BrightView Holdings 2025年度报告

25 20 Dear Fellow Stockholders, The progress we’ve made in streamlining operations, leveragingour size and scale, and reducing overhead drove meaningfulsavings in general and administrative expenses during fiscal2025. These savings not only led to improvement in our bottomline but also gave us the ability to reinvest back into our salesorganization. As we continue to invest in our salesforce, this willbe the engine that drives future top-line growth. As I conclude my second year at BrightView, I write to you withgreat pride and optimism. In just two years, we have maderemarkable progress transforming this company both culturallyand operationally, and this has resulted in consecutive recordfinancial performances. This transformation has been madepossibleby breaking silos,streamlining our organization,incentivizing profitable growth, investing in our workforce,and focusing on providing world-class service to each of ourcustomers. With our company united under One BrightView,we have laid the foundation to inflect meaningful top-linegrowth and generate value for you as a stockholder. Building for the Future At our Investor Day in February 2025, we outlined our long-term financial targets for BrightView and, as I reflect on myfirst two years, I believe we have created a great foundation forachieving these targets. My confidence in reaching our goalsis anchored in our One BrightView strategy and the levers wehave available to unlock additional value in this business. We’vemadegreatprogressacrossourfoundationalperformancemetrics. Our continued investment in the health and well-beingof our employees led to another year of improvement in frontline employee turnover, and their unwavering commitment toour customers also led to another year of improved customerretention. We continued our accelerated fleet refreshmentstrategy, which has yielded multi-faceted benefits that we’llcontinue to reap over the coming years. We also continuedto leverage our size and scale and streamlined our operatingstructure to generate cost savings throughout the business thatwe’ve reinvested in our salesforce. Going forward, we will continue to leverage our size and scale,expand our geographical presence, cross-sell our servicesand deploy technology to generate profitable sales, all whilecontinuing to invest back into the business. In total, theseinitiatives will lead BrightView to its unifying goal – generatinglong-termprofitable growth and creating meaningfulstockholder value. Together, these initiatives are the driving force behind ourgrowth trajectory. I am incredibly proud of the momentumwe’ve created in our business, and I believe the foundationwe’ve laid over the past two years positions BrightView as theinvestment of choice. As we move into the next stage of BrightView’s transformation,I’m confident in our direction and grateful for the steadfastsupport of our stockholders. A Year of Significant Progress Sincerely, Fiscal 2025 was another record year for BrightView, as weachieved our second consecutive year of record AdjustedEBITDAand Adjusted EBITDA margin while generatingsignificant free cash flow and maintaining our financial flexibility.These results were made possible by the tireless efforts of over18,000 employees who work each day to make BrightView theleading commercial landscaping provider in the country. Dale AsplundPresident & Chief Executive Officer During the year, we made significant investments in our fleet,deploying a record amount of capital to provide our front-line employees with new trucks, trailers, and mowers. We arealready seeing the benefits of this strategy, as our refreshed fleetrequires less repair and maintenance, and our crew membershave the peace of mind that their equipment is reliable. This hasled to both enhanced levels of customer service and EBITDAmargin improvements. Going forward, as we advance upon thisstrategy, we expect to continue to realize benefits both in ourfinancial results and operational excellence. UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K (Mark One)☒☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025 OR ☐☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROMTOCommission File Number 001-38579 BrightView Holdings, Inc.(Exact name of Registrant as specified in its Charter) Delaware46-4190788( State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)980 Jolly RoadBlue Bell, Pennsylvania19422(Address of principal executive offices)(Zip Code)Registrant’s telephone number, including area code: (484) 567-7204 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of