Vestis reported solid but mixed QQ4 2024 results, underscoring a strategic pivot toward commercial momentum, efficiency improvements, and a customer-centric operating model. Q4 revenue was $684.3 million, down 4% year over year, with full-year 2024 revenue of about $2.8 billion and EBITDA of approximately $353 million (12.6% margin). The quarter delivered adjusted EBITDA of $81 million, ahead of the implied guide, while one-time public-company costs weighed margins in both the quarter and the year. Management emphasizes a disciplined path to deleverage and a margin expansion plan anchored by cost takeout, network optimization, and a more disciplined pricing discipline. A key theme across the call is the ramp of national accounts and field sales in FY25, a revitalized sales process, and a continued focus on service quality and delivery reliability to lift retention above prior-year levels (full-year retention 91.9% in 2024; 93.7% in Oct 2024). The company guides to flat-to-low-single-digit revenue growth in 2025 (core 1-2%), modest EBITDA margin expansion (~40 bps), and stronger top-line growth in H2 2025 as tough 2024 comps lap. Leverage remains high post-spin (net debt/EBITDA ~3.6x), with deleveraging a stated priority toward a targeted 1.5x–2.5x over time. The narrative centers on (1) improving pricing power through a customer-first operating model, (2) expanding national accounts to drive route density and margin, (3) leveraging 35% underutilized wash capacity to generate operating leverage without meaningful new CapEx, and (4) sustained FCF generation to support deleveraging and shareholder value. Investors should weigh Vestis' improving retention, pricing discipline, and growth in high-margin route and national account volumes against ongoing leverage, execution risk, and the gradual transition from a carryover-impacted 2023–2024 period to a more normalized 2025–2026 growth trajectory.