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44th Annual JP Morgan Healthcare Conference January 14, 2026 San Francisco, CA
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2 2 Dev Kurdikar President & Chief Executive Officer Strategy and Business Update 44TH ANNUAL JP MORGAN HEALTHCARE CONFERENCE
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3 Forward-looking statements Safe Harbor Statement Regarding Forward-Looking Statements This presentation contains express or implied "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, performance, financial condition, goals, strategies, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes,“ “may,” “might,” “could,” “predict,” “seek,” “look,” “next,” “project,” “potential,” “continue,” “expand,” “objective,” “grow,” “goal,” "expects," "anticipates," "estimates," "plans," "intends," “pursue,” “should,” “would,” “will,” “target,” “create,” “opportunity,” “capability,” “position,” “strategy,” or similar expressions, we are making forward-looking statements. For example, embecta is using forward-looking statements when discussing our future operations and financial performance and statements regarding our business strategy, key market and portfolio expectations, including GLP-1 B2B opportunities, manufacturing and supply chain expectations, execution of our brand transition plan and the timing thereof, our financial profile and long-term financial objectives, plans to prioritize free cash flow towards paying down debt, increasing our financial flexibility for future investments and capital allocation, the potential for long-term value creation, and our ability to reduce costs, streamline operations and enhance profitability, our expectations with respect to strengthening our core business, separating and standing up embecta as an independent company, expansion of our product portfolio into other markets, investing in growth, and opportunities to transition into a broad- based medical supplies company. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) competitive factors that could adversely affect embecta’s operations; (ii) any inability to replace the services provided by Becton, Dickinson and Company (“BD”) under the transaction documents; (iii) any failure by BD to perform its obligations under the various separation agreements entered into in connection with the separation and distribution; (iv) any events that adversely affect the sale or profitability of embecta’s products or the revenues delivered from sales to its customers; (v) increases in operating costs, including costs incurred from newly instituted tariffs by the U.S. government and certain foreign governments on raw materials and products, fluctuations in the cost and availability of raw materials or components used in embecta’s products, the ability to maintain favorable supplier arrangements and relationships, and the potential adverse effects of any disruption in the availability of such items; (vi) the impact of the global trade environment resulting from newly instituted tariffs causing certain foreign governments, private purchasers and others to consider transitioning away from products originating from certain countries (including the U.S.) in favor of buying “local” products and local manufacturers and competitors to attempt to capitalize on these sentiments and engage in aggressive competitive pricing or other strategies to divert customers away from embecta; (vii) changes in reimbursement practices of governments or private payers or other cost containment measures; (viii) the adverse financial impact resulting from unfavorable changes in foreign currency exchange rates, as well as regional, national and foreign economic factors, including inflation, deflation, and fluctuations in interest rates; (ix) the impact of changes in U.S. federal laws and policy that could affect fiscal and tax policies, healthcare and international trade, including import and export regulation and international trade agreements; (x) any new pandemic or any geopolitical instability, including disruptions in its operations and supply chains; (xi) new or changing laws and regulations, or changes in enforcement practices, including laws relating to healthcare, environmental protection, trade, monetary and fiscal policies, taxation and licensing and regulatory requirements for products; (xii) the expected benefits of the separation from BD; (xiii) risks associated with embecta’s indebtedness; (xiv) the risk that ongoing dis-synergy costs, costs of restructuring and other costs incurred in connection with the separation from BD will exceed our estimates of these costs; (xv) the risk that it will be more difficult than expected to effect embecta’s full separation from BD; (xvi) the risks related to timely and successfully completing the brand transition, including any resulting regulatory registration and license delays and interruptions in the transition of the rebranded products into commercial operations, networks, administrative operations and end-to-end product flow and user access; (xvii) expectations related to the costs, profitability, timing and the estimated financial impact of, and charges and savings associated with, the restructuring plans we announced; (xviii) risks associated with not completing strategic collaborative partnerships and acquisitions for innovative technologies, complementary product lines, and new markets; and (xix) the other risks described in our periodic reports filed with the Securities and Exchange Commission, including under the caption “Risk Factors” in our most recent Annual Report on Form 10-K, as further updated by our Quarterly Reports on Form 10-Q we have filed or will file hereafter. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this presentation.
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4 embecta is a diabetes injection supplies leader Stable, profitable core business with global presence ~2,000 employees globally ~500 commercially focused employees ~30 million people use and trust embecta products >100 countries served ~$1.1 billion FY’25 adj. revenues(1) ~$415 million FY’25 adj. EBITDA(1) ~38% margin 1 producer of diabetes injection supplies # + year history ~8 billion units annually 3 world-class facilities Source: Internal estimates, Company filings (1) Please see Appendix for Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow reconciliations accompanying the presentation ~$182 million FY’25 free cash flow(1)
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5 embecta provides best-in-class injection products Position Key Channel / Geographies #1 globally #1 globally#1 globally Global Product Share(1) ~50% ~40%~60% Retail pharmacy and hospital USA, China, Germany Hospital and long-term care USA, Canada, France Retail pharmacy USA, Mexico, India Manufacturing site Product Dún Laoghaire (Ireland) Suzhou (China) Holdrege, NE (USA)Dún Laoghaire (Ireland) Holdrege, NE (USA) Source: Various local data sources, internal estimates embecta, the embecta logo, NanoTM 2nd Gen, Ultra-FineTM, and AutoShield DuoTM are trademarks of Embecta Corp. © 2026 Embecta Corp. All rights reserved. (1) Volume based (2) See Appendix for reconciliation of financial information Pen needles and safety products account for approximately 85% of total FY 2025 adjusted revenues(2) Pen Needles NanoTM 2nd Gen Insulin Syringes Safety Pen Needles and Safety Insulin Syringes Ultra-FineTM Safety Insulin syringes AutoShield DuoTM Ultra-FineTM As a leader in the injection platform with a broad portfolio offering
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6 Experienced manufacturing Established in 1969 ~270,000 sq. ft. Established in 2015 ~240,000 sq. ft. Established in 1966 ~278,000 sq. ft. High capacity >40 injection molding machines >20 assembly lines >10 injection molding machines >5 assembly lines >60 injection molding machines >10 assembly lines Products manufactured Pen needles and Safety pen needles Pen needles Syringes, safety syringes and alcohol swabs Owned vs. leased Owned Ability to expand footprint Owned Ability to expand footprint Leased Ability to expand footprint World-class manufacturing infrastructure Global supplier of ~ 8 billion units with ability to expand portfolio in existing facilities Source: Internal estimates Note: Additional floorspace available in Dún Laoghaire and Suzhou within existing footprint World’s largest manufacturer of pen needles World’s largest manufacturer of insulin syringesGlobal pen needle production Dún Laoghaire, Ireland Holdrege, USASuzhou, China
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7 Adjusted revenues by product $millions embecta has a stable and recurring revenue base Source: Company filings Note: Fiscal year ending September 30 “Safety" = Safety Pen Needle and Safety Syringe; “Other” = Contract manufacturing, accessories and other injection related products (1) See Appendix for reconciliation of Adjusted Revenue, YoY Adjusted Constant Currency Growth Rate, 2020-2025 Adjusted Constant Currency CAGR Approximately 85% of FY 2025 total adjusted revenues comes from the pen needle and safety products(1) • Leadership position continues to be supported by competitive brand quality and reputation, clinical leadership and production strength • Pen needles and safety products continued to show resilience and growth from 2020 to 2025 • Syringe business decline largely in the U.S. driven by: ‒ transition from vials to pens ‒ patient mortality 2020-2025 Adjusted constant currency CAGR(1) Pen Needle +0.6% Syringe (4.5)% Safety +4.8% Other +10.4% 791 853 825 829 844 784 164 175 156 138 126 125 111 121 120 126 129 138 20 16 29 27 27 33 2020 2021 2022 2023 2024 2025 5.0% (0.5)% 1.6% 1.1% YoY Adjusted Constant Currency Growth Rate (1) $1,086 $1,165 $1,130 $1,121 $1,127 $1,080 (3.9)%
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8 Taking a phased approach to execute our priorities Pursuing initiatives to transition the company to growth 8 2022 2023 2024 2025 2026 2027 2028+ Insulin delivery company medical supplies company 2022 At spin • New team, organization • Macroeconomic volatility • Transition service agreements (TSA) • $1.65B gross debt 2022-2024 Phase I: Stand up • ERP, distribution network, shared services • One-time stand-up costs • Exceeded pre-spin financial objectives for constant currency revenue growth and adjusted EBITDA margin Today • Operating as a stand- alone company • Started debt paydown • Terminated patch pump program • Initiated cost reduction initiatives • Exited most TSAs 2025-2028 Phase 2: Seed growth • Maintain global leadership in core products • Expand product portfolio • Create financial flexibility / decrease net leverage 2028+ Phase 3 Goal: Transform Broad based medical supplies company which serves chronic care patients and drug delivery partners Phase 1: Stand up Phase 2: Seed growth Phase 3: Transform
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9 Strategic priorities 1. Strengthen core business • Refresh and establish embecta brand • Seek growth opportunities across markets 2. Expand product portfolio • Distribute products through global commercial channel • Leverage high-volume manufacturing into new segments 3. Increase financial flexibility • Optimize expense base via improvements in operational efficiency • Prioritize debt reduction and decrease net leverage
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10 Expect substantial completion of global brand transition by end of calendar year 2026 FY 2026 Q1 FY 2027 New look, same products STRATEGIC PRIORITY #1: STRENGTHEN CORE BUSINESS FY 2025 (completed) Greater China EMEA and Majority of Markets in Asia Latin America Remaining AsiaU.S. Canada NEW PACKAGING embecta brand transition timeline embecta, the embecta logo, NanoTM Pro, Ultra-FineTM, and Micro-FineTM are trademarks of Embecta Corp. © 2026 Embecta Corp. All rights reserved. All other trademarks are properties of their respective owners.
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11 Objective • Develop products that allow entry into new market segments that are price sensitive Differentiated approach • Localized, scalable, high-volume manufacturing • Fit-for-purpose product specification for select markets Accomplishments • Product design finalized • Assembly line equipment installation complete • Manufacturing validation in progress Near- to mid-term market opportunity in segments where embecta share is <5% Conventional insulin syringe addressable market is ~1.2B or more Millions of units (ea) Conventional pen needle addressable market is ~1.5B or more Millions of units (ea) LATAM Asia EMEA ~300-400 ~400-500 ~500-600 ~700-800 ~100-200 ~700-800 Source: Internal estimates Expand offerings that allow embecta to pursue new business Develop market-appropriate pen needles and syringes STRATEGIC PRIORITY #1: STRENGTHEN CORE BUSINESS
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12 GLP-1 opportunities could drive >$100M in revenue by 2033 Source: IQVIA MIDAS: GLP-1 sales data; Internal estimates based on expected generic launches, Wall Street research Notes: GLP-1 therapies include GLP-1 RA and GLP-1 RA/GIP products • More than one third of potential B2B generic partners are either in the contract negotiation cycle or executed contracts • B2B partners anticipate launch in: – Canada, Brazil, China and India in 2026 – Other emerging markets in the next several years – Developed Europe/US in 2031/2032 • Expanded availability of smaller pack configurations in Canada and select European markets in 2026 ~72% ~44% ~28% ~25% ~38% ~30% ~3% ~18% ~42% 500–600 1,100–1,200 2,100–2,200 2025 2028 2033 Pen needle end-market demand from weekly GLP-1 Global, in millions Generic Branded: Non co-packed Branded: Co-packed embecta addressable market Working with >30 potential partners at various stages of the sales cycle NDA signed/process started Selected & qualified Contract negotiations Contract executedSales cycle Pursuing a similar approach for branded drugs in development Potential GLP-1 B2B opportunities are progressing well STRATEGIC PRIORITY #2: EXPAND PRODUCT PORTFOLIO
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13 Leveraging embecta’s manufacturing & channel capabilities for growth New product categories would be synergistic with our current footprint Manufacturing capabilities High-volume, low-cost quality plastic consumables Channel opportunity Retail, OTC, and wholesaler/distributor product flow Patient synergy Patients managing chronic diseases in the home STRATEGIC PRIORITY #2: EXPAND PRODUCT PORTFOLIO
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14 Geographic optimization Situation overview • ~80% of net sales are generated from key markets (U.S., China, Canada, Germany, France, Japan and Mexico) • ~20% of net sales from remaining ~100 countries (“long tail”) Opportunity • Long tail presents an opportunity to exit or change go-to- market (via master distributor) in certain countries / regional clusters over time • Incremental review required to fully evaluate the opportunity • Reevaluating go-to-market strategy or potential market exits may enhance organic revenue growth rate and increase margins by reducing infrastructure costs Potential to exit or change go-to-market strategy in certain regional clusters ~20% net sales~80% net sales STRATEGIC PRIORITY #3: INCREASE FINANCIAL FLEXIBILITY
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15 Contract term 10 years(1); 3-year ramp down Annual capacity Ample capacity to meet current and future demand Forecasting Monthly rolling forecast to adjust to market needs Pricing terms Annual cost adjustments for inflation and volume impacts Source: Cannula agreement with Becton Dickinson (“BD”) (1) Agreement as of March 2022 A reliable source of high-quality cannula with the option to diversify with alternate suppliers Cannula is the single largest category of raw materials spend Cannula supply agreement STRATEGIC PRIORITY #3: INCREASE FINANCIAL FLEXIBILITY
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16 • Paid down ~$184.5 million of debt during fiscal year 2025 bringing net leverage down to 2.9x, compared to net leverage of 3.8x at the end of fiscal year 2024 (1) Capital allocation priorities Strategic M&A Debt paydown • Opportunistic M&A to broaden and diversify portfolio Return capital to shareholders • Maintain dividend at current level as means to return capital to shareholders Disciplined capital allocation STRATEGIC PRIORITY #3: INCREASE FINANCIAL FLEXIBILITY (1) Net Leverage is a Non-GAAP measure. See Appendix for reconciliation.
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17 What you heard today • Resilient, geographically diversified base business • Ability to generate strong free cash flow • Debt paydown creates balance sheet flexibility to pursue strategic opportunities • Significant long-term potential value creation through execution of strategic priorities
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18 18 Appendix
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19 Adjusted constant currency revenue growth rate reconciliation (USD Millions, except percentages) Source: Company filings (1) Includes the recognition of changes in estimates associated with the Italian payback measure relating to certain prior years since 2015 recorded in Revenues. Adjusted Revenues exclude the impact of these changes in estimates. Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Growth Currency Impact Adjustment Impact Adj. Constant Currency Revenue Growth Fiscal Year 2025 Fiscal Year 2024 % Increase / Decrease $1,080.4 $0.7(1) $1,079.7 $1,123.1 $(4.1)(1) $1,127.2 (3.8)% (0.3)% 0.4% (3.9)% Fiscal Year 2024 Fiscal Year 2023 $1,123.1 $(4.1)(1) $1,127.2 $1,120.8 - $1,120.8 0.2% (0.5)% (0.4)% 1.1% Fiscal Year 2023 Fiscal Year 2022 $1,120.8 - $1,120.8 $1,129.5 - $1,129.5 (0.8)% (2.4)% - 1.6% Fiscal Year 2022 Fiscal Year 2021 $1,129.5 - $1,129.5 $1,165.3 - $1,165.3 (3.1)% (2.6)% - (0.5)% Fiscal Year 2021 Fiscal Year 2020 $1,165.3 - $1,165.3 $1,085.5 - $1,085.5 7.3% 2.3% - 5.0%
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20 Adjusted constant currency revenue reconciliation by product (USD Millions) Source: Company filings (1) Includes the recognition of changes in estimates associated with the Italian payback measure relating to certain prior years since 2015 recorded in Revenues. Adjusted Revenues exclude the impact of these changes in estimates. Dollars in Millions Twelve Months Ended September 30, 2020 2021 2022 2023 2024 2025 Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Pen Needles $791.0 — $791.0 $853.3 — $853.3 $824.6 — $824.6 $829.2 — $829.2 $844.4 — $844.4 $784.1 — $784.1 Syringes $164.0 — $164.0 $174.9 — $174.9 $156.0 — $156.0 $138.1 — $138.1 $126.2 — $126.2 $124.6 — $124.6 Safety $110.5 — $110.5 $120.8 — $120.8 $119.7 — $119.7 $126.3 — $126.3 $129.4 — $129.4 $137.8 — $137.8 Other (1) $20.0 — $20.0 $16.1 — $16.1 $14.3 — $14.3 $14.2 — $14.2 $10.3 $(4.1) $14.4 $14.0 $0.7 $13.3 Contract Mfr. — — — — — — $15.0 — $15.0 $13.0 — $13.0 $12.8 — $12.8 $19.9 — $19.9 Total $1,085.5 — $1,085.5 $1,165.1 — $1,165.1 $1,129.5 — $1,129.5 $1,120.8 — $1,120.8 $1,123.1 $(4.1) $1,127.2 $1,080.4 $0.7 $1,079.7
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21 Adjusted constant currency revenue CAGR reconciliation by product (USD Millions, except percentages) Pen Needles September 30, 2020 September 30, 2025 CAGR Reported Revenue $791.0 $784.1 Cumulative F/X Impact $32.9 Adjusted Constant Currency Revenue $817.0 0.6% Syringes Reported Revenue $164.0 $124.6 Cumulative F/X Impact $6.0 Adjusted Constant Currency Revenue $130.6 -4.5% Safety Reported Revenue $110.5 $137.8 Cumulative F/X Impact $1.6 Adjusted Constant Currency Revenue $139.4 4.8% Other Reported Revenue $20.0 $33.9 Cumulative F/X Impact $(0.4) Adjustment Impact $(0.7) Adjusted Constant Currency Revenue $32.8 10.4%
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22 Pen Needle & Safety products revenue contribution reconciliation (USD Millions, except percentages) Source: Company filings By Product September 30, 2025 Pen Needles $784 Safety $138 Total $922 Total Adjusted Revenue $1,080 % of Total Adjusted Revenue 85.4%
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23 Adjusted EBITDA reconciliation (USD Millions, except percentages) Dollars in Millions, except percentages Twelve Months Ended September 30, 2025 September 30, 2024 GAAP Net Income $95.4 $78.3 Interest expense, net 107.3 112.3 Income taxes benefit 40.9 (34.1) Depreciation and amortization 40.7 36.2 EBITDA $284.3 $192.7 Italian payback measure (1) (0.7) 4.1 Stock-based compensation expense (2) 31.8 26.6 One-time stand up costs (3) 35.6 111.2 EU MDR (4) 0.8 0.5 Business optimization and severance related costs (5) 6.9 7.4 Deferred jurisdiction adjustments in Other income (expense), net for taxes (6) — 4.6 Amortization of cloud computing arrangements (7) 10.4 6.3 Costs associated with the discontinued patch pump program (8) 46.2 — Adjusted EBITDA $415.3 $353.4 Adjusted EBITDA Margin 38.5% 31.4%
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24 Adjusted EBITDA reconciliation, continued (1) Reflects the recognition of changes in estimates for the Italian payback measure relating to certain prior fiscal years between 2015 and 2023. (2) Represents stock-based compensation expense incurred during the twelve months ended September 30, 2025 and 2024, respectively. For the twelve months ended September 30, 2025, $25.8 million is recorded in Selling and administrative expense, $2.8 million is recorded in Cost of products sold, $2.8 million is recorded in Other operating expenses, and $0.4 million is recorded in Research and development expense. For the twelve months ended September 30, 2024, $21.4 million is recorded in Selling and administrative expense, $3.0 million is recorded in Cost of products sold, and $2.2 million is recorded in Research and development expense. (3) One-time stand-up costs incurred primarily include: (i) product registration and labeling costs; (ii) warehousing and distribution set-up costs; (iii) legal costs associated with patents and trademark work; (iv) temporary headcount resources within accounting, tax, finance, human resources, regulatory and IT; and (v) one-time business integration and IT related costs primarily associated with our global ERP implementation. For the twelve months ended September 30, 2025, approximately $31.3 million is recorded in Other operating expenses, $2.8 million is recorded in Cost of products sold and $1.5 million is recorded in Research and development expense. For the twelve months ended September 30, 2024, approximately $109.9 million and $1.3 million are recorded in Other operating expenses and Selling and administrative expense, respectively. (4) Represents costs required to develop processes and systems to comply with regulations such as the EU MDR and General Data Protection Regulation ("GDPR") which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. For the twelve months ended September 30, 2024, $0.5 million is recorded in Research and development expense. (5) Represents business optimization and severance related costs associated with standing up the organization recorded in Other operating expenses. (6) Represents amounts due to BD for tax liabilities incurred in deferred closing jurisdictions where BD is considered the primary obligor. (7) Represents amortization of implementation costs associated with cloud computing arrangements recorded in Other operating expenses. (8) Represents costs incurred during the twelve months ended September 30, 2025 associated with the discontinued patch pump program, excluding those program costs classified above within Depreciation and amortization and Stock-based compensation expense. The discontinued patch pump program costs are primarily one-time in nature and represent expenses that we do not view as normal operating expenses necessary to operate our core business. The costs primarily consist of severance-related costs, asset impairments, contract termination costs, and other operating costs. For the twelve months ended September 30, 2025, $24.6 million is recorded in Research and development expense, $13.8 million is recorded in Other operating expenses, $7.0 million is recorded in Cost of products sold, and $0.8 million is recorded in Selling and administrative expense.
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25 Net Leverage reconciliation (USD Millions, except ratio) September 30, 2024 September 30, 2025 Total Debt $1,601.3 $1,416.8 Less: Cash and Investments $(274.2) $(228.6) Net Debt $1,327.1 $1,188.2 Adjusted EBITDA $353.4 $415.3 Net Debt/Adjusted EBITDA 3.8x 2.9x Source: Company filings Net leverage ratio = Net Debt/Adjusted EBITDA
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26 Free Cash Flow Reconciliation Dollars in Millions September 30, 2025 Net Cash Provided by Operating Activities $191.7 Less: Capital Expenditures (9.3) Free Cash Flow $182.4