Perimeter Solutions, Q3 2026 Earnings Call Transcript

Perimeter Group’s third-quarter adjusted EBITDA rose 20% year over year, with strong growth in both Fire Safety and Specialty Products. Fire Safety benefited from strength across product lines and geographies, resumed Defense Logistics Agency foam deliveries, and its first full season under the federal retardant contract. Management says fixed service fees and full-service bases are making earnings less sensitive to fire activity; longer-term drivers include rising wildfire activity and expanding aerial firefighting fleets. Air tanker capacity remains the main bottleneck during peak periods.

Specialty Products more than doubled adjusted EBITDA, supported by MMT and IMS, whose installed bases generate recurring aftermarket demand. PDI’s supply reliability remains below customer requirements, and the company is investing in its own production and alternative sources, accepting higher near-term costs; management expects temporarily suppressed PDI EBITDA but fourth-quarter segment EBITDA only modestly below its average for the first three quarters. The group plans continued customer-focused investment and remains active in acquisitions.