Segments

3 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments

12. Segments

The operations of the Company are conducted through two operating segments: Maintenance Services and Development Services, which are also its reportable segments.

Maintenance Services primarily consists of recurring landscape maintenance services and snow removal services as well as supplemental landscape enhancement services.

Development Services primarily consists of landscape architecture and development services for new construction and large scale redesign projects.

The operating segments identified above are determined based on the services provided, and they reflect the manner in which operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. The CODM is the Company’s Chief Executive Officer. The CODM uses Adjusted EBITDA as the measure of profitability

to evaluate the performance of the Company's operating segments. The CODM utilizes the identified metrics as part of the annual budgeting and forecasting process and during the monthly business reviews when making decisions about the allocation of resources.

As part of the CODM's review of operating results, the CODM considers direct costs, which include direct labor and materials, as a significant segment expense. The CODM evaluates segment performance each period against historical results factoring in macroeconomic factors such as direct labor and materials to assess segment performance.

The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies” in the notes to our consolidated financial statements in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025. Eliminations represent eliminations of intersegment revenues. Intersegment revenue transactions are recorded at current market price. The Company does not currently provide asset information by segment, as this information is not used by management when allocating resources or evaluating performance.

The following is a summary of certain financial data for each of the segments and reconciliation of Segment Adjusted EBITDA to (Loss) before income taxes:

	Three Months Ended December 31, 2025
	Maintenance		Development		Eliminations			Total
Net Service Revenues	$	436.4	$	179.2	$	(0.9	)	$	614.7
Less segment expenses
Direct costs(a)		252.9		132.9		(0.9	)
Other segment items(b)		148.1		28.2		—
Segment Adjusted EBITDA		35.4		18.1		—			53.5
Reconciliation of total segment Adjusted EBITDA
Interest expense, net									13.5
Depreciation expense									42.9
Amortization expense									6.2
Business transformation and integration costs (c)									7.0
Equity-based compensation (d)									4.3
(Loss) before income taxes								$	(20.4	)

	Three Months Ended December 31, 2024
	Maintenance		Development		Eliminations			Total
Net Service Revenues	$	409.3	$	191.8	$	(1.9	)	$	599.2
Less segment expenses
Direct costs(a)		230.1		146.0		(1.8	)
Other segment items(b)		144.6		28.3		(0.1	)
Segment Adjusted EBITDA		34.6		17.5		—			52.1
Reconciliation of total segment Adjusted EBITDA
Interest expense, net									14.2
Depreciation expense									30.4
Amortization expense									8.1
Business transformation and integration costs (c)									9.2
Equity-based compensation (d)									4.8
(Loss) before income taxes								$	(14.6	)

	Three Months Ended December 31,
Capital Expenditures	2025		2024
Maintenance Services	$	48.7	$	41.7
Development Services		6.0		17.0
Capital Expenditures	$	54.7	$	58.7

(a)The Company's significant segment expense, direct costs, aligns with the segment level information that is regularly provided to our CODM. Direct costs include direct labor, materials, and other costs that are directly incurred as a result of the delivery of services. Direct costs do not include costs of sales that are allocated to services including fuel and depreciation. Intersegment expenses are included within the amounts shown.

(b)Other segment items for both segments primarily include indirect compensation costs, auto and equipment costs, selling, general, and administrative costs and allocation of corporate expenses.

(c)Business transformation and integration costs consist of severance and related costs, information technology, infrastructure, transformation, and other costs. These costs represent expenses related to distinct initiatives, typically significant enterprise-wide changes, including actions taken as part of the Company's One BrightView initiative. Such expenses are excluded from Segment Adjusted EBITDA disclosed above since such expenses vary in amount based on occurrence as well as factors specific to each of the activities, are outside of the normal operations of the business, and create a lack of comparability between periods.

(d)Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding