Latham Group, Inc. 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market and Stockholders Our common stock has been traded on the Nasdaq Global Select Market under the symbol “SWIM” since April 23, 2021. Prior to that date, there was no public trading market for our common stock. On December 31, 2025, there were 21 registered holders of record of our common stock. A greater number of holders are “street name” or beneficial holders, whose shares are held of record by banks, brokers, and other financial institutions. Issuer Purchases of Equity Securities On May 10, 2022, our Board approved a stock repurchase program, which authorized us to repurchase up to $100.0 million of our shares of common stock over the next three years. We were authorized to effect these repurchases in open market transactions, privately negotiated purchases, or other acquisitions. We were not obligated to repurchase any of our shares of our common stock under the program and the timing and amount of any repurchases was subject to market conditions, our stock price, alternative uses of capital, the terms of our debt instruments, and other factors. The Repurchase Program expired on May 10, 2025, and the Board has not authorized a new stock repurchase program. Dividends We currently do not intend to pay cash dividends on our common stock. However, we may in the future decide to pay dividends on our common stock. Any declaration and payment of cash dividends in the future, will be at the discretion of our Board and will depend upon such factors as earnings levels, cash flows, capital requirements, levels of indebtedness, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements, and any other factors deemed relevant by our Board. As a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries. Our ability to pay dividends will therefore be restricted as a result of restrictions on their ability to pay dividends to us under our Credit Agreement and under other current and future indebtedness that we or they may incur. See “Risk Factors—Risks Relating to Ownership of our Common Stock—We do not anticipate paying any quarterly cash dividends, and accordingly, stockholders must rely on stock appreciation for any return on their investment” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Performance Graph The following graph compares the cumulative total return on our common stock on the Nasdaq Global Select Market since December 31, 2021 with the cumulative total return of the Russell 2000 Index and the S&P SmallCap 600 Consumer Discretionary Index. The graph assumes, in each case, an initial investment of $100 on December 31, 2021, based on the market price at the end of each month through and including December 31, 2025, and that all dividends paid by companies included in these indices have been reinvested. We did not pay any dividends during the period reflected in the graph. 34 Table of Contents 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Latham Group, Inc. $ 91.85 $ 11.82 $ 9.65 $ 25.54 $ 23.30 Russell 2000 $ 99.56 $ 79.21 $ 92.62 $ 103.31 $ 116.54 S&P SmallCap 600 Consumer Discretionary Index $ 98.11 $ 70.82 $ 73.83 $ 77.79 $ 74.66 Item 6. Reserved 35 Table of Contents