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Pez

Senior Vice President and quantitative analyst at Baird

Spencer Peka is a Senior Vice President and quantitative analyst at Baird, specializing in public finance with a focus on upper Midwest bond issues, primarily in Minnesota, and nationally on charter school financings including cash flow analysis, financial modeling, and document preparation. No specific performance metrics, success rates, or investment returns are publicly available for his quantitative analysis role in public finance. Peka joined Baird in 2020 after six years at Grant Thornton LLP as a verification agent handling roughly 1,500 refunding transactions, and he holds a Bachelor of Arts in Accounting from the University of St. Thomas in St. Paul, MN; no FINRA registrations or securities licenses are detailed in available sources.

Pez's questions to Hayward Holdings (HAYW) leadership

Question · Q4 2025

Pez (Baird) asked for detailed insights into Hayward Holdings' increased investments, specifically highlighting the significant rise in CapEx and spending across R&D, customer success, and operations. He also inquired about the company's Vitality Index progress and the impact of making OmniX automation standard on product Average Selling Prices (ASPs).

Answer

SVP and CFO Ewan Jones clarified that the increased CapEx is dedicated to upgrading and automating Hayward's U.S. manufacturing facilities. President and CEO Kevin Holleran emphasized strategic investments in R&D and customer experience, leading to innovative new products and enhanced dealer support. Holleran also explained that OmniX expands the addressable market for automation by offering an affordable upgrade path for existing pools, broadening the funnel for variable speed pumps and aftermarket opportunities.

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Question · Q4 2025

Pez inquired about Hayward's increased investments, specifically the notable step-up in CapEx, and the allocation of spending across RD&E, customer success, and operations. He also asked about the Vitality Index and how making OmniX and automation standard impacts the product portfolio's ASP.

Answer

Senior Vice President and CFO Ewan Jones explained that CapEx, historically 2-3% of revenue, increased to over $30 million in 2025 and is guided to $40 million in 2026, primarily for upgrading, automation, and modernizing U.S. manufacturing facilities. President and CEO Kevin Holleran detailed investments in R&D and customer experience, leading to new product innovations like OmniX, 4 hp pumps, and pressure cleaners, and the establishment of Hayward hubs for dealer training. Ewan Jones noted continued improvements in the Vitality Index due to new products and increased RD&E. Kevin Holleran added that OmniX offers a more affordable path to automation for new builds and expands the total addressable market by bringing connectivity to an estimated 3.5 million existing U.S. pools without automation.

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