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Charles River Laboratories 2Q 2026 Results August 5 , 2026 charles river © 2026 Charles River Laboratories International , Inc.
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2 Safe Harbor Caution Concerning Forward-Looking Statements. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “may,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements also include statements about our projected future financial performance (including without limitation revenue and revenue growth rates, revenue growth drivers, operating income and margin, earnings per share, capital expenditures, operating and free cash flow, interest expense, interest rates, effective tax rate and tax benefits, foreign exchange rates, corporate expenses and costs, profitability, sales volume, and leverage ratios) whether reported, constant currency, organic, and/or factoring acquisitions, with respect to Charles River as a whole and/or any of our reporting or operating segments or business units; the impact of specific actions intended to cause improvements to specific reporting or operating segments or business units; our ability to achieve our financial goals; our annual and other financial guidance; the assumptions that form the basis for our revised annual guidance; contract renewal rates; the estimated diluted shares outstanding; the expected performance of our venture capital and other strategic investments; client demand, including trends and the future demand for drug discovery and development; the impact of client loss on our financial results, and the impact of client demand on certain of our business’ utilization capacity; our expectations with respect to the use of New Approach Methodologies (“NAMs”), including adoption timing and the financial impact of our continued investments in NAMs; the impact of the U.S. Food and Drug Administration’s April 2025 announcement of its intention to reduce animal testing in preclinical safety studies; our expectations with respect to study volume and mix; our expectations with respect to our cancellation rate and the impact of such cancellations; the impact of significant developments or changes in national laws or policies to protect or promote domestic interests and/or address foreign competition, including tariffs and proposed tariffs and our expectations with respect to offsetting associated costs, and potential budget cuts to the U.S. National Institutes of Health; our plans or prospects, expectations and long-term goals associated with our business; our expectations concerning the Company's commitment to, and ability to create long-term value for shareholders; our expectations regarding our expected acquisition and divestiture activity (including timing), stock repurchases and debt repayment; the development and performance of our services and products; expectations with respect to pricing, including the impact of price fluctuations, and scheduling of our products and services; market and industry conditions, including industry consolidation and the Company’s share of any market it participates in; outsourcing of services and identification of spending and scheduling trends by our clients and funding available to them; our expectations regarding the availability of NHPs, including the number of NHPs utilized in our studies and fluctuations in the number of NHPs sourced from origin countries; our expectations with respect to the adoption of animal alternatives; our expectations with respect to sourcing of NHPs, including our ability to effectively manage potential constraints on NHP supply, including expectations with respect to the timing of shipments of NHPs; our expectations with respect to oversight of animal welfare, biosecurity, and regulatory compliance; our compliance with the maintenance covenants under our credit agreement; the impact of the Company’s efforts to gain additional market share; the impact of operations and cost structure alignment and efficiency efforts, including on an annualized basis; our expectations with respect to bookings, including impact on our financial performance and results; the potential outcome of, and impact to, our business and financial operations due to litigation and legal proceedings and tax law changes; our business strategy, including with respect to capital deployment and facilities expansion and our Pathway to Purpose strategic focus, including the impact of modernization efforts and the speed at which we deliver solutions to our clients; our success in identifying, consummating, and integrating, and the impact of our acquisitions and divestitures on the Company, our financial results, our growth, our service offerings, client perception, strategic relationships, earnings, and synergies; our ability to successfully leverage technology, including AI; our ability to differentiate from the competition; our expectations regarding the financial performance of the companies we have acquired; our strategic agreements with our clients and opportunities for future similar arrangements; our ability to obtain new clients in targeted market segments and/or to predict which client segments will be future growth drivers; the impact of our investments in specified business lines, products, sites and geographies; our ability to meet economic challenges; and Charles River’s future performance as otherwise delineated in our forward-looking guidance. Forward-looking statements are based on Charles River’s current expectations and beliefs and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to: changes and uncertainties in the global economy and financial markets; the ability to successfully integrate businesses we acquire; our ability to identify and implement growth opportunities; our financial outlook for the remainder of the year; the timing, methodology, and magnitude of our share repurchases; negative trends in research and development spending, negative trends in the level of outsourced services, or other cost reduction actions by our clients; the ability to leverage and convert backlog to revenue; special interest groups; contaminations; industry trends; new displacement technologies; USDA and FDA regulations; changes in law; continued availability of products and supplies; the impact of unauthorized access into our information systems; loss of key personnel; interest rate and foreign currency exchange rate fluctuations; changes in tax regulation and laws; changes in generally accepted accounting principles; and any changes in business, political, or economic conditions due to the threat of future terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 18, 2026, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River. Charles River assumes no obligation and expressly disclaims any duty to update information contained in this presentation except as required by law. Regulation G This presentation includes discussion of non-GAAP financial measures. We believe that the inclusion of these non-GAAP financial measures provides useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often one-time charges, consistent with the manner in which management measures and forecasts the Company’s performance. The non-GAAP financial measures included in this presentation are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. The company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules and regulations. In accordance with Regulation G, you can find the comparable GAAP measures and reconciliations to those GAAP measures on our website at ir.criver.com.
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3 CRL 2Q26 Highlights ▪ Achieving financial targets: 2Q26 revenue and non-GAAP EPS exceeded our prior outlook ̶ Organic revenue(1) growth of 0.1% exceeded prior outlook of a low-single-digit decline • First time that revenue has increased organically since 3Q23 ̶ Non-GAAP EPS of $3.02 increased 47% sequentially vs. 1Q26, compared to prior outlook of at least 30% growth ▪ Improving growth profile: Raised revenue and non-GAAP EPS guidance ̶ Organic revenue growth increased by 150 bps and non-GAAP EPS increased by $0.25 at midpoint ̶ Guidance increase driven by expected operational outperformance in 2026 (including in Q2), due primarily to improving DSA demand trends and better-than-expected Manufacturing performance ▪ Strengthening biopharma demand trends: DSA net book-to-bill increased to 1.19x in 2Q26 (from 1.04x in 1Q26) ̶ Represents highest level in nearly 4 years and third consecutive quarter >1x • Believe biopharma demand environment continuing to sustainably improve ̶ Recent trends expected to drive incremental improvement in DSA organic revenue growth rate in 2H26 ▪ Executing on our strategy: Remain focused on achieving our financial targets, driving increased shareholder value, and executing on our Pathway to Purpose strategy ̶ In 2Q26, repurchased $100M in common stock for average of $174 per share (total of $300M YTD thru 2Q26) See ir.criver.com for reconciliations of GAAP to Non-GAAP results (1) Organic revenue growth is a non-GAAP measure defined as reported revenue growth adjusted for acquisitions, divestitures, and foreign currency translation.
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4 Recent Progress on Our Strategy: Pathway to Purpose ▪ Utilizing new technologies, including AI, to modernize and strengthen our own scientific portfolio and enhance operating efficiency ▪ In May, introduced an enhanced digital pathology solution that delivers AI-enabled, end-to-end workflows designed to improve study turnaround times and increase pathologists’ efficiency ̶ Enhanced digital solution will drive both internal operating efficiency for our >140 trained pathologists and greater speed for our clients’ programs ̶ Goal will be to cut at least 1 week from standard pathology timelines ▪ In May, completed the divestitures of certain European Discovery Services sites, as well as the CDMO and Cell Solutions businesses to refine portfolio and focus on core competencies in regulated testing solutions ̶ Partial-quarter benefit was one of the primary drivers of +420 bps of sequential improvement in the 2Q26 non- GAAP operating margin to 20.5% ▪ Recently embarked on 5 lab science expansions globally to add bioanalysis lab capacity to support growing demand for large-molecule bioanalysis, biomarkers, and additional testing in both the preclinical and clinical development phases ̶ Includes expansion at Heriot Watt University’s Research Park in Scotland
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5 Recent Progress on Our Strategy: Pathway to Purpose, cont. ▪ In June, announced a unique collaboration with Eli Lilly’s TuneLab AI/ML drug discovery platform to support of Lilly’s goal to advance R&D modernization efforts ̶ CRL will provide non-clinical – or “wet lab” – testing expertise to help build and optimize the TuneLab model ̶ Believe CRL is the scientific partner that is uniquely positioned to integrate traditional in vivo and in vitro capabilities with AI and other in silico approaches into one comprehensive solution to help enhance the speed and generate the scientific data required to support our clients’ R&D programs ▪ In July, announced collaboration with Arovella Therapeutics to provide next-generation sequencing (NGS) services to accelerate progress toward their alternative cancer treatment approaches using cell and gene therapy ̶ Deepening client relationships and expanding opportunities for collaboration by adding innovative capabilities, including our in vitro NGS testing solution through the recent acquisition of PathoQuest
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6 Recent Biopharma End Market Trends ▪ Small and Mid-Sized Biotech: Drove improving DSA demand trends as a result of the reinvigorated biotech funding environment ̶ Trailing 12-month biotech funding of nearly $100B was just below peak levels during the pandemic • Funding activity has been resilient and broad based, including notable increase in IPO activity and solid VC and follow-on funding ̶ Revenue from small and mid-sized biotech clients was essentially flat organically in 2Q26 • Improved from biotech revenue declines in recent quarters driven by softer biotech demand last summer ̶ Expect biotech clients to generate incremental improvement in organic revenue growth rate (for DSA and consolidated CRL) beginning in 3Q26, primarily driven by strengthening DSA booking activity since late last year • Natural lag of several quarters between when studies are booked into backlog and work through revenue stream ▪ Global Biopharma: Also a significant contributor to improving DSA demand KPIs in 2Q26 ̶ Demand trends have been gradually improving over last 18 months because most of our global biopharma clients have progressed through restructuring and pipeline reprioritization activities ̶ Revenue from our global biopharmaceutical clients continued to increase organically in 2Q26 Believe biopharma demand is continuing to sustainably improve
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See ir.criver.com for reconciliations of GAAP to Non-GAAP results7 2Q26 Results ($ in millions, except per share amounts) 2Q26 2Q25 YOY Δ Organic Δ Revenue $1,004.1 $1,032.1 (2.7)% 0.1% GAAP OM% 11.9% 9.7% 220 bps Non-GAAP OM% 20.5% 22.1% (160) bps GAAP EPS $(0.03) $1.06 NM Non-GAAP EPS $3.02 $3.12 (3.2)% ▪ Organic revenue growth of 0.1% exceeded prior outlook of low-single-digit decline due primarily to improving demand trends in DSA segment and better-than-expected Manufacturing performance ▪ Non-GAAP operating margin increased 420 bps on sequential basis vs. 1Q26, due largely to partial-quarter benefit from divestitures and less pressure from several discrete margin headwinds ̶ Manufacturing non-GAAP operating margin jumped to 37.8% (from 25.9% in 1Q26), due primarily to the benefit from CDMO divestiture ▪ Non-GAAP EPS of $3.02 also exceeded our prior outlook, with over half of outperformance driven by better- than-expected top-line results and remainder from a favorable contribution from non-operating items ̶ Net investment gain associated with our deferred compensation plan benefited EPS by $0.19 in 2Q26, partially offset by $0.07 headwind associated with a higher-than-expected tax rate in 2Q26
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See ir.criver.com for reconciliations of GAAP to Non-GAAP results8 RMS 2Q26 Performance ($ in millions, except per share amounts) 2Q26 2Q25 YOY Δ Organic Δ RMS Revenue $209.5 $213.3 (1.8)% (1.4)% RMS GAAP OM% 17.3% 16.8% 50 bps RMS Non-GAAP OM% 24.5% 25.3% (80) bps ▪ Small models: Lower sales volume in North America was mostly offset by robust demand for small models in China from mid-tier biotech and CRO clients ̶ Most of the RMS revenue pressure in 2Q26 driven by small models in North America, due primarily to demand from academic and government accounts • Spending from these clients has been constrained by flat NIH budgets and slower grant processing ▪ Large models (NHPs): More normalized timing of shipments led to sequential improvement in RMS revenue vs. 1Q26, but did not have a meaningful impact on YOY comparison ▪ RM Services: 2Q26 revenue declined, primarily driven by GEMS (Genetically Engineered Models & Services) ▪ Non-GAAP operating margin: Decline was driven primarily by lower sales volume in North America and an unfavorable geographic revenue mix
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See ir.criver.com for reconciliations of GAAP to Non-GAAP results9 DSA 2Q26 Performance ($ in millions, except per share amounts) 2Q26 2Q25 YOY Δ Organic Δ DSA Revenue $606.5 $618.0 (1.9)% 0.2% DSA GAAP OM% 20.5% 19.9% 60 bps DSA Non-GAAP OM% 25.6% 27.4% (180) bps ▪ Revenue: Slight organic improvement driven by higher study volume for regulated safety assessment services ̶ Improvement broadly driven across multiple study types and modalities, including: • Discernible increase in IND-enabling studies as clients shift their research focus earlier to replenish their pipelines • Continued strength of NHP-related studies reflecting our clients’ focus on complex biologics • NHP-related SA studies have become a competitive advantage for CRL because of more reliable, internal supply following acquisitions of suppliers in Cambodia and Mauritius ▪ Non-GAAP operating margin: Decline primarily due to higher study-related direct costs ̶ Expect margin headwind to turn favorable in the coming quarters as CRL benefits from lower NHP sourcing costs for Cambodian NHPs, particularly in 4Q26
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10 DSA 2Q26 Performance, cont. ▪ Expect DSA organic revenue growth rate to accelerate in 2H26 supported by encouraging trends in DSA demand environment to date ̶ Net bookings increased 12.6% sequentially in 2Q26 with broad-based improvement across global biopharma and small & mid-sized biotech client segments ̶ Another strong increase in proposal activity in 2Q26 ▪ Remain cautiously optimistic that positive momentum in DSA demand trends will continue Period Qtr-End Backlog* ($ in billions) Net Bookings* ($ in millions) Net Book-to-Bill** (Quarterly) 2Q26*** $1.97 $701 1.19x 1Q26 $1.92 $622 1.04x 4Q25 $1.86 $665 1.12x 3Q25 $1.80 $494 0.82x 2Q25 $1.93 $506 0.82x * Changes in backlog and net bookings may not foot due primarily to quarterly FX impacts, as well as other reconciling items. Figures are presented on a reported basis, not adjusted for FX. ** Note: DSA net book-to-bill calculated by taking quarterly net bookings divided by quarterly DSA revenue. *** 2Q26 DSA demand KPIs exclude divested European Discovery sites for entire quarter. Excluded Discovery net bookings totaled $15M in 2Q26.
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See ir.criver.com for reconciliations of GAAP to Non-GAAP results11 Manufacturing 2Q26 Performance ($ in millions, except per share amounts) 2Q26 2Q25 YOY Δ Organic Δ MFG Revenue $188.1 $200.8 (6.3)% 1.3% MFG GAAP OM% 34.9% 6.0% 2,890 bps MFG Non-GAAP OM% 37.8% 32.8% 500 bps ▪ Microbial Solutions: High-single-digit organic revenue growth for Microbial Solutions, primarily driven by increased demand across three major geographic regions for endotoxin testing reagents, which includes Endosafe® PTS rapid testing cartridges, as well as new client additions ▪ Biologics Testing: Modest Biologics revenue growth expected to rebound in 2H26 after anniversary of a client-specific challenge that has been a headwind since the middle of last year ▪ CDMO: CDMO reduced segment organic revenue growth rate by nearly 400 basis points in 2Q26 (before it was divested) ̶ Excluding CDMO impact, Manufacturing revenue would have increased at a mid-single-digit rate organically in 2Q26 ▪ Non-GAAP operating margin: Meaningful improvement driven primarily by benefit from CDMO divestiture ̶ Manufacturing operating margin expected to approach 40% in 2H26 with full benefit of CDMO divestiture
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12 Updated 2026 Guidance GAAP Non-GAAP RMS revenue Mid-single-digit decline (Unchanged from prior) Low- to mid-single-digit organic decline (Unchanged from prior) DSA revenue Low-single-digit decline (Prior: low- to mid-single-digit decline) Low-single-digit organic growth (Prior: low-single-digit decline to slightly positive) Manufacturing revenue Low- to mid-single-digit decline (Prior: mid-single-digit decline) Low- to mid-single-digit organic growth (Prior: Low-single-digit growth) Revenue growth/(decrease) (3.5)% - (2.5)% reported decline (Prior: (5.5)%-(4.0)% decline) 0.0% - 1.0% organic growth(1) (Prior: (1.5)%-(0.5)% decline) Operating margin Low-teens OM% (Unchanged from prior) ~120-150 bps increase vs. 2025 (Unchanged from prior) Diluted earnings per share (EPS) $3.05-$3.35 (Prior: $5.35-$5.85) $11.15-$11.45 (Prior: $10.80-$11.30) See ir.criver.com for reconciliations of GAAP to Non-GAAP results ▪ Raised 2026 revenue and non-GAAP earnings per share guidance, primarily due to expected operational outperformance for the year (including in Q2) ̶ Primarily driven by improving DSA demand trends and better-than-expected Manufacturing performance ̶ Do not expect meaningful EPS impact from non-operating items as net investment gains associated with deferred compensation plan of $0.19 in 2Q26 will be offset by a ~$0.20 EPS headwind from higher tax rate outlook for FY 2026 ▪ Lowered 2026 GAAP EPS guidance to primarily reflect losses from divestitures, as well as additional costs related to efficiency initiatives (1) Organic revenue growth is a non-GAAP measure defined as reported revenue growth adjusted for acquisitions, divestitures, and foreign currency translation.
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13 Non-Operating Results/Guidance Summary ($ in millions) 2Q26 2Q25 2026 Guidance Comments Unallocated corporate – GAAP $106.4 $70.5 ~8.0% of revenue • 2Q26 increase primarily driven by higher costs associated with deferred compensation plan • Impact from deferred compensation plan more than offset by gains on investments to fund the plan (recorded in Other Income), resulting in a net EPS benefit of $0.19 in 2Q26 • 2026 guidance increased primarily driven by higher costs related to performance-based compensation expense and our deferred compensation plan Unallocated corporate – Non-GAAP $72.1 $60.7 ~6.0% of revenue Net interest expense – GAAP $29.3 $28.9 $104-$109 • 2026 non-GAAP outlook unchanged Net interest expense – Non-GAAP $27.6 $28.9 $103-$108 Tax rate – GAAP 101.4% 26.2% 43.0%-44.0% • 2Q26 non-GAAP increase due primarily to impact of discrete items • 2026 non-GAAP outlook increase of ~100bps primarily due to higher 2Q26 rate and proposed tax legislation changes in a foreign jurisdiction; Higher tax outlook will be ~$0.20 non- GAAP EPS headwind for the year Tax rate – Non-GAAP 23.8% 22.7% 23.0%-24.0% Free cash flow (FCF) $148.6 $169.3 $400-$420 • 2Q26 FCF decrease due to timing of working capital • 2026 FCF outlook increased largely driven by higher earnings; Capex outlook unchangedCapital expenditures (capex) $31.1 $35.3 ~$200 Gross leverage ratio 2.55x 2.3x NA Net leverage ratio 2.50x 2.3x NA See ir.criver.com for reconciliations of GAAP to Non-GAAP results
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See ir.criver.com for reconciliations of GAAP to Non-GAAP results14 2H26 Non-GAAP Operating Margin Bridge vs. 1H26 ▪ Clear line of sight into expected 2H26 non-GAAP operating margin improvement of at least 500 bps vs. 1H26 ̶ Approximately half of the 2H26 improvement will be attributable to the portfolio actions • Full benefit of the divestitures • Lower NHP sourcing costs from the K.F. acquisition, which will largely benefit 4Q26 ̶ Lower unallocated corporate costs are expected to drive ~150 bps of improvement • Reflects favorable stock compensation expense vs. 1H26 related to the CEO transition and lower fringe/employee benefit costs ̶ Remainder of improvement primarily derived from other operational contributors including efficiency savings 1H 2026 ~ 250 bps Strategic Transactions (Divestitures & K.F. Acquisition) ~ 150 bps Corporate ~100 bps Price/Volume & Other (incl. Efficiency Savings) 2H 2026 Est. 18.4% ~ 23.5% > 500 bps
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15 3Q26 Outlook 3Q26 Outlook Reported revenue (YOY) (6.0)% - (4.0)% decline Organic revenue (YOY) 1.0% - 3.0% growth Non-GAAP EPS $2.90-$3.00 ▪ Reported revenue decline primarily reflects impact of completed divestitures ▪ Organic revenue growth improvement primarily driven by improving DSA demand trends and expected rebound in the Manufacturing growth rate ▪ Expect ~200 bps of sequential, non-GAAP operating margin improvement, due largely to lower corporate costs and a full-quarter benefit from the divestitures ▪ Expected ~20% YOY non-GAAP EPS increase in 3Q26 ̶ Higher tax rate outlook creates a ~$0.10 EPS headwind in 3Q26 that has been included in guidance
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2Q26 Regulation G Financial Reconciliations & Appendix © 2026 Charles River Laboratories International, Inc.
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17 June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Revenue $ 209,475 $ 213,271 $ 417,842 $ 426,344 Operating income 36,277 35,786 86,050 79,391 Operating income as a % of revenue 17.3 % 16.8 % 20.6 % 18.6 % Add back: Amortization related to acquisitions 7,158 10,674 14,538 23,361 Acquisition, integration, and divestiture-related adjustments (3) 67 — 67 14 Severance (153) 3,299 636 3,528 Asset impairment 6,470 2,504 22,031 2,823 Cost savings and efficiency initiatives (4) 1,431 1,616 (20,533) 2,492 Total non-GAAP adjustments to operating income $ 14,973 $ 18,093 $ 16,739 $ 32,218 Operating income, excluding non-GAAP adjustments $ 51,250 $ 53,879 $ 102,789 $ 111,609 Non-GAAP operating income as a % of revenue 24.5 % 25.3 % 24.6 % 26.2 % Depreciation and amortization $ 15,733 $ 19,710 $ 31,873 $ 41,471 Capital expenditures $ 4,989 $ 3,640 $ 16,557 $ 10,926 Revenue $ 606,507 $ 618,029 $ 1,203,430 $ 1,210,638 Operating income 124,399 122,781 228,274 216,733 Operating income as a % of revenue 20.5 % 19.9 % 19.0 % 17.9 % Add back: Amortization related to acquisitions 18,786 18,212 35,283 36,383 Acquisition, integration, and divestiture-related adjustments (3) 5,693 1,287 8,235 2,348 Severance 1,080 237 3,706 5,216 Asset impairment 3,261 11,911 3,261 21,697 Cost savings and efficiency initiatives (4) 3,792 3,928 8,779 6,705 Third-party legal and advisory costs and certain related items (5) (1,687) 10,817 (7,142) 21,787 Total non-GAAP adjustments to operating income $ 30,925 $ 46,392 $ 52,122 $ 94,136 Operating income, excluding non-GAAP adjustments $ 155,324 $ 169,173 $ 280,396 $ 310,869 Non-GAAP operating income as a % of revenue 25.6 % 27.4 % 23.3 % 25.7 % Depreciation and amortization $ 41,633 $ 42,575 $ 81,547 $ 84,659 Capital expenditures $ 20,433 $ 18,500 $ 57,942 $ 53,021 Revenue $ 188,096 $ 200,835 $ 378,636 $ 379,321 Operating income 65,606 12,061 112,445 3,441 Operating income as a % of revenue 34.9 % 6.0 % 29.7 % 0.9 % Add back: Amortization related to acquisitions (2) 2,061 46,333 4,006 92,410 Acquisition, integration, and divestiture-related adjustments (3) 2,764 — 2,764 — Severance 326 (383) (542) 1,821 Asset impairment 251 6,157 251 6,358 Cost savings and efficiency initiatives (4) 140 1,670 1,511 2,976 Total non-GAAP adjustments to operating income $ 5,542 $ 53,777 $ 7,990 $ 103,565 Operating income, excluding non-GAAP adjustments $ 71,148 $ 65,838 $ 120,435 $ 107,006 Non-GAAP operating income as a % of revenue 37.8 % 32.8 % 31.8 % 28.2 % Depreciation and amortization $ 7,389 $ 55,343 $ 15,788 $ 109,966 Capital expenditures $ 5,634 $ 11,161 $ 11,908 $ 28,440 CONTINUED ON NEXT SLIDE CHARLES RIVER LABORATORIES INTERNATIONAL, INC. Six Months Ended Research Models and Services Discovery and Safety Assessment Manufacturing Solutions SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)(1) (in thousands, except percentages) Three Months Ended RECONCILIATION OF GAAP TO NON-GAAP
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18 June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 CONTINUED FROM PREVIOUS SLIDE $ (106,394) $ (70,494) $ (186,984) $ (124,762) Add back: Acquisition, integration, and divestiture-related adjustments (3) 18,173 2,161 34,762 2,891 Severance 1,000 574 4,671 1,576 Asset impairment 543 184 543 184 Cost savings and efficiency initiatives (4) 14,612 503 11,697 669 Third-party legal and advisory costs (5) — 6,376 — 6,376 Total non-GAAP adjustments to operating expense $ 34,328 $ 9,798 $ 51,673 $ 11,696 Unallocated corporate overhead, excluding non-GAAP adjustments $ (72,066) $ (60,696) $ (135,311) $ (113,066) Revenue $ 1,004,078 $ 1,032,135 $ 1,999,908 $ 2,016,303 Operating income 119,888 100,134 239,785 174,803 Operating income as a % of revenue 11.9 % 9.7 % 12.0 % 8.7 % Add back: Amortization related to acquisitions (2) 28,005 75,219 53,827 152,154 Acquisition, integration, and divestiture-related adjustments (3) 26,697 3,448 45,828 5,253 Severance 2,253 3,727 8,471 12,141 Asset impairment 10,525 20,756 26,086 31,062 Cost savings and efficiency initiatives (4) 19,975 7,717 1,454 12,842 Third-party legal and advisory costs and certain related items (5) (1,687) 17,193 (7,142) 28,163 Total non-GAAP adjustments to operating income $ 85,768 $ 128,060 $ 128,524 $ 241,615 Operating income, excluding non-GAAP adjustments $ 205,656 $ 228,194 $ 368,309 $ 416,418 Non-GAAP operating income as a % of revenue 20.5 % 22.1 % 18.4 % 20.7 % Depreciation and amortization $ 67,290 $ 119,507 $ 134,441 $ 239,871 Capital expenditures $ 31,105 $ 35,298 $ 87,013 $ 94,622 (1) (2) (3) (4) (5) CHARLES RIVER LABORATORIES INTERNATIONAL, INC. Six Months Ended SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)(1) (in thousands, except percentages) Three Months Ended RECONCILIATION OF GAAP TO NON-GAAP Unallocated Corporate Overhead Total These adjustments are related to the evaluation and integration of acquisitions and divestitures, and primarily include transaction, advisory, certain third-party integration, certain compensation costs, and related costs; as well as fair value adjustments associated with contingent consideration arrangements. Cost savings and efficiency initiatives in 2026 primarily include site consolidation charges related to recent site optimization activities, cost of professional services related to certain improvement initiatives, and a pre-tax gain of $38.5 million in connection with the sale of certain assets in Wilmington, Massachusetts. The gain was recognized within RMS reportable segment and unallocated corporate for $23.2 million and $15.3 million, respectively. Within the DSA business, third‑party legal and advisory costs incurred during fiscal 2025 relate to U.S. government investigations into the NHP supply chain, which were concluded in fiscal 2025. Also included within DSA results for fiscal 2026 is the utilization of previously written‑down NHP inventory, resulting in partial reversals of the $27 million inventory charge recorded in fiscal 2024 following the resolution of the matter in fiscal 2025. Within Unallocated Corporate, third-party legal and advisory costs incurred during fiscal 2025 are associated with the execution of the Cooperation Agreement with a shareholder. Amortization related to acquisitions for the three and six months ended June 28, 2025 includes $35.5 million and $71.0 million of accelerated amortization of certain client relationships in the Biologics Solutions reporting unit within the Manufacturing Solutions reportable segment. Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
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19 June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 $ (1,482) $ 52,326 $ (16,325) $ 77,795 84,753 127,079 126,463 239,472 (8,619) 1,424 (6,867) 11,393 62,245 — 180,226 (3,376) 1,660 — 1,660 — 7,417 — (35,652) — 6,302 — 11,271 — (6,038) (26,837) (12,842) (52,182) $ 146,238 $ 153,992 $ 247,934 $ 273,102 48,021 49,149 48,486 49,913 400 167 431 176 48,421 49,316 48,917 50,089 $ (0.03) $ 1.06 $ (0.34) $ 1.56 $ (0.03) $ 1.06 $ (0.34) $ 1.55 $ 3.05 $ 3.13 $ 5.11 $ 5.47 $ 3.02 $ 3.12 $ 5.07 $ 5.45 (1) (2) (3) (4) (5) Represents non-cash interest expense recognized from the accretion of deferred purchase consideration associated with the Cambodia NHP Supplier acquisition. Net loss available to Charles River Laboratories International, Inc. per common share excludes the effect of dilution and is computed using basic weighted-average number of shares outstanding for the three and six month periods ended June, 2026. Weighted average shares outstanding - Diluted Earnings (loss) per share attributable to common shareholders: Basic The amount included in three and six month periods ended June 27, 2026 primarily reflects a $63.7 million and $181.7 million loss on the CDMO and Cell Solutions Divestiture, respectively, net with an offsetting $0.3 million gain on the European Discovery Divestiture. The amount included in 2025 relates to a gain on the sale of a DSA site. This amount excludes non-GAAP adjustments attributable to noncontrolling interest holders. Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. Diluted (4) Basic, excluding non-GAAP adjustments Diluted, excluding non-GAAP adjustments Tax effect of the remaining non-GAAP adjustments Net income available to Charles River Laboratories International, Inc. common shareholders, excluding non-GAAP adjustments Weighted average shares outstanding - Basic Effect of dilutive securities: Stock options, restricted stock units and performance share units Tax effect of non-GAAP adjustments: Tax impact of divestitures Interest on acquired uncertain tax positions Non-GAAP adjustments to operating income (2) Venture capital and strategic equity investment losses and impairments, net (Gain) loss on divestitures (3) Accretion of deferred acquisition consideration (5) CHARLES RIVER LABORATORIES INTERNATIONAL, INC. Six Months Ended Net income (loss) available to Charles River Laboratories International, Inc. common shareholders Add back: Three Months Ended (in thousands, except per share data) RECONCILIATION OF GAAP EARNINGS (LOSS) TO NON-GAAP EARNINGS (UNAUDITED)(1)
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20 Total CRL RMS Segment DSA Segment MS Segment (2.7)% (1.8)% (1.9)% (6.3)% (0.8)% (1.6)% (0.4)% (1.1)% (0.2)% — % — % (0.9)% 3.8 % 2.0 % 2.5 % 9.6 % 0.1 % (1.4)% 0.2 % 1.3 % Total CRL RMS Segment DSA Segment MS Segment (0.8)% (2.0)% (0.6)% (0.2)% (1.8)% (2.4)% (1.3)% (2.4)% (0.1)% — % — % (0.5)% 2.0 % 0.9 % 1.3 % 5.2 % (0.7)% (3.5)% (0.6)% 2.1 % (1) (2) (3) (4) Three Months Ended June 27, 2026 TO NON-GAAP REVENUE GROWTH, ORGANIC (UNAUDITED) (1) RECONCILIATION OF GAAP REVENUE GROWTH CHARLES RIVER LABORATORIES INTERNATIONAL, INC. Revenue growth, reported (Increase) decrease due to foreign exchange Contribution from acquisitions (2) Impact of divestitures (3) Non-GAAP revenue growth, organic (4) Six Months Ended June 27, 2026 Revenue growth, reported (Increase) decrease due to foreign exchange Contribution from acquisitions (2) Impact of divestitures (3) Non-GAAP revenue growth, organic (4) Organic revenue growth is defined as reported revenue growth adjusted for acquisitions, divestitures and foreign exchange. Impact of divestitures relates to the sale of certain European Discovery Services businesses in May 2026 within the DSA reportable segment as well as the sale of the CDMO and Cell Solutions businesses in May 2026 within the Manufacturing reportable segment and RMS reportable segment, respectively. The contribution from acquisitions reflects only completed acquisitions. Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
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21 CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP REVENUE AND EARNINGS PER SHARE (EPS) Guidance for the Twelve Months Ended December 26, 2026E 2026 GUIDANCE (1) CURRENT PRIOR Revenue growth/(decrease), reported (3.5)% - (2.5)% (5.5)% - (4.0)% Less: Contribution from acquisitions 0.0% - (0.5)% 0.0% - (0.5)% Add: Impact from divestitures ~4.5% ~5.0% Less: Favorable impact of foreign exchange (0.5)% - (1.0)% (0.5)% - (1.0)% Revenue growth/(decrease), organic (2) 0.0% - 1.0% (1.5)% - (0.5)% GAAP EPS estimate $3.05 – $3.35 $5.35 – $5.85 Acquisition-related amortization (3) ~$2.30 ~$2.30 Acquisition- and divestiture-related costs (4) ~$4.75 ~$2.30 Costs associated with restructuring and efficiency initiatives (5) ~$1.20 ~$0.85 Other, net (6) ($0.17) NM Non-GAAP EPS estimate $11.15 – $11.45 $10.80 – $11.30 Footnotes to Guidance Table: (1) Organic revenue growth is defined as reported revenue growth adjusted for completed acquisitions, divestitures (including the CDMO and Cell Solutions businesses, as well as certain European Discovery Services sites), as well as foreign currency transla tion. (2) These adjustments primarily include amortization related to intangible assets, as well as the purchase accounting step -up on inventory and certain long-term biological assets. (3) These adjustments include costs related to the evaluation and integration of acquisitions and divestitures, as well as a net loss on divestitures and other transaction-related tax adjustments. (4) These adjustments primarily include site consolidation (including site transition costs), severance, impairment, third -party consulting and professional services, and other costs related to the Company’s restructuring actions and efficiency initiatives . These adjustments also include gains and/or losses on the sale of certain assets and real estate. (5) These adjustments primarily include: (i) certain venture capital and other strategic investment losses/(gains), net. Thi s item only includes recognized gains or losses on certain investments. The Company does not forecast the future performance of th ese investments; and (ii) reductions to a previous $27 million inventory charge associated with an NHP supply matter. As a result of the resolution of the U.S. government investigations during fiscal year 2025, cert ain NHPs were subsequently utilized.
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22 June 27, 2026 March 28, 2026 June 28, 2025 June 27, 2026 June 28, 2025 $ 53,170 $ (29,942) $ 71,418 $ 23,228 $ 107,396 Amortization related to acquisitions (2) 28,005 25,822 75,219 53,827 152,154 Acquisition, integration, and divestiture-related adjustments (3) 26,697 19,131 3,448 45,828 5,253 Severance 2,253 6,218 3,727 8,471 12,141 Asset impairment 10,525 15,561 20,756 26,086 31,062 Cost savings and efficiency initiatives (4) 19,975 (18,521) 7,717 1,454 12,842 Third-party legal and advisory costs and certain related items (5) (1,687) (5,455) 17,193 (7,142) 28,163 Venture capital and strategic equity investment (gains) losses and impairments, net (8,619) 1,752 1,424 (6,867) 11,393 (Gain) loss on divestitures (6) 62,245 117,981 — 180,226 (3,376) Accretion of deferred acquisition consideration (7) 1,660 — — 1,660 — $ 194,224 $ 132,547 $ 200,902 $ 326,771 $ 357,028 $ 53,930 $ (15,140) $ 18,725 $ 38,790 $ 28,825 (7,417) 43,069 — 35,652 — (6,302) (4,969) — (11,271) — 6,038 6,804 26,837 12,842 52,182 $ 46,249 $ 29,764 $ 45,562 $ 76,013 $ 81,007 101.4 % 50.6 % 26.2 % 167.0 % 26.8 % 23.8 % 22.5 % 22.7 % 23.3 % 22.7 % (1) (2) (3) (4) (5) (6) (7) Income (loss) before income taxes & noncontrolling interests Three Months Ended (in thousands) CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TAX RATE TO NON-GAAP TAX RATE (UNAUDITED) (1) Six Months Ended Add back: Income before income taxes & noncontrolling interests, excluding specified charges (Non- GAAP) Provision for (benefit from) income taxes (GAAP) Tax impact of divestitures Tax effect of the remaining non-GAAP adjustments Interest on acquired uncertain tax positions Provision for income taxes (Non-GAAP) Total rate, excluding specified charges (Non-GAAP) Total rate (GAAP) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. Within the DSA business, third‑party legal and advisory costs incurred during fiscal 2025 relate to U.S. government investigations into the NHP supply chain, which were concluded in fiscal 2025. Also included within DSA results for fiscal 2026 is the utilization of previously written‑down NHP inventory, resulting in partial reversals of the $27 million inventory charge recorded in fiscal 2024 following the resolution of the matter in fiscal 2025. Within Unallocated Corporate, third-party legal and advisory costs incurred during fiscal 2025 are associated with the execution of the Cooperation Agreement with a shareholder. The amount included in three and six month periods ended June 27, 2026 primarily reflects a $63.7 million and $181.7 million loss on the CDMO and Cell Solutions Divestiture, respectively, net with an offsetting $0.3 million gain on the European Discovery Divestiture. The amount included in 2025 relates to a gain on the sale of a DSA site. Primarily represents non-cash interest expense recognized from the accretion of deferred purchase consideration associated with the Cambodia NHP Supplier acquisition. Cost savings and efficiency initiatives in 2026 primarily include site consolidation charges related to recent site optimization activities, cost of professional services related to certain improvement initiatives, and a pre-tax gain of $38.5 million in connection with the sale of certain assets in Wilmington, Massachusetts. The gain was recognized within RMS reportable segment and unallocated corporate for $23.2 million and $15.3 million, respectively. These adjustments are related to the evaluation and integration of acquisitions and divestitures, and primarily include transaction, advisory, certain third-party integration, certain compensation costs, and related costs; as well as fair value adjustments associated with contingent consideration arrangements. Amortization related to acquisitions for the three and six months ended June 28, 2025 includes $35.5 million and $71.0 million of accelerated amortization of certain client relationships in the Biologics Solutions reporting unit within the Manufacturing Solutions reportable segment.
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23 June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 $ (29,308) $ (28,870) $ (55,017) $ (55,350) Accretion of deferred acquisition consideration (2) 1,660 — 1,660 — $ (27,648) $ (28,870) $ (53,357) $ (55,350) (1) (2) Interest expense, net Three Months Ended (in thousands) CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP INTEREST EXPENSE (UNADUTED) (1) Six Months Ended Exclude: Non-GAAP Interest expense, net Represents non-cash interest expense recognized from the accretion of deferred purchase consideration associated with the Cambodia NHP Supplier acquisition. Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
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24 June 27, 2026 March 28, 2026 December 27, 2025 December 28, 2024 December 30, 2023 December 31, 2022 December 25, 2021 Total Debt & Finance Leases $ 2,626,611 $ 2,687,904 $ 2,139,754 $ 2,243,134 $ 2,652,717 $ 2,711,208 $ 2,666,359 Plus: Other adjustments per credit agreement — 30,000 30,000 49,311 33,265 13,431 37,244 Less: Unrestricted Cash and Cash Equivalents up to $150M (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) Total Indebtedness per credit agreement $ 2,476,611 $ 2,567,904 $ 2,019,754 $ 2,142,445 $ 2,535,982 $ 2,574,639 $ 2,553,603 Less: Cash and cash equivalents (net of $150M above) (42,025) (38,990) (63,770) (44,606) (126,771) (83,912) (91,214) Net Debt $ 2,434,586 $ 2,528,914 $ 1,955,984 $ 2,097,839 $ 2,409,211 $ 2,490,727 $ 2,462,389 June 27, 2026 March 28, 2026 December 27, 2025 December 28, 2024 December 30, 2023 December 31, 2022 December 25, 2021 Net income (loss) available to Charles River Laboratories International, Inc. common shareholders $ (238,458) $ (184,650) $ (144,338) $ 10,297 $ 474,624 $ 486,226 $ 390,982 Adjustments: Adjust: Non-cash gains/losses of VC partnerships & strategic investments 7,579 17,755 27,628 20,627 (79,288) 35,498 66,004 Less: Aggregate non-cash amount of nonrecurring gains — — — — — (32,638) (42,247) Plus: Interest expense 104,600 105,887 107,029 126,288 136,710 108,870 107,224 Plus: Provision for income taxes 52,625 17,420 42,660 67,823 100,914 130,379 81,873 Plus: Depreciation and amortization 297,882 350,099 403,312 361,741 314,124 303,870 265,540 Plus: Non-cash nonrecurring losses 598,357 545,682 427,286 299,976 44,077 16,572 8,573 Plus: Non-cash stock-based compensation 83,059 80,328 71,083 69,891 72,048 73,617 71,461 Plus: Permitted acquisition-related costs 66,923 42,896 25,376 11,612 15,639 34,453 51,256 Plus: Pro forma EBITDA adjustments for permitted acquisitions (1,651) — — — 18,542 5,306 4,008 Adjusted EBITDA (per the calculation defined in compliance certificates) $ 970,916 $ 975,417 $ 960,036 $ 968,255 $ 1,097,390 $ 1,162,153 $ 1,004,675 June 27, 2026 March 28, 2026 December 27, 2025 December 28, 2024 December 30, 2023 December 31, 2022 December 25, 2021 Gross leverage ratio per credit agreement (total debt divided by adjusted EBITDA) 2.55 2.63 2.10 2.21 2.31 2.22 2.54 Net leverage ratio (net debt divided by adjusted EBITDA) 2.5 2.6 2.0 2.2 2.2 2.1 2.5 June 27, 2026 March 28, 2026 December 27, 2025 December 28, 2024 December 30, 2023 December 31, 2022 December 25, 2021 Capital Expenditures 211,864 215,736 219,152 232,967 323,050 326,338 232,149 Cash Interest Expense 105,987 106,303 107,329 127,119 139,545 110,731 107,389 Interest Coverage ratio per the credit agreement (Adjusted EBITDA minus Capital Expenditures divided by cash interest expense) 7.16x 7.15x 6.9x 5.78x 5.55x 7.55x 7.19x (1) (2) DEBT (2): (dollars in thousands, except for per share data) CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GROSS/NET LEVERAGE RATIO, INCLUDING GAAP NET INCOME TO ADJUSTED EBITDA (UNAUDITED) (1) ADJUSTED EBITDA (2): LEVERAGE RATIO: INTEREST COVERAGE RATIO: Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. Pursuant to the definition in its credit agreement dated December 13, 2024, the Company has defined its pro forma leverage ratio as total debt divided by adjusted EBITDA for the trailing-twelve-month period. The Company has defined interest coverage ratio as adjusted EBITDA for the trailing-twelve-month period less the aggregate amount of capital expenditures for the trailing-twelve-period; divided by the consolidated interest expense for the period of four consecutive fiscal quarters. Total Debt represents third-party debt and financial lease obligations minus up to $150M of unrestricted cash and cash equivalents. Adjusted EBITDA represents net income, prepared in accordance with accounting principles generally accepted in the U.S. (GAAP), adjusted for interest, taxes, depreciation and amortization, and certain items that management believes are not reflective of the operational performance of the business. These adjustments include, but are not limited to, non-cash gains/loss on venture capital portfolios and strategic partnerships, acquisition and divestiture-related expenses including transaction and advisory costs; asset impairments; changes in fair value of contingent consideration obligations; employee stock compensation; historical EBITDA of companies acquired during the period; and other items identified by the company. Total Debt and EBITDA have not been restated for periods prior to Q4 2024 for the most recent amendment or any previous amendments.
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25 2026 Guidance June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 FYE December 26, 2026E Net cash provided by operating activities $ 179,725 $ 204,603 $ 220,802 $ 376,300 $600,000-$625,000 Less: Capital expenditures (31,105) (35,298) (87,013) (94,622) ~(200,000) Free cash flow $ 148,620 $ 169,305 $ 133,789 $ 281,678 $400,000-$425,000 (1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company’s performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance. RECONCILIATION OF FREE CASH FLOW (NON-GAAP) (UNAUDITED)(1) CHARLES RIVER LABORATORIES INTERNATIONAL, INC. (in thousands) Three Months Ended Six Months Ended
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