Slides
Page 1
J.P. Morgan Healthcare Conference Bob Mauch, President and Chief Executive Officer JANUARY 12 , 2026
Page 2
Cautionary note regarding forward-looking statements Certain of the statements contained in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”). Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar expressions are intended to identify such forward-looking statements, but the absence of these words does not mean the statement is not forward-looking. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those indicated is included (i) in the "Risk Factors" and "Management's Discussion and Analysis" sections in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws. GAAP / non-GAAP Reconciliation In an effort to provide additional and useful information regarding Cencora’s financial results and other financial information as determined by generally accepted accounting principles (GAAP), certain materials presented during this event include non-GAAP information. A reconciliation of GAAP to non-GAAP information is available in the supplemental material included as an appendix to this presentation and posted on our website, investor.cencora.com. 2
Page 3
3 1B+ We are united in our responsibility to create healthier futures Medications shipped annually #1 Retina research network $321B Fiscal 2025 revenue $16.00 Fiscal 2025 adj. diluted EPS1 140 Specialty logistics and 3PL sites globally $4.2B Fiscal 2025 adj. operating income1 51,000+ Purpose-driven team members Creating healthier futures: Cencora at a glance A leading global pharmaceutical solutions organization +9% y-o-y +16% y-o-y +16% y-o-y $3.0B Fiscal 2025 adj. free cash flow1 1 See tables and supplemental information at end of presentation for GAAP to non -GAAP reconciliations.
Page 4
4 Growth Priorities Strategic Drivers Lead with market leaders Strengthen our Position in specialty pharmaceuticals Enhance patient access to pharmaceuticals Catalyze customer-centricity with data & technology Prioritize growth-oriented investments Foster a culture where industry-leading talent can belong, grow & lead Identify ongoing capability & process improvements Our global distribution serves as a foundation for our continued growth and expansion. *Growth rates provided on a constant currency basis Using our global reach and local community expertise to connect patients to pharmaceuticals through strategic partnerships 10% – 14%* targeted long-term adjusted diluted EPS growth Long-term vision of expanding leadership and growing higher-margin, high-growth businesses Our strategic vision Creating differentiated value for our stakeholders
Page 5
Our progress Recent highlights 5 Completed acquisition of Retina Consultants of America Announced plans to invest $1 billion in supply chain infrastructure through 2030 Expanded global specialty logistics and 3PL offering Raised long-term guidance for adjusted operating income and adjusted diluted EPS to reflect strength of U.S. Healthcare Solutions segment and expected contribution from OneOncology Informed by our strategic drivers and guided by our growth priorities Strengthening our position as a leading healthcare company Announced intent to accelerate acquisition of OneOncology
Page 6
• Long-term strategic relationships with market-leading customers in each channel • Specialty distribution and services contribute to our value as a partner of choice to upstream pharmaceutical manufacturers and downstream providers • Favorable market trends, including demographic shifts, increased utilization and opportunities in biosimilars and specialty, driven by innovation Our growth platform U.S. Healthcare Solutions segment 6 Foundational pharmaceutical distribution Leadership in specialty Strengthening upstream and downstream solutions offering through MSOs 6 GROWTH DRIVERS
Page 7
Our growth priorities: Specialty Extending specialty solutions through MSOs 7 Streamlines back-office operations allowing providers to focus on patient care Expands access to innovative treatments and clinical trials for patients in local communities Strengthens partnerships with pharma through data, analytics and research
Page 8
Pan-European pharmaceutical distribution Global specialty and clinical trial logistics Higher-margin, high-growth services tied to specialty and innovation Our growth platform International Healthcare Solutions segment 8 • Leading pan-European wholesaler with downstream services to support partners • Premier global specialty logistics provider, supporting clinical trials and delivering complex pharmaceutical shipments on-time and in-temperature • Extensive commercialization services with leading 3PL business complemented by pharmacovigilance, regulatory affairs and market access solutions 8 GROWTH DRIVERS
Page 9
Generating strong free- cash flow Maintaining high return on invested capital Achieving long-term financial guidance Investing to advance pharmaceutical-centric strategy Furthering solutions to support providers and pharma Focusing portfolio to power continued execution Our value Building on track record of driving long-term stakeholder value 9 Longstanding healthcare solutions partner Industry driven by innovation and demographics Legacy of leadership in specialty STRONG FOUNDATION ENHANCING VALUE PROP DRIVING RETURNS
Page 10
Appendix 10
Page 11
GAAP to Non-GAAP reconciliations In thousands except per share data 11 Fiscal Year Ended September 30, 2025 Gross Profit Operating Expenses Operating Income Income Before Taxes Income Tax Expense Net Income Attributable to Cencora Diluted Earnings per Share GAAP $11,478,539 $8,849,938 $2,628,601 $2,258,336 $690,522 $1,554,169 $7.96 Gains from antitrust litigation settlements (236,372) — (236,372) (236,372) (46,247) (190,125) (0.97) LIFO credit (76,876) — (76,876) (76,876) (15,041) (61,835) (0.32) Turkey highly inflationary impact 49,571 — 49,571 55,519 16,504 39,015 0.20 Acquisition-related intangibles amortization — (553,028) 553,028 553,028 108,203 441,902 2.26 Litigation and opioid-related expenses — (60,671) 60,671 60,671 11,871 48,800 0.25 Acquisition-related deal and integration expenses — (291,044) 291,044 291,044 29,315 261,729 1.34 Restructuring and other expenses — (229,422) 229,422 229,422 44,888 184,534 0.95 Impairment of assets, including goodwill — (723,884) 723,884 837,378 18,272 819,106 4.20 Gain on equity method investment 1 — — — (39,718) — (39,718) (0.20) Loss on divestiture of non-core businesses — — — 35,539 — 35,539 0.18 Other, net — — — (2,264) 1,200 (3,464) (0.02) Tax reform 2 — — — (14,610) (47,536) 32,926 0.17 Adjusted Non-GAAP $11,214,862 $6,991,889 $4,222,973 $3,951,097 $811,951 $3,122,578 $16.00 Adjusted Non-GAAP % change vs. prior year 15.1% 14.8% 15.8% 13.0% 11.7% 13.3% 16.3% 1 Represents the Company’s portion of an equity method investment’s gain on the sale of a business. 2 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental information regarding non-GAAP financial measures” in the Appendix to our Fourth Quarter Fiscal 2025 presentation posed on our website, investor.cencora.com.
Page 12
Adjusted free cash flow reconciliation – Fiscal Year Ended September 30, 2025 In thousands 12 Operating Cash Flows $3,875,120 Capital expenditures (667,981) Gains from antitrust litigation settlements (236,372) Adjusted Free Cash Flow $2,970,767
Page 13
13 Bennett S. Murphy Senior Vice President Investor Relations and Enterprise Productivity Bennett.Murphy@cencora.com Contact