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  Title	Form 8-K - Current report
  ID	7057936
  External ID	7560023917
  Author	Unknown
  Published Date	Feb. 18, 2025, 6:50 a.m.
  Summary	false UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchan
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  Content ID	4415608
  Key	17958dd5-da06-4622-ae68-bc42be78e7e2
  Content	false UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 18, 2025 Hillman Solutions Corp. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction (Commission File No.) (I.R.S. Employer of incorporation) Identification No.) 1280 Kemper Meadow Drive Cincinnati Ohio (Address of principal executive offices) Registrant's telephone number, including area code: Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols Name of each exchange on which registered Common Stock, par value $0.0001 per share HLMN The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 2.02 Results of Operations and Financial Condition. On February 18, 2025, Hillman Solutions Corp. (the “Company”) issued a press release, furnished as Exhibit 99.1 and incorporated herein by reference, announcing the Company's selected summary financial results for its thirteen and fifty-two weeks ended December 28, 2024. The information provided pursuant to Item 2.02, including the exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 13, 2025, upon the recommendation of the Nominating and ESG Committee, the Board of Directors (the “Board”) of the Company increased the size of the Board to ten directors and appointed Jon Michael Adinolfi, Chief Executive Officer and President of the Company, to join the Board as a director effective as of February 13, 2025. Mr. Adinolfi will serve as a Class I director until the Company's 2025 annual meeting of stockholders and until his successor is duly elected and qualified or until his earlier resignation or removal. As a non-independent director, Mr. Adinolfi is not eligible to serve on any committees of the Board, and will receive no additional compensation for his Board service other than his previously disclosed compensation for serving as the Company's Chief Executive Officer and President. Mr. Adinolfi is not a party to any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K, and there are no arrangements or understandings between Mr. Adinolfi and any other persons pursuant to which he was selected as a director. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description Press Release, dated February 18, 2025, announcing the financial results of Hillman Solutions Corp. for its thirteen and fifty-two weeks ended December Supplemental slides provided in connection with the thirteen and fifty-two weeks ended December 28, 2024 earnings call of Hillman Solutions Corp. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Hillman Solutions Corp. Date: February 18, 2025 By: /s/ Robert O. Kraft Name: Robert O. Kraft Title: Chief Financial Officer Hillman Reports Record Fourth Quarter 2024 Results; Provides 2025 Guidance CINCINNATI, February 18, 2025 -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and merchandising solutions, reported financial results for the thirteen and fifty-two weeks ended December 28, 2024. Fourth Quarter 2024 Highlights (Thirteen Weeks Ended December 28, 2024) • Net sales increased 0.5% to $349.6 million compared to $347.8 million in the prior year quarter • Net loss totaled $(1.2) million, or $(0.01) per diluted share, compared to net loss of $(10.1) million, or $(0.05) per diluted share, in the prior year quarter • Adjusted diluted EPS was $0.10 per diluted share compared to $0.10 per diluted share in the prior year quarter • Adjusted EBITDA totaled $56.3 million compared to $54.4 million in the prior year quarter • On February 13, 2025, Jon Michael Adinolfi, Hillman's president and chief executive officer, was appointed to the Hillman Board of Directors; following the appointment, the board consists of ten members, eight of which are independent Full Year 2024 Highlights (Fifty-Two Weeks Ended December 28, 2024) • Net sales decreased (0.3)% to $1.47 billion compared to $1.48 billion in the prior year • Net income totaled $17.3 million, or $0.09 per diluted share, compared to net loss of $(9.6) million, or $(0.05) per diluted share, in the prior year • Adjusted diluted EPS was $0.49 per diluted share, which includes the impact of a $0.03 per diluted share write off of receivables from True Value, compared to $0.41 per diluted share in the prior year • Adjusted EBITDA totaled a record $241.8 million, which includes the impact of a $8.6 million write off of receivables from True Value, compared to $219.4 million in the prior year • Net cash provided by operating activities totaled $183.3 million compared to $238.0 million in the prior year • Free Cash Flow totaled $98.1 million compared to $172.3 million in the prior year • Acquired Koch Industries, a provider of rope and twine, chain and wire rope, and related hardware products in January 2024; and Intex DIY, a supplier of wiping cloths, consumable rags and cleaning textiles in August 2024 Balance Sheet and Liquidity at December 28, 2024 • Gross debt decreased to $718.6 million from $760.9 million at December 30, 2023 • Net debt decreased to $674.0 million from $722.4 million at December 30, 2023 • Liquidity available totaled $233 million, consisting of $189 million of available borrowing under the revolving credit facility and $45 million of cash and equivalents • Net debt to trailing twelve month Adjusted EBITDA improved to 2.8x times from 3.3x at December 30, 2023 Management Commentary Doug Cahill, Hillman's executive chairman commented: “During 2024, Hillman delivered record bottom line results despite the soft macro environment. Our focus on disciplined execution and taking care of our customers added to Hillman's 60-year legacy of service, which resulted in us winning vendor of the year awards at our two biggest customers: Home Depot and Lowe's." "Throughout the year we reduced our net debt by $48 million while strategically expanding our portfolio through the acquisitions of Koch and Intex DIY, further strengthening our position in these key product categories. These accomplishments underscore our focus on creating value for our customers and shareholders, positioning us for continued success in the years ahead." Jon Michael Adinolfi, Hillman's newly appointed chief executive officer added: "The progress we made during 2024 has set us up for a successful 2025, as we expect to grow both our top and bottom line during the year. Our focus remains unchanged - taking great care of our customers, securing new business wins to drive organic growth, and expanding our offerings by way of acquisitions." "During 2025, we will continue our measured and prudent capital investments into our MinuteKey 3.5 fleet and other growth opportunities, which we expect to generate healthy returns on invested capital in the future. We are confident we can drive strong results for our shareholders during 2025 and beyond." Full Year 2025 Guidance Hillman has provided the following guidance based on its current view of the market and its performance expectations during the fifty-two weeks ended December 27, 2025. Full Year 2025 Guidance Net Sales $1.495 to $1.575 billion Adjusted EBITDA $255 to $275 million Free Cash Flow $90 to $110 million Adjusted EBITDA, Adjusted Diluted EPS, Net Debt, and Free Cash Flow are non-GAAP financial measures. Refer to the "Reconciliation of Adjusted EBITDA”, "Reconciliation of Adjusted Earnings per Share", "Reconciliation of Net Debt" and "Reconciliation of Free Cash Flow" sections of this press release for additional information as well as reconciliations between the company's GAAP and non-GAAP financial results Fourth Quarter and Full Year 2024 Results Presentation Hillman plans to host a conference call and webcast presentation today, February 18, 2025, at 8:30 a.m. Eastern Time to discuss its results and guidance. Executive Chairman Doug Cahill; President and Chief Executive Officer Jon Michael Adinolfi; and Chief Financial Officer Rocky Kraft will host the results presentation. Date: Today, February 18, 2025 Time: 8:30 am Eastern Time Listen-only Webcast: https://edge.media-server.com/mmc/p/33zifmes A webcast replay will be available approximately one hour after the conclusion of the call using the Audio-Only Webcast link above. Hillman's earnings release and results presentation are expected to be filed with the SEC and posted to its website, https://ir.hillmangroup.com, before the webcast presentation begins, with the 10-K being filed and posted subsequent to the call. About Hillman Solutions Corp. Hillman Solutions Corp. (“Hillman”) is a leading provider of hardware-related products and solutions to home improvement, hardware, and farm and fleet retailers across North America. Renowned for its commitment to customer service, Hillman has differentiated itself with its competitive moat built on direct-to-store shipping, a dedicated in-store sales and service team of over 1,200 professionals, and over 60 years of product and industry experience. Hillman's extensive portfolio includes hardware solutions (fasteners, screws, nuts and bolts), protective solutions (work gloves, jobsite storage and protective gear), and robotic and digital solutions (key duplication and tag engraving). Leveraging its world-class distribution network, Hillman regularly earns vendor of the year recognition from top customers. For more information on Hillman, visit www.hillman.com. Forward Looking Statements You should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," “target”, “goal”, "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) unfavorable economic conditions that may affect operations, financial condition and cash flows including spending on home renovation or construction projects, inflation, recessions, instability in the financial markets or credit markets; (2) increased supply chain costs, including raw materials, sourcing, transportation and energy; (3) the highly competitive nature of the markets that we serve; (4) the ability to continue to innovate with new products and services; (5) seasonality; (6) large customer concentration; (7) the ability to recruit and retain qualified employees; (8) the outcome of any legal proceedings that may be instituted against the Company; (9) adverse changes in currency exchange rates; or (10) regulatory changes and potential legislation that could adversely impact financial results.. The foregoing list of factors is not exclusive, and readers should also refer to those risks that are included in the Company's filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 28, 2024. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward looking statements. Except as required by applicable law, the Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this communication to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Contact: Michael Koehler Vice President of Investor Relations & Treasury IR@hillmangroup.com HILLMAN SOLUTIONS CORP. Condensed Consolidated Statement of Net Income, GAAP Basis (dollars in thousands) Unaudited Thirteen Weeks Ended December 28, 2024 Thirteen Weeks Ended December 30, 2023 Fifty-two Weeks Ended December 28, 2024 Fifty-two Weeks Ended December 30, 2023 Net sales Cost of sales (exclusive of depreciation and amortization shown separately below) Selling, warehouse, general and administrative expenses Depreciation Amortization Other expense, net Income from operations Interest expense, net Refinancing costs — — — Loss (income) before income taxes Income tax expense (benefit) Net loss (income) Basic (loss) income per share Weighted average basic shares outstanding Diluted (loss) income per share Weighted average diluted shares outstanding HILLMAN SOLUTIONS CORP. Condensed Consolidated Balance Sheets (dollars in thousands) Unaudited December 28, December 30, ASSETS Current assets: Cash and cash equivalents Accounts receivable, net of allowances of $2,827 ($2,770 - 2023) Inventories, net Other current assets Total current assets Property and equipment, net of accumulated depreciation of $376,150 ($333,875 - 2023) Goodwill Other intangibles, net of accumulated amortization of $530,398 ($470,791 - 2023) Operating lease right of use assets Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Current portion of debt and finance lease liabilities Current portion of operating lease liabilities Accrued expenses: Salaries and wages Pricing allowances Income and other taxes Other accrued liabilities Total current liabilities Long-term debt Deferred tax liabilities Operating lease liabilities Other non-current liabilities Total liabilities Commitments and contingencies Stockholders' equity: Common stock, 0.0001 par, 500,000,000 shares authorized, 196,705,710 issued and outstanding at December 28, 2024 and 194,913,124 issued and outstanding at December 30, 2023 Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total stockholders' equity Total liabilities and stockholders' equity HILLMAN SOLUTIONS CORP. Condensed Consolidated Statement of Cash Flows (dollars in thousands) Unaudited Year Ended December 28, 2024 Year Ended December 30, 2023 Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization Gain on dispositions of property and equipment Impairment of long lived assets — Deferred income taxes Deferred financing and original issue discount amortization Loss on debt restructuring, net of third party fees paid — Cash paid to third parties in connection with debt restructuring — Stock-based compensation expense Customer bankruptcy reserve — Change in fair value of contingent consideration Changes in operating items: Accounts receivable, net Inventories, net Other assets Accounts payable Accrued salaries and wages Other accrued liabilities Net cash provided by operating activities Cash flows from investing activities: Acquisition of business, net of cash received Capital expenditures Other investing activities Net cash used for investing activities Cash flows from financing activities: Repayments of senior term loans Borrowings of revolving credit loans Repayments of revolving credit loans Financing fees — Principal payments under finance lease obligations Proceeds from exercise of stock options Payments of contingent consideration Other financing activities Net cash used for financing activities Effect of exchange rate changes on cash Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period HILLMAN SOLUTIONS CORP. Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures The Company uses non-GAAP financial measures to analyze underlying business performance and trends. The Company believes that providing these non-GAAP financial measures enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance. These non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company's definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, reconciliations to GAAP financial measures are not provided for forward-looking non-GAAP measures. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Non-GAAP financial measures such as consolidated adjusted EBITDA and Adjusted Diluted Earnings per Share (EPS) exclude from the relevant GAAP metrics items that neither relate to the ordinary course of the Company's business, nor reflect the Company's underlying business performance. Change to Non-GAAP metrics After dialogue with the SEC, we have revised our presentation of Adjusted EBITDA and Adjusted Diluted Earnings per Share on a prospective basis to include the impact of a $8.6 million write off of receivables from True Value, which was previously excluded from the Non-GAAP figures in the thirteen and thirty-nine weeks ended September 28, 2024. The charge resulted from True Value's Chapter 11 filing in October of 2024. See the "Recent Developments" section of Management's Discussion and Analysis of our third quarter 10-Q filed on November 5, 2024 for additional information on this write off. Reconciliation of Adjusted EBITDA (Unaudited) (dollars in thousands) Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses, as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Thirteen Weeks Ended December 28, 2024 Thirteen Weeks Ended December 30, 2023 Fifty-two Weeks Ended December 28, 2024 Fifty-two Weeks Ended December 30, 2023 Net loss (income) Income tax expense (benefit) Interest expense, net Depreciation Amortization EBITDA Stock compensation expense Restructuring and other costs Litigation expense — Transaction and integration expense Change in fair value of contingent consideration Refinancing charges — — — Impairment charges — — Total adjusting items Adjusted EBITDA Restructuring and other costs includes consulting and other costs associated with severance related to our distribution center relocations and corporate restructuring activities, in addition to costs associated with the Cybersecurity Incident that occurred in May 2023 Litigation expense includes a settlement paid in association with a dispute with a kiosk development partner, and legal fees associated with the Hy-Ko Products Company LLC litigation Transaction and integration expense includes professional fees, non-recurring bonuses, and other costs related to acquisitions and the secondary offerings of shares in 2023 In the first quarter of 2024, we entered into a Repricing Amendment (2024 Repricing Amendment) on our existing Senior Term Loan due July 14, 2028 In the fourth quarter of 2023, we recorded an impairment charge in our Hardware and Protective Solutions segment of $24.6 million, primarily related to review of certain product offerings. In the fourth quarter of 2023, we evaluated a specific product line and decided to exit certain retail locations and markets, which reduced the future cash flows from this product line and impacted the lower of cost or market valuation of inventory. As a result of this review we impaired $19.6 million of intangible assets and recorded inventory revaluation charges of $5.0 million Reconciliation of Adjusted Diluted EPS (in thousands, except per share data) Unaudited We define Adjusted Diluted EPS as reported diluted EPS excluding the effect of one-time, non-recurring activity and volatility associated with our income tax expense. The Company believes that Adjusted Diluted EPS provides further insight and comparability in operating performance as it eliminates the effects of certain items that are not comparable from one period to the next. The following is a reconciliation of reported diluted EPS from continuing operations to Adjusted Diluted EPS from continuing operations: Thirteen Weeks Ended December 28, 2024 Thirteen Weeks Ended December 30, 2023 Fifty-two Weeks Ended December 28, 2024 Fifty-two Weeks Ended December 30, 2023 Reconciliation to Adjusted Net Income Net Loss (Income) Remove adjusting items Remove amortization expense Remove tax benefit on adjusting items and amortization expense Adjusted Net Income Reconciliation to Adjusted Diluted Earnings per Share Diluted Earnings per Share Remove adjusting items Remove amortization expense Remove tax benefit on adjusting items and amortization expense Adjusted Diluted Earnings per Share Reconciliation to Adjusted Diluted Shares Outstanding Diluted Shares, as reported Non-GAAP dilution adjustments Dilutive effect of stock options and awards — Adjusted Diluted Shares Note: Adjusted EPS may not add due to rounding. Please refer to "Reconciliation of Adjusted EBITDA" table above for additional information on adjusting items. See "Per share impact of Adjusting Items" table below for the per share impact of each adjustment We have calculated the income tax effect of the non-GAAP adjustments shown above at the applicable statutory rate of 25.1% for the U.S. and 26.2% for Canada except for the following items: a. The tax impact of stock compensation expense was calculated using the statutory rate of 25.1%, excluding certain awards that are non-deductible. b. The tax impact of acquisition and integration expense included in "Other" was calculated using the statutory rate of 25.1%, excluding certain charges that were non-deductible. c. Amortization expense for financial accounting purposes was offset by the tax benefit of deductible amortization expense using the statutory rate of 25.1%. Diluted shares on a GAAP basis for the Fifty-two Weeks Ended December 28, 2024 include the dilutive impact of 2,807 options and awards. Per Share Impact of Adjusting Items Thirteen Weeks Ended December 28, 2024 Thirteen Weeks Ended December 30, 2023 Fifty-two Weeks Ended December 28, 2024 Fifty-two Weeks Ended December 30, 2023 Stock compensation expense Restructuring and other costs — — Litigation expense — — Acquisition and integration expense — — Change in fair value of contingent consideration — — Impairment charges — — Refinancing charges — — — Total adjusting items Note: Adjusting items may not tie due to rounding. Reconciliation of Net Debt We define Net Debt as reported gross debt less cash on hand. Net debt is not defined under U.S. GAAP and may not be computed the same as similarly titled measures used by other companies. The Company believes that Net Debt provides further insight and comparability into liquidity and capital structure. The following is the calculation of Net Debt: December 28, 2024 December 30, 2023 Revolving loans — Senior term loan, due 2028 Finance leases and other obligations Gross debt Less cash Net debt Reconciliation of Free Cash Flow We calculate free cash flow as cash flows from operating activities less capital expenditures. Free cash flow is not defined under U.S. GAAP and may not be computed the same as similarly titled measures used by other companies. We believe free cash flow is an important indicator of how much cash is generated by our business operations and is a measure of incremental cash available to invest in our business and meet our debt obligations. Fifty-two Weeks Ended December 28, 2024 Fifty-two Weeks Ended December 30, 2023 Net cash provided by operating activities Capital expenditures Free cash flow Source: Hillman Solutions Corp. Quarterly Earnings Results Presentation Q4 2024 (February 2025) PresBuilder Placeholder - Delete this box if you see it on a slide, but DO NOT REMOVE this box from the slide layout This presentation contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. All forward-looking statements are made in good faith by the company and are intended to qualify for the safe harbor from liability established by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.You should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," “target”, “goal”, "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) unfavorable economic conditions that may affect operations, financial condition and cash flows including spending on home renovation or construction projects, inflation, recessions, instability in the financial markets or credit markets; (2) increased supply chain costs, including raw materials, sourcing, transportation and energy; (3) the highly competitive nature of the markets that we serve; (4) the ability to continue to innovate with new products and services; (5) seasonality; (6) large customer concentration; (7) the ability to recruit and retain qualified employees; (8) the outcome of any legal proceedings that may be instituted against the Company; (9) adverse changes in currency exchange rates; or (10) regulatory changes and potential legislation that could adversely impact financial results. The foregoing list of factors is not exclusive, and readers should also refer to those risks that are included in the Company's filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 28, 2024. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward looking statements. Except as required by applicable law, the Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this communication to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Presentation of Non-GAAP Financial Measures In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) throughout this presentation the company has provided non-GAAP financial measures, which present results on a basis adjusted for certain items. The company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors. The company believes that these non-GAAP financial measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that the company believes are not representative of its core business. These non-GAAP financial measures are not intended to replace, and should not be considered superior to, the presentation of the company's financial results in accordance with GAAP. The use of the non-GAAP financial measures terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. These non-GAAP financial measures are reconciled from the respective measures under GAAP in the appendix below. The company is not able to provide a reconciliation of the company's non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation such as certain non-cash, nonrecurring or other items that are included in net income and EBITDA as well as the related tax impacts of these items and asset dispositions / acquisitions and changes in foreign currency exchange rates that are included in cash flow, due to the uncertainty and variability of the nature and amount of these future charges and costs. Change to Non-GAAP metrics After dialogue with the SEC, we have revised our presentation of Adjusted EBITDA and Adjusted Diluted Earnings per Share on a prospective basis to include the impact of a $8.6 million write off of receivables from True Value, which was previously excluded from the Non-GAAP figures in the thirteen and thirty-nine weeks ended September 28, 2024. The charge resulted from True Value's Chapter 11 filing in October of 2024. See the "Recent Developments" section of Management's Discussion and Analysis of our third quarter 10-Q filed on November 5, 2024 for additional information on this write off. Forward Looking Statements 2 • Net sales increased 0.5% to $350 million versus Q4 2023 ◦ Hardware and Protective Solutions +2% – Hardware Solutions decreased (4)% – Protective Solutions +24% ◦ Robotics and Digital Solutions ("RDS") decreased (2)% ◦ Canada decreased (4)% • GAAP net loss totaled $1.2 million, or $(0.01) per diluted share, compared to GAAP net loss of $10.1 million, or $(0.05) per diluted share in Q4 2023 • Adjusted EBITDA improved to $56.3 million from $54.4 million in Q4 2023 Q4 2024 Financial Review Please see reconciliation of Adjusted EBITDA to Net Income (Loss) and Net Debt in the Appendix of this presentation. Highlights for the 13 Weeks Ended December 28, 2024 3 Full Year 2024 Financial Review 4 Highlights for the 52 Weeks Ended December 28, 2024 • Net sales decreased (0.3)% to $1,473 million versus 2023 ◦ Hardware and Protective Solutions +2% – Hardware Solutions remained consistent – Protective Solutions +8% ◦ Robotics and Digital Solutions ("RDS") decreased (6.1)% ◦ Canada decreased (5)% • GAAP net income improved to $17.3 million, or $0.09 per diluted share, compared to net loss of $(9.6) million, or $(0.05) per diluted share in 2023 • Adjusted EBITDA totaled $241.8 million, which includes the impact of a $8.6 million write off of receivables from True Value, versus $219.4 million in 2023 • Net Debt / Adjusted EBITDA (ttm): 2.8x at December 28, 2024, improved from 3.3x on December 30, 2023 • Free Cash Flow totaled $98.1 million Please see reconciliation of non-GAAP metrics to GAAP results in the Appendix of this presentation. Full Year 2024 Operational Review 5 Highlights for the 52 Weeks Ended December 28, 2024 • Successfully rolled out new business wins across product portfolio with existing and new customers across all business segments • Effectively managed costs and operations across our global supply chain • Maintained average fill rates of over 96% for the year • Won Vendor of the Year Awards at our two largest customers: ◦ Won 2024 Partner of the Year in Hardware by The Home Depot ◦ Won 2024 Vendor Partner of the Year in Hard lines by Lowe's • Executed two bolt-on acquisitions: ◦ Koch Industries (January 2024) - rope and twine, chain and wire rope, and related hardware products ◦ Intex DIY (August 2024) - wiping cloths, consumable rags and cleaning textiles $167.5 $166.7 Q4 2023 Q4 2024 Adjusted EBITDA (millions $ and % of Net Sales) Please see reconciliation of non-GAAP metrics to GAAP results in the Appendix of this presentation. Not to scale. Net Sales (millions $) Adjusted Gross Margin (millions $ and % of Net Sales) Quarterly Financial Performance $54.4 $56.3 Q4 2023 Q4 2024 16.1% 15.6% $347.8 $349.6 Q4 2023 Q4 2024 47.7%48.2% 6 Adjusted EBITDA (millions $ and % of Net Sales) Net Sales (millions $) Adjusted Gross Margin (millions $ and % of Net Sales) $219.4 $241.8 2023 2024 16.4% 14.9% $652.5 $707.9 2023 2024 $1,476.5 $1,472.6 2023 2024 48.1% 44.2% 7 Please see reconciliation of non-GAAP metrics to GAAP results in the Appendix of this presentation. Not to scale. Full Year Financial Performance 2024 Adj. EBITDA includes an $8.6m write off of receivables from True Value Hardware & Protective Q4 2024 Q4 2023 Δ Thirteen weeks ended 12/28/2024 12/30/2023 Comments Net Sales $260,530 $256,421 1.6% New business and M&A offset by market volume and price Adjusted EBITDA $34,444 $35,777 (3.7)% Price headwinds Adjusted EBITDA Margin % 13.2% 14.0% (80) bps Robotics & Digital Q4 2024 Q4 2023 Δ Thirteen weeks ended 12/28/2024 12/30/2023 Comments Net Sales $57,231 $58,410 (2.0)% Market volumes offset by MinuteKey 3.5 benefits Adjusted EBITDA $20,050 $17,498 14.6% Variable G&A expenses decreased vs 2023 Adjusted EBITDA Margin % 35.0% 30.0% 500 bps Canada Q4 2024 Q4 2023 Δ Thirteen weeks ended 12/28/2024 12/30/2023 Comments Net Sales $31,801 $32,977 (3.6)% Market volume and price offset by new business Adjusted EBITDA $1,775 $1,095 62.1% Improved gross margins vs 2023 Adjusted EBITDA Margin % 5.6% 3.3% 230 bps Consolidated Q4 2024 Q4 2023 Δ Thirteen weeks ended 12/28/2024 12/30/2023 Net Sales $349,562 $347,808 0.5% Adjusted EBITDA $56,269 $54,370 3.5% Adjusted EBITDA Margin % 16.1% 15.6% 50 bps Quarterly Performance by Product Category Please see reconciliation of non-GAAP metrics to GAAP results in the Appendix of this presentation. Figures in Thousands of USD unless otherwise noted. 8 • Top Row: ◦ 27 point height ◦ 16 font (work sans) ◦ 4 point white bottom line • First Column green ◦ Dark: CFD9D1 ◦ Light: D9E1DA • Other Columns gray ◦ Dark: D9D9D9 ◦ Light E0E0E0 ◦ 1 point white bottom and inside lines Please see reconciliation of non-GAAP metrics to GAAP results in the Appendix of this presentation. Figures in Thousands of USD unless otherwise noted. 9 Hardware & Protective 2024 2023 Δ Year ended 12/28/2024 12/30/2023 Comments Net Sales $1,094,377 $1,074,619 1.8% New business and M&A offset by market volume and price Adjusted EBITDA $151,560 $123,163 23.1% Lower COGS in 2024; cost control, includes the impact of a $8.4 write off of receivables from True Value Adjusted EBITDA Margin % 13.8% 11.5% 230 bps Robotics & Digital 2024 2023 Δ Year ended 12/28/2024 12/30/2023 Comments Net Sales $230,317 $245,400 (6.1)% Market volume offset by MinuteKey 3.5 benefit Adjusted EBITDA $74,413 $80,886 (8.0)% Variable G&A expenses decreased vs 2023 Adjusted EBITDA Margin % 32.3% 33.0% (70) bps Canada 2024 2023 Δ Year ended 12/28/2024 12/30/2023 Comments Net Sales $147,901 $156,458 (5.5)% Market volume and price offset by new business wins Adjusted EBITDA $15,780 $15,311 3.1% Improved gross margins vs 2023 Adjusted EBITDA Margin % 10.7% 9.8% 90 bps Annual Performance by Product Category • Top Row: ◦ 27 point height ◦ 16 font (work sans) ◦ 4 point white bottom line • First Column green ◦ Dark: CFD9D1 ◦ Light: D9E1DA • Other Columns gray ◦ Dark: D9D9D9 ◦ Light E0E0E0 ◦ 1 point white bottom and inside lines Consolidated 2024 2023 Δ Year ended 12/28/2024 12/30/2023 Net Sales $1,472,595 $1,476,477 (0.3)% Adjusted EBITDA $241,753 $219,360 10.2% Adjusted EBITDA Margin % 16.4% 14.9% 150 bps Figures in Thousands of USD unless otherwise noted. Quarterly Revenue by Product Category 10 Hardware & Protective Robotics & Digital Canada Revenue (QTD) Thirteen Weeks Ended December 28, 2024 Fastening and Hardware $198,530 $— $27,859 $226,389 Personal protective 62,000 — 1,120 63,120 Keys and key accessories — 44,858 2,812 47,670 Engraving and Resharp — 12,373 10 12,383 Consolidated $260,530 $57,231 $31,801 $349,562 • Top Row: ◦ 27 point height ◦ 16 font (work sans) ◦ 4 point white bottom line • First Column green ◦ Dark: CFD9D1 ◦ Light: D9E1DA • Other Columns gray ◦ Dark: D9D9D9 ◦ Light E0E0E0 ◦ 1 point white bottom and inside lines Hardware & Protective Robotics & Digital Canada Revenue (QTD) Thirteen Weeks Ended December 30, 2023 Fastening and Hardware $206,583 $— $29,237 $235,820 Personal protective 49,838 — 1,523 51,361 Keys and key accessories — 45,236 2,201 47,437 Engraving and Resharp — 13,174 16 13,190 Consolidated $256,421 $58,410 $32,977 $347,808 Figures in Thousands of USD unless otherwise noted. Annual Revenue by Product Category 11 Hardware & Protective Robotics & Digital Canada Revenue (YTD) 52 Weeks Ended December 28, 2024 Fastening and Hardware $868,899 $— $133,968 $1,002,867 Personal protective 225,478 — 4,447 229,925 Keys and key accessories — 182,253 9,446 191,699 Engraving and Resharp — 48,064 40 48,104 Consolidated $1,094,377 $230,317 $147,901 $1,472,595 • Top Row: ◦ 27 point height ◦ 16 font (work sans) ◦ 4 point white bottom line • First Column green ◦ Dark: CFD9D1 ◦ Light: D9E1DA • Other Columns gray ◦ Dark: D9D9D9 ◦ Light E0E0E0 ◦ 1 point white bottom and inside lines Hardware & Protective Robotics & Digital Canada Revenue (YTD) 52 Weeks Ended December 30, 2023 Fastening and Hardware $865,212 $— $140,699 $1,005,911 Personal protective 209,407 — 6,997 216,404 Keys and key accessories — 193,212 8,711 201,923 Engraving and Resharp — 52,188 51 52,239 Consolidated $1,074,619 $245,400 $156,458 $1,476,477 Capital Structure Please see reconciliation of non-GAAP metrics to GAAP results in the Appendix of this presentation. Figures in Millions of USD unless otherwise noted, and may not tie due to rounding. 3.3x 3.2x 2.9x 2.9x 2.8x 12 /3 0/ 20 23 3/ 30 /2 02 3 06 /2 9/ 20 24 09 /2 8/ 20 24 12 /2 8/ 20 24 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x December 28, 2024 ABL Revolver ($189 million capacity) $62.0 Term Note $645.5 Finance Leases and other obligations $11.1 Total Debt $718.6 Cash $44.5 Net Debt $674.0 TTM Adjusted EBITDA $241.8 Net Debt / TTM Adjusted EBITDA 2.8x Net Debt reduced by $48.4 million Leverage continues to improve while executing M&A Total Net Leverage (Net Debt / TTM Adj. EBITDA) 12 (in millions USD) Full Year 2025 Guidance Range Midpoint Net sales $1.495 to $1.575 billion $1.535 billion Adjusted EBITDA $255 to $275 million $265 million Free Cash Flow $90 to $110 million $100 million Assumptions • Net Debt / Adj. EBITDA leverage ratio expected to be 2.2x at the end of 2025, assuming the midpoint of the range • Interest Expense: $45 - $55 million • Cash Interest: $40 - $50 million • Cash Tax Expense: $15 - $25 million • Capital expenditures: $90 million • Restructuring / Other: Approx. $10 million • Working Capital Use (Benefit) : $0 million • Fully diluted weighted average share count: ~201 million 2025 Full Year Guidance On February 18, 2025, Hillman provided the following guidance based on its current view of the market and its performance expectations during the fifty-two weeks ending December 27, 2025. Please see reconciliation of non-GAAP metrics to GAAP results in the Appendix of this presentation. 13 Key Takeaways Long-term Annual Growth Targets (Organic): Revenue Growth: +6% & Adj. EBITDA Growth: +10% Long-term Annual Growth Targets (incl. Acquisitions): Revenue Growth: +10% & Adj. EBITDA Growth: +15% • Hillman celebrated its 60th anniversary in 2024, long-term track record of success; proven to be resilient through multiple economic cycles • Repair, Remodel and Maintenance industry has meaningful long-term tailwinds; near-record levels ($35 Trillion) of U.S. home equity driving investment in the home1 • Continues to manage costs and drive healthy margins • Leverage improved to 2.8x (from 3.3x a year ago); will continue to improve and reduce debt with free cash flow • Seeking to execute acquisitions that leverage Hillman's moat (Acquired Koch Industries in January 2024 and Intex DIY in August 2024) Resilient Business; Focused on Execution & Acquisitions 14 1) FRED Economic Data St. Louis Households; Owners' Equity in Real Estate, Level https://fred.stlouisfed.org/series/OEHRENWBSHNO Appendix Significant runway for incremental growth: Organic + M&A Management team with proven operational and M&A expertise Strong financial profile with 60-year track record Market and innovation leader across multiple categories Indispensable partner embedded with winning retailers Customers love us, trust us and rely on us Large, predictable, growing and resilient end markets Investment Highlights 16 Who We Are *Management Estimates Adjusted EBITDA is a non-GAAP measure. Please see Appendix for a reconciliation of Adjusted EBITDA to Net Income (Loss) ~19 billion Fasteners Sold ~222 million Pairs of Work Gloves Sold 106+ million Keys Duplicated ~111,000 SKUs Managed ~29,000 Direct Ship Retail Locations ~31,500 Kiosks in Retail Locations #1 Position Across Core Categories* 7.4% 20-Year Sales CAGR 61-Year track record of success $1.5 billion 2024 Sales 9.6% CAGR 2018-2024 Adj. EBITDA Growth 16.4% 2024 Adj. EBITDA Margin Hillman: Overview 2024: By The Numbers • We are a leading North American provider of hardware products and solutions, including; ◦ Hardware and home improvement products ◦ Protective and job site gear – including work gloves and job site storage ◦ Robotic kiosk technologies (“RDS”): Key duplication, engraving & knife sharpening • Our differentiated service model provides direct to-store shipping, in-store service, and category management solutions • We have long-standing strategic partnerships with leading retailers across North America: ◦ Home Depot, Lowes, Walmart, Tractor Supply, and ACE Hardware • Founded in 1964; HQ in Cincinnati, Ohio 17 #1 in Segment Representative Top Customers #1 in Segment #1 in Segment Key and Fob Duplication Personalized Tags Knife Sharpening Fasteners & Specialty Gloves Builders Hardware & Metal Shapes Safety / PPE Construction Fasteners Work Gear Picture Hanging Source: Third party industry report. Primary Product Categories Hardware Solutions Robotics & Digital SolutionsProtective Solutions 18 Thirteen weeks ended December 28, 2024 December 30, 2023 Net loss $(1,222) $(10,059) Income tax (benefit) expense 294 (1,071) Interest expense, net 14,925 15,430 Depreciation 18,183 14,392 Amortization 15,417 15,576 EBITDA $47,597 $34,268 Stock compensation expense 3,721 2,893 Restructuring and other costs(1) (214) 4 Litigation expense (2) 5,000 — Transaction and integration expense (3) 250 155 Change in fair value of contingent consideration (85) (7,550) Impairment charges (4) — 24,600 Adjusted EBITDA $56,269 $54,370 1. Restructuring and other costs includes consulting and other costs associated with severance related to our distribution center relocations and corporate restructuring activities, in addition to costs associated with the Cybersecurity Incident that occurred in May 2023 2. Litigation expense includes a settlement paid in association with a dispute with a kiosk development partner, and legal fees associated with the Hy-Ko Products Company LLC litigation. 3. Transaction and integration expense includes professional fees, non-recurring bonuses, and other costs related to acquisitions, and the secondary offerings of shares in 2023 4. In the fourth quarter of 2023, we recorded an impairment charge in our Hardware and Protective Solutions segment of $24.6 million, primarily related to the exit of certain retail locations and markets for a specific product line. We impaired $19.6 million of intangible assets and recorded inventory revaluation charges of $5.0 million Adjusted EBITDA Reconciliation Q4 19 52 Weeks Ended December 28, 2024 December 30, 2023 Net (loss) income $17,255 $(9,589) Income tax expense 9,297 2,207 Interest expense, net 59,241 68,310 Depreciation 68,766 59,331 Amortization 61,274 62,309 EBITDA $215,833 $182,568 Stock compensation expense 13,463 12,004 Restructuring and other costs(1) 2,978 3,031 Litigation expense (2) 5,000 339 Transaction and integration expense (3) 1,243 1,754 Change in fair value of contingent consideration 228 (4,936) Refinancing charges (4) 3,008 — Impairment charges (5) — 24,600 Adjusted EBITDA $241,753 $219,360 Adjusted EBITDA Reconciliation Full Year 2024 1. Restructuring and other includes costs consulting and other costs associated with severance related to our distribution center relocations and corporate restructuring activities, in addition to costs associated with the Cybersecurity Incident that occurred in May 2023 2. Litigation expense includes a settlement paid in association with a dispute with a kiosk development partner, and legal fees associated with the Hy-Ko Products Company LLC litigation 3. Transaction and integration expense includes professional fees, non-recurring bonuses, and other costs related to acquisitions, and the secondary offerings of shares in 2023. 4. In the first quarter of 2024, we entered into a Repricing Amendment (2024 Repricing Amendment) on our existing Senior Term Loan due July 14, 2028 5. In the fourth quarter of 2023, we recorded an impairment charge in our Hardware and Protective Solutions segment of $24.6 million, primarily related to the exit of certain retail locations and markets for a specific product line. We impaired $19.6 million of intangible assets and recorded inventory revaluation charges of $5.0 million. 20 Thirteen weeks ended December 28, 2024 December 30, 2023 Net Sales $349,562 $347,808 Cost of sales (exclusive of depreciation and amortization) 182,885 185,304 Gross margin (exclusive of depreciation and amortization) $166,677 $162,504 Gross margin % (exclusive of depreciation and amortization) 47.7 % 46.7 % Adjusting Items (1): Impairment charges — 5,000 Adjusted Gross Profit (exclusive of depreciation and amortization) $166,677 $167,504 Adjusted Gross Margin % (exclusive of depreciation and amortization) 47.7 % 48.2 % Adjusted Gross Profit Margin Reconciliation 52 weeks ended December 28, 2024 December 30, 2023 Net Sales $1,472,595 $1,476,477 Cost of sales (exclusive of depreciation and amortization) 764,691 828,956 Gross margin (exclusive of depreciation and amortization) $707,904 $647,521 Gross margin % (exclusive of depreciation and amortization) 48.1 % 43.9 % Adjusting Items (1): Impairment charges — 5,000 Adjusted Gross Profit (exclusive of depreciation and amortization) $707,904 $652,521 Adjusted Gross Margin % (exclusive of depreciation and amortization) 48.1 % 44.2 % 1. See adjusted EBITDA Reconciliation for details of adjusting items 21 Thirteen weeks ended December 28, 2024 December 30, 2023 Net sales $349,562 $347,808 Selling, general and administrative expenses $118,722 $116,234 SG&A as a % of Net Sales 34.0 % 33.4 % Adjusting Items (1): Stock compensation expense 3,721 2,893 Restructuring and other (214) 4 Litigation expense 5,000 — Transaction and integration expense 250 155 Adjusted SG&A $109,965 $113,182 Adjusted SG&A as a % of Net Sales 31.5 % 32.5 % Adjusted SG&A Expense Reconciliation 1. See adjusted EBITDA Reconciliation for details of adjusting items 52 weeks ended December 28, 2024 December 30, 2023 Net sales $1,472,595 $1,476,477 Selling, general and administrative expenses $488,702 $452,110 SG&A as a % of Net Sales 33.2 % 30.6 % Adjusting Items (1): Stock compensation expense 13,463 12,004 Restructuring and other 2,978 3,031 Litigation expense 5,000 339 Transaction and integration expense 1,243 1,754 Adjusted SG&A $466,018 $434,982 Adjusted SG&A as a % of Net Sales 31.6 % 29.5 % 22 As of December 28, 2024 December 30, 2023 Revolving loans $62,000 $— Senior term loan 645,470 751,852 Finance leases and other obligations 11,085 9,097 Gross debt $718,555 $760,949 Less cash 44,510 38,553 Net debt $674,045 $722,396 Net Debt & Free Cash Flow Reconciliations 52 Weeks Ended December 28, 2024 December 30, 2023 Net cash provided by operating activities $183,336 $238,035 Capital expenditures (85,219) (65,769) Free cash flow $98,117 $172,266 Reconciliation of Net Debt Reconciliation of Free Cash Flow 23 Thirteen Weeks Ended December 28, 2024 HPS RDS Canada Operating Income $10,289 $3,488 $220 Depreciation & amortization 21,075 11,331 1,194 Stock compensation expense 3,121 373 227 Restructuring and other costs (289) (59) 134 Litigation expense — 5,000 — Transaction and integration expense 248 2 — Change in fair value of contingent consideration — (85) — Adjusted EBITDA $34,444 $20,050 $1,775 Thirteen Weeks Ended December 30, 2023 HPS RDS Canada Operating (Loss) Income $(10,721) $15,345 $(324) Depreciation & amortization 19,379 9,365 1,224 Stock Compensation Expense 2,382 316 195 Restructuring and other costs — 4 — Transaction and integration expense 137 18 — Change in fair value of contingent consideration — (7,550) — Impairment charges 24,600 — — Adjusted EBITDA $35,777 $17,498 $1,095 1. See adjusted EBITDA Reconciliation for details of adjusting items 24 Segment Adjusted EBITDA Reconciliations 52 Weeks ended December 28, 2024 HPS RDS Canada Operating Income $56,790 $23,897 $8,114 Depreciation & amortization 81,861 43,245 4,934 Stock Compensation Expense 11,360 1,319 784 Restructuring 342 688 1,948 Litigation expense — 5,000 — Transaction and integration expense 1,207 36 — Change in fair value of contingent consideration — 228 — Adjusted EBITDA $151,560 $74,413 $15,780 52 Weeks ended December 30, 2023 HPS RDS Canada Operating Income $8,366 $42,953 $9,609 Depreciation & amortization 76,099 40,714 4,827 Stock Compensation Expense 9,988 1,251 765 Restructuring 2,549 372 110 Legal settlements — 339 — Transaction and integration expense 1,561 193 — Change in fair value of contingent consideration — (4,936) — Impairment charges 24,600 — — Adjusted EBITDA $123,163 $80,886 $15,311 Segment Adjusted EBITDA Reconciliations 1. See adjusted EBITDA Reconciliation for details of adjusting items 25 v3.25.0.1 Cover Feb. 18, 2025 Cover [Abstract] Document Type 8-K Document Period End Date Feb. 18, 2025 Entity Registrant Name Hillman Solutions Corp. 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  Publisher URL	https://www.advfn.com
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