remain a Focus Continue to focus on pricing and productivity People costs pressured margins as we ended the year with a double-digit increase in teammates versus last year. We have been focused on continuing to hire and train in order to support demand so that we can hit the ground running during our peak season beginning later in Q1 Balance Sheet Provides Flexibility Healthy balance sheet positions us well to execute on capital allocation priorities FY 2025 free cash flow1 grew 12%; excluding out-of-period tax payment, free cash flow1 would have grown 20%; FY 2025 free cash flow1 conversion of 123% Dividend has grown by over 80% since 2022, while remaining ~50% of free cash flow1 Our leverage ratio1 stands at 0.9x 1 These amounts are non-GAAP numbers (See Appendix).
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Ancillary Revenue • Prevention of pest issue or remediation to include wildlife exclusion, crawlspace encapsulation and moisture remediation, insulation • Opportunity to increase depth of relationship with existing customer ~10% of revenue Mid-high teens growth Recurring Revenue • Ongoing pest prevention and treatment under a scheduled service agreement • Typically monthly, bi- monthly, or quarterly visits • Relationships often extend over multi-year period ~75% of revenue High-single digit growth One-Time Revenue • Single-service treatment for a specific pest issue such as bed bugs, wildlife removal, termite treatment, and infestations ~15% of revenue Flat-2% growth Types of Revenue 13 High Degree of Recurring and Ancillary Revenue Provides Stability in Growth and Earnings Profile More transactional customer relationship “Sticky” multi-dimensional, multi-year relationships with customers © 2026 Rollins, Inc. All rights reserved.
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Last 3 Years 2026E Medium-Term Outlook Growth Algorithm © 2026 Rollins, Inc. All rights reserved.14 23% 25-30% ~30-35% 12% ~7% to 8% Organic ~2% to 3% M&A Above-Market Organic Growth + M&A 125% >100% >100% Revenue Growth Adj. Incremental EBITDA Margin1 FCF Conversion1 1 These amounts are non-GAAP numbers (See Appendix).
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Appendix © 2025 Rollins, Inc. All rights reserved.15
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© 2026 Rollins, Inc. All rights reserved.16 Reconciliation of GAAP and Non - GAAP Financial Measures (1) Consists of expenses associated with the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. While we exclude such expenses in this non-GAAP measure, such expenses are expected to recur, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation. (2) Consists of the gain or loss on the sale of non-operational assets. (3) The tax effect of the adjustments is calculated using the applicable statutory tax rates for the respective periods. (4) In some cases, the sum of the individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.
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© 2026 Rollins, Inc. All rights reserved.17 Reconciliation of GAAP and Non - GAAP Financial Measures (1) Consists of expenses associated with the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. While we exclude such expenses in this non-GAAP measure, such expenses are expected to recur, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation. (2) Consists of the gain or loss on the sale of non-operational assets.
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© 2026 Rollins, Inc. All rights reserved.18 Reconciliation of GAAP and Non - GAAP Financial Measures (1) The U.S. Internal Revenue Service provided disaster relief to all State of Georgia taxpayers due to the impact of Hurricane Helene. Therefore, we did not make an estimated payment for U.S. federal income tax purposes in the fourth quarter of 2024. That tax payment was made during the second quarter of 2025.
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© 2026 Rollins, Inc. All rights reserved.19 Reconciliation of GAAP and Non - GAAP Financial Measures
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© 2026 Rollins, Inc. All rights reserved.20 Reconciliation of GAAP and Non - GAAP Financial Measures (1) As of December 31, 2025, the Company had outstanding borrowings of $114.4 million under our commercial paper program and $9.3 million in bank overdrafts. The Company's short-term borrowings are presented under the short-term debt caption of our consolidated statements of financial position, net of unamortized discounts. (2) As of December 31, 2025, the Company had outstanding borrowings of $500.0 million from the issuance of our 2035 Senior Notes and no outstanding borrowings under the Revolving Credit Facility. These borrowings are presented under the long-term debt caption of our consolidated statements of financial position, net of a $7.1 million unamortized discount and $6.7 million in unamortized debt issuance costs as of December 31, 2025. As of December 31, 2024, the Company had outstanding borrowings of $397.0 million, under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are presented under the long-term debt caption of our consolidated statements of financial position, net of $1.7 million in unamortized debt issuance costs as of December 31, 2024. (3) Operating lease liabilities are presented under the operating lease liabilities - current and operating lease liabilities, less current portion captions of our consolidated statements of financial position. (4) Represents 90% of cash and cash equivalents per our consolidated statements of financial position as of both periods presented. (5) Operating lease cost excludes short-term lease cost associated with leases that have a duration of 12 months or less.
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© 2026 Rollins, Inc. All rights reserved.21 Reconciliation of GAAP and Non - GAAP Financial Measures (1) Consists of expenses associated with the amortization of certain intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control and Saela Pest Control. While we exclude such expenses in this non-GAAP measure, such expenses are expected to recur, the revenue from the acquired company is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.