Pool Corp. (POOL) Global Consumer and Retail Conference 2026 — Key Takeaways

Equity Research 15 September 2026 | 4:36PM EDT

Pool Corp. (POOL): Global Consumer and Retail Conference 2026 — Key Takeaways

Susan Maklari | Goldman Sachs & Co. LLC

Charles Perron-Piche, CFA | charles.perron- Goldman Sachs & Co. LLC Presenters: We hosted Pool Corp’s CEO John Watwood, CFO Melanie Hart, and Rhea Bhatia Director of IR and Finance Kristin Byars at the 33rd Annual Global Retailing | Goldman Sachs India SPL Conference. Galilee Best | Bottom Line: We came away incrementally more constructive on POOL’s ability to Goldman Sachs & Co. LLC drive share gains and execute against a challenging operating backdrop. This comes as management is taking a proactive approach to customer engagement, pricing optimization, and operational excellence, positioning the company for industry relative outperformance.

n Strength in Competitive Position: Management highlighted the ability to leverage an extensive network of branches and well-established supplier and customer relationships to reinvigorate results over time. This includes a focus on service and execution, which we expect to contribute to the company’s competitive positioning, driving share gains. n Balancing Price vs Profitability: As part of the strategy, POOL will consider opportunities to balance growth vs margins. We note this could vary by product, customer dynamics, and other factors to operating conditions. n Market Conditions Mixed Across Regions: The company believes new pool construction could be down again in 2026 reflecting varying regional dynamics as well as the broader macro and housing backdrop. More specifically, Florida is stabilizing while Texas remains weak, which is in contrast to greater resiliency in the Northeast despite a tougher comp. n Focus on Customer Engagement: As POOL looks to increase customer engagement, the company has appointed a new VP of national accounts and is making contact with key relationships at all levels, from senior leadership down to the field. The company is also focused on narrowing the gap between

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Goldman Sachs Pool Corp. (POOL)

underperforming branches and greenfield locations. We are encouraged by these efforts and look for benefits to results in the coming quarters. n Capital Allocation Unchanged: Management remains committed to investing in strategic growth opportunities, including the potential to reinvigorate M&A, while also returning excess cash to shareholders. That said, the company will remain disciplined on valuation for deals.

We are Buy rated on POOL with a 12-month price target of $247 which is based on 14.5x our Q5-8 adj. EBITDA forecast. Downside risks include: 1) adverse weather conditions, 2) increase in raw material costs and the inability to pass them through, 3) loss of relationships with key suppliers, and 4) an inability to integrate acquisitions.

POOL 12m Price Target: $247.00 Price: $171.76 Upside: 43.8%

Buy GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: $6.2bn Revenue ($ mn) 5,289.4 5,444.6 5,610.8 5,818.4 Enterprise value: $7.3bn EBITDA ($ mn) m ADTV: $171.8mn EBIT ($ mn) United States EPS ($) Americas Homebuilders & Building P/E (X) Products EV/EBITDA (X) M&A Rank: 3 FCF yield (%) 2.7 6.2 7.0 7.5 Dividend yield (%) 1.6 3.0 3.1 3.2 Net debt/EBITDA (X) 1.7 1.6 1.5 1.4

6/26 9/26E 12/26E 3/27E EPS ($)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 14 Sep 2026 close.