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February 26, 2026Fourth Quarter 2025 Results
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© 2026 Enovis Corporation Forward-looking Statements Non-GAAP Financial Information 2 This presentation includes forward-looking statements, including forward-looking statementswithin the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals,objectives, outlook, expectations and intentions, and other statements that are not historicalor current fact. Forward-looking statements and are based on Enovis’ current expectationsand involve risks and uncertainties that could cause actual results to differ materially fromthose expressed or implied in such forward-looking statements. Factors that could causeEnovis’ results to differ materially from current expectations include, but are not limited to,risks and uncertainties regarding Enovis’ business, including with respect to the acquisitionand integration of LimaCorporate S.p.A.; the impact of public health emergencies and globalpandemics; disruptions in the global economy caused by escalating geopolitical tensionsincluding in connection with ongoing conflicts between Russia and Ukraine and in the MiddleEast; macroeconomic conditions, including the impact of increasing inflationary pressures;changes in government trade policies, including the impact of tariffs; supply chaindisruptions; increasing energy costs and availability concerns, particularly in the Europeanmarket; other impacts on Enovis’ business and ability to execute business continuity plans;and the other factors detailed in Enovis’ reports filed with the U.S. Securities and ExchangeCommission (the “SEC”), including its most recent Annual Report on Form 10-K andsubsequent Quarterly Reports on Form 10-Q under the caption “Risk Factors, ” as well as theother risks discussed in Enovis’ filings with the SEC. In addition, these statements are basedon assumptions that are subject to change. This presentation speaks only as of the datehereof. Enovis disclaims any duty to update the information herein.Enovis has provided in this presentation financial information that has not been prepared in accordance withaccounting principles generally accepted in the United States of America (“non-GAAP”). These non-GAAPfinancial measures may include one or more of the following: Adjusted net income from continuing operations,Adjusted net income per diluted share, Adjusted EBITDA (earnings before interest, taxes, depreciation andamortization), adjusted EBITDA margin, and organic sales growth (also referred to herein as organic growth),free cash flow and free cash flow conversion. Adjusted net income and adjusted net income per diluted sharerefer to net income and net income per share, respectively, excluding net income attributable to noncontrollinginterest from continuing operations, net of taxes; the effect of loss from discontinued operations, net of taxes;restructuring charges; Medical Device Regulation (“MDR”) fees and other costs; strategic transaction costs;stock-based compensation; acquisition related intangible asset amortization; strategic purchase of economicinterest on future royalty payments; property plant and equipment step-up depreciation, and inventory step-up; goodwill impairment charges; other (income) expense, net; and including the tax effect of adjusted pre-taxincome at applicable tax rates and other tax adjustments. Enovis also presents adjusted net income margin,which is subject to the same adjustments as adjusted net income. Adjusted EBITDA represents adjusted netincome or loss from continuing operations excluding interest, taxes, and depreciation and amortization. Enovispresents adjusted EBITDA margin, which is subject to the same adjustments as adjusted EBITDA. Adjustedgross profit represents gross profit excluding the fair value charges of acquired inventory, depreciation step-upof acquired fixed assets and the impact of restructuring and other charges. Adjusted gross profit margin issubject to the same adjustments as adjusted gross profit. Organic sales growth calculates sales growth periodover period, after excluding the impact of acquisitions, divestitures and foreign exchange rate fluctuations.Free cash flow represents cash flow from operating activities less purchases of property, plant and equipmentnet proceeds from sale of certain properties. Free cash flow conversion represents free cash flow divided byadjusted net income. These non-GAAP financial measures assist Enovis management in comparing itsoperating performance over time because certain items may obscure underlying business trends and makecomparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistentfrequency or relate to discrete restructuring plans that are fundamentally different from the ongoingproductivity improvements of the Company. Enovis management also believes that presenting these measuresallows investors to view its performance using the same measures that the Company uses in evaluating itsfinancial and business performance and trends. Non-GAAP financial measures should not be considered inisolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors areencouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAPfinancial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results hasbeen provided in the financial tables included in this presentation. Enovis does not provide reconciliations ofadjusted EBITDA or adjusted earnings per share on a forward-looking basis to the closest GAAP financialmeasures, as such information is not available without unreasonable efforts on a forward-looking basis due touncertainties regarding, and the potential variability of, reconciling items excluded from these measures. Theseitems are uncertain, depend on various factors, and could have a material impact on GAAP reported results forthe guidance period.
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© 2026 Enovis Corporation 3 Highlights Improved Commercial Execution and Strengthened Financial DisciplineSee appendix for non-GAAP reconciliations.•Nebula stem and OrthoDrive Surgical Impactor in Hip•Augmented Reverse Glenoid (ARG) in Shoulder •ManaFuse Bone Growth Stimulator•Reimbursement wins for OA Bracing and Cold TherapyQ4 2025Full Year 2025•+7% reported sales growth, +6% organic•Delivered on Cash Goals – exceeded 10% Free Cash Conversion in 2025•+3% reported sales growth, +2% organicQ4 included ~400 basis points negative impact from fewer selling days vs. prior year•Generated >$30M of Free Cash FlowKey Growth Initiatives Drove Execution in 2025
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© 2026 Enovis Corporation 4 Q4 Reconstructive Segment Sales Performance Commercial Execution Supported by Cross-selling and New Product Launches Reconstructive Q4 Sales Growth: +7% Y/Y , +3% organicHip & KneeExtremitiesOther•WW Organic growth of +3%•+7% organic growth in Extremities, flat organic growth in Hip/Knee•Q4 included ~400 basis points impact from fewer selling days vs prior year•U.S. organic growth of +2%•+5% Extremities growth led by Shoulder•-4% Hip/Knee decline impacted by prior year capital ($3M, ~600bps Y/Y)•Implant growth driven by Nebula/Orthodriveimpactor and revision knees•International organic growth of +5%•Solid growth across anatomies, led by DD growth in ShoulderSee appendix for non-GAAP reconciliations.Q4 ‘25 Sales$293M
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© 2026 Enovis Corporation 5 Q4 Prevention & Recovery Segment Sales Performance Improved Product Mix with Significant Gross Margin Expansion P&R Q4 Sales Growth: -1% Y/Y , +0% organic•WW organic growth of 0%•Global Bracing -1%•Q4 included ~400 basis points impact from fewer selling days vs prior year•Expanded Adjusted Gross Margin by +150bps inclusive of tariff impact•Continued reshaping of the portfolio to higher growth categories•BoneStim•MotionMD and RCM•Innovation in Spine and Upper Extremity bracing•Positive Medicare Coverage HCPCs code for Cold TherapyRecovery Sciences BracingQ4 ‘25 Sales$283M See appendix for non-GAAP reconciliations.
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© 2026 Enovis Corporation 6 P&L Performance Net SalesAdj. Gross ProfitMarginAdj. EBITDAMarginAdj. EPSQ4 2024$561$33760.1%$11320.1%$0.98Q4 2025$576$35461.4%$11219.4%$0.95millions See appendix for non-GAAP reconciliations. Net SalesAdj. Gross ProfitMarginAdj. EBITDAMarginAdj. EPSFY 2024$2,108$1,25059.3%$37717.9%$2.84FY 2025$2,248$1,37161.0%$40317.9%$3.30millions Demonstrated Progress Towards Sustainable, Profitable, Capital Efficient Growth
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© 2026 Enovis Corporation 7 Full Year 2025 PerformanceReported RevenueaEBITDAInterest ExpenseDepreciationEffective Tax RateaEPSMay$2.22-$2.25B$385-$395M$38-$42M$120-$125M~23%$2.95-$3.10August$2.245-$2.275B$392-$402M$38-$42M$120-$125M~23%$3.05-$3.20Achieved Strong Results in a Dynamic EnvironmentSee appendix for non-GAAP reconciliations. February$2.19-$2.22B$405-$415M$42-$46M$125-$130M~23%$3.10-$3.25November$2.24-$2.27B$395-$405M$38-$42M$120-$125M~23%$3.10-$3.25Actual$2.248B$403M$35M$118M23.5%$3.30
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© 2026 Enovis Corporation 8 Full Year Sales GrowthSales growth vs. 2024 (%)Recon P&R HSD Recon, MSD P&R Growth Drove Global Share Gain •Selling days and Dr. Comfort divestiture impact offset by FX tailwind•Recon – Growth driven by NPI and focused commercial execution –despite capital sales headwinds in US hip/knee•P&R - Continued share gains driven by innovation and growth initiatives across Bracing, RCM, and Bone StimSee appendix for non-GAAP reconciliations.1.40.6Reported GrowthFX BenefitAcq/DivestOrganic GrowthDays ImpactOrganic, SPD6.75.96.40.5 1.80.510.08.28.71.11.20.53.63.74.2
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© 2026 Enovis Corporation 9 Recon Business Durable and Growing Above Market•Quarterly growth volatility in 2025 driven by accounting calendar•Innovation pace accelerating with capital headwinds behind us•Strong International performance and momentum building from cross-selling and NPIRecon Portfolio Positioned for Continued Share GainsSee appendix for non-GAAP reconciliations.Figures may not add due to rounding.Enabling tech headwinds by quarter were $0M in Q1, $2M in Q2, $3M in Q3, $4M in Q4, and $9M for 2025. US EXTREMITIES Q1 Q2 Q3 Q4 FYOrganic Growth 12% 10% 13% 5% 10%Selling Days Impact -4% 2% -1% 4% 1%Growth, Days adj. 8% 12% 12% 9% 10%US HIP/KNEE Q1 Q2 Q3 Q4 FYOrganic Growth 10% 0% -1% -4% 1%Selling Days Impact -4% 2% -1% 4% 1%ET Capital Headwind 0% 4% 7% 6% 5%Growth, Days/Capital adj. 7% 6% 5% 6% 6%INT'L RECON Q1 Q2 Q3 Q4 FYOrganic Growth 14% 10% 12% 5% 10%Selling Days Impact -4% 2% -1% 4% 1%Growth, Days adj. 10% 12% 11% 9% 11%
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© 2026 Enovis Corporation 10 Full Year 2025 aEBITDA Progression Maintained Margins and Prioritized Key Growth Investments •Business mix, product mix, cost synergies, and operational efficiency programs (EGX) are driving underlying margin performance•Continued investments in innovation and NPI with a focus on increased R&D spend in Enabling Technologies •Tariffs represented a ~40bps net headwind after mitigation effortsSee appendix for non-GAAP reconciliations. aEBITDA Margin Bridge vs. 2024 (%)1.21.00.40.22024 Operating PerformanceR&D Tariffs (net) FX 202517.9 17.9
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© 2026 Enovis Corporation Focused Capital Allocation 11 10%2024 2025-43%4.3X3.4X3.1X1Q24 4Q24 4Q25Focus:•Increase FCF conversion•Continue to reduce leverage•Support organic growth through CAPEX and R&D investments•Selectively review value-creating bolt-on and divestment candidatesFCF Conversion Net Leverage Improved Cash Flow and Balance Sheet Health Debt$1.3B as of 12/31/251.8% blended interest rate*Re-financed TLA/Revolver in 4Q25Covenant Light$36M cash$943M unused revolveras of 12/31/25Liquidity* Weighted average cost of debt net of investment hedges. Average blended interest rate without investment hedges is 5.24%.
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© 2026 Enovis Corporation 12 Full Year 2026 OutlookaEBITDAInterest ExpenseDepreciationAdjusted Tax RateaEPS2026 Outlook$425-$435M~$30-$32M$118-$122M~23%$3.52-$3.73Comments•Global markets grow in line with historical averages •~4.0-6.0% organic growth•0.5-1.5% FX tailwind at current rates•HSD Recon growth, LSD P&R•Dr. Comfort divestiture a 1.8% headwind to reported revenue growth (-$41M)•Assumes ~$15M of net tariff expenses based on current environment•aEPS assumes shares of ~59MContinued Focus on Commercial Execution, Operational Excellence and Financial DisciplineSee appendix for non-GAAP reconciliations. 2025 Results$2.25B$403M$35M$118M23.5%$3.30Revenue$2.31-$2.37BFree Cash Conversion10% 25%+
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© 2026 Enovis Corporation 13 Summary•Encouraging execution in 2025 against a dynamic operating environment - demonstrating the power of the global diversified portfolio•Above market growth in both segments fueled by recent launches and commercial execution•Multi-year roadmap of new product launches supports continued growth trajectory •2026 guidance for $2.31-2.37B of sales, margin expansion and 25%+ Free Cash Flow Conversion
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Appendix 14
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© 2026 Enovis Corporation © 2025 Enovis Corporation QTD Sales Bridge Net SalesTotal EnovisReconstructionPrevention & RecoveryChange %$Change %$Change %$$ 561.0$ 274.0$ 286.9For the three months ended December 31, 2024Components of Change:1.8 %10.33.3 %8.90.5 %1.4Existing Businesses(1)0.2 %1.4— %—0.5 %1.4Acquisitions(2)(2.3)%(13.0)— %—(4.5)%(13.0)Divestitures(3) 2.9 %16.03.6 %9.92.1 %6.1Foreign Currency Translation(4)2.6 %14.76.9 %18.8(1.4)%(4.1)$ 575.7$ 292.8$ 282.8For the three months ended December 31, 2025(1)Excludes the impact of foreign exchange rate fluctuations and acquisitions, thus providing a measure of change due tofactors such as price, product mix and volume.(2)Represents the incremental sales as a result of acquisitions of businesses for twelve months from the acquisition date.Excludes (i) acquisitions of former distribution partners as such transactions primarily represent a shift from a third-partydistribution model to a direct sales model, and (ii) acquisitions of intellectual property as such transactions involve thepurchase of technologies that have not been commercialized.(3)Represents the decrease in sales as a result of divestitures of businesses for twelve months from the divestiture date.(4)Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior yearsales valued at current year foreign exchange rates.
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© 2026 Enovis Corporation © 2025 Enovis Corporation YTD Sales Bridge Net SalesTotal EnovisReconstructionPrevention & RecoveryChange %$Change %$Change %$$ 2,107.6$ 1,009.7$ 1,098.0For the year ended December 31, 2024Components of Change:5.9 %123.58.2 %83.13.7 %40.3Existing Businesses(1)0.2 %4.2— %—0.4 %4.2Acquisitions(2)(0.8)%(17.3)— %—(1.6)%(17.3)Divestitures(3) 1.4 %30.01.8 %18.31.1 %11.7Foreign Currency Translation(4)6.7 %140.410.0 %101.43.5 %38.9$ 2,248.0$ 1,111.1$ 1,136.9For the year ended December 31, 2025(1)Excludes the impact of foreign exchange rate fluctuations and acquisitions, thus providing a measure of change due tofactors such as price, product mix and volume.(2)Represents the incremental sales as a result of acquisitions of businesses for twelve months from the acquisition date.Excludes (i) acquisitions of former distribution partners as such transactions primarily represent a shift from a third-partydistribution model to a direct sales model, and (ii) acquisitions of intellectual property as such transactions involve thepurchase of technologies that have not been commercialized.(3)Represents the decrease in sales as a result of divestitures of businesses for twelve months from the divestiture date.(4)Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior yearsales valued at current year foreign exchange rates.
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© 2026 Enovis Corporation © 2025 Enovis Corporation QTD Adjusted EPS ReconciliationYear EndedThree Months EndedDecember 31, 2024December 31, 2025December 31, 2024December 31, 2025Adjusted Net Income and Adjusted Net Income Per Share$ (824.8)$ (1,183.6)$ (703.2)$ (520.5)Net Loss (GAAP)(39.1)%(52.7)%(125.4)%(90.4)%Net loss margin (GAAP)(0.7)(0.8)(0.1)(0.1)Net income attributable to noncontrolling interest from continuing operations - net of taxes(2.6)1.9(0.4)1.7Loss from discontinued operations, net of taxes$ (828.1)(1,182.5)$ (703.8)$ (518.9)Net (loss) income from continuing operations attributable to Enovis(1) (GAAP)45.215.119.96.9Restructuring and other charges - pretax(2)19.510.44.71.4MDR and other costs - pretax(3) 165.5173.640.945.2Amortization of acquired intangibles - pretax52.220.611.90.7Inventory step-up and PPE step-up depreciation - pretax(4)78.360.413.319.2Strategic transaction costs - pretax(5) 29.733.37.88.3Stock-based compensation—45.8——Purchase of royalty interest645.01,049.8645.0501.3Goodwill impairment charge(9.9)0.4(0.1)(0.1)Other income, net(6) (39.2)(36.5)15.2(9.0)Tax adjustment(7) 158.1190.455.054.8Adjusted net income from continuing operations (non-GAAP)7.5 %8.5 %9.8 %9.5 %Adjusted net income margin from continuing operations$ 55,281$ 57,069$ 55,875$ 57,192Weighted-average shares outstanding - diluted (GAAP)$ (14.98)$ (20.72)$ (12.60)$ (9.07)Net loss per share - diluted from continuing operations (GAAP)$ 55,734$ 57,654$ 56,372$ 57,941Adjusted weighted-average shares outstanding - diluted (non-GAAP)$ 2.84$ 3.30$ 0.98$ 0.95Adjusted net income per share - diluted from continuing operations (non-GAAP)
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© 2026 Enovis Corporation © 2025 Enovis Corporation QTD Adjusted EPS Reconciliation(1)Net income (loss) from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net income (loss)from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes.(2)Restructuring and other charges includes $3.6 million and $5.3 million of expense classified as Cost of sales on our Consolidated Statements of Operations for the three months and year ended December 31, 2025, respectively, and $15.2 million and $17.9 million of expense classifiedas Cost of sales on our Consolidated Statements of Operations for the three months and year ended December 31, 2024, respectively.(3)MDR and other costs includes (i) $2.2 million and $9.8 million for the three months and year ended December 31, 2025 and $3.7 million and$16.0 million for the three months and year ended December 31, 2024, respectively, in non-recurring costs specific to updating our qualitysystem, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and otherrequirements of the new medical device regulations in the European Union for devices which were introduced to the market prior to theregulation and (ii) $0.8 million and $0.6 million for the three months and year ended December 31, 2025 and $1.1 million and $3.5 million forthe three months and year ended December 31, 2024, respectively, of expenses to resolve certain infrequent, non-recurring regulatory orother legal matters. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations.(4)Includes $— million and $18.1 million in inventory step-up charges and $0.7 million and $2.5 million in PPE step-up depreciation in connectionwith acquired businesses for the three months and year ended December 31, 2025, respectively. Step-up depreciation costs for such periodsprimarily relate to the Lima acquisition.(5)Strategic transaction costs includes: (i) $11.3 million and $39.4 million for the three months and year ended December 31, 2025 and $9.8million and $64.9 million for the three months and year ended December 31, 2024, respectively, related to non-recurring integration costsassociated with the Lima Acquisition which includes (a) payroll and retention costs for roles eliminated in connection with the integration of ourrecent acquisition of Lima where a legal notice period was required prior to the employee’s separation from the Company, or integration-related daily activities not related to former roles performed by an employee during their legal notice period and prior to their separation fromthe Company. In each case, such costs relate solely to roles eliminated in connection with the integration of the Lima acquisition, and arenonrecurring and not part of our normal business operations; (b) professional and consulting fees specifically incurred to consummate theacquisition and advise and facilitate on post-acquisition integration matters including legal entity consolidation, costs associated withrebranding and marketing acquired business under Enovis name, such as marketing materials, trade show redesign costs and productlabeling; and (c) integration related costs associated with sales agent and distributor network rationalization, including contract termination andretention expenses, supply chain and portfolio integration, and quality management system consolidation, (ii) $7.7 million and $19.5 million forthe three months and year ended December 31, 2025 and $3.1 million and $8.8 million for the three months and year ended December 31,2024, respectively, of non-recurring (non-Lima) acquisition integration costs and other non-recurring project costs for global ERP rationalizationand shared service center start-up, and (iii) $0.2 million and $1.5 million for the three months and year ended December 31, 2025 and $0.4million and $4.6 million for the three months and year ended December 31, 2024, respectively, related to the Separation of our formerfabrication technology business. These costs are classified as Selling, general and administrative expense on our Consolidated Statements ofOperations.(6)Other income, net primarily includes the fair value gain on Contingent Acquisition shares, partially offset by the first quarter of 2024 loss on thenon-designated forward currency hedge for managing exchange rate risk related to the Euro-denominated purchase price of the LimaAcquisition.(7)The effective tax rates used to calculate adjusted net income and adjusted net income per share were 25.0% and 23.5% for the three monthsand year ended December 31, 2025, respectively, and 21.0% and 21.7% for the three months and year ended December 31, 2024,respectively.
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© 2026 Enovis Corporation © 2025 Enovis Corporation QTD Adjusted EBITDA ReconciliationYear EndedThree Months EndedDecember 31, 2024December 31, 2025December 31, 2024December 31, 2025$ (824.8)$ (1,183.6)$ (703.2)$ (520.5)Net loss (GAAP)(39.1)%(52.7)%(125.4)%(90.4)%Net loss margin (GAAP)(2.6)1.9(0.4)1.7Income (loss) from discontinued operations, net 4.522.329.99.3Income tax benefit(9.9)0.4(0.1)(0.1)Other (income) expense, net57.134.89.17.5Interest expense, net$ (775.7)$ (1,124.2)$ (664.7)$ (502.2)Operating loss (GAAP)Adjusted to add:45.215.119.96.9Restructuring and other charges(1)19.510.44.71.4MDR and other costs(2)78.360.413.319.2Strategic transaction costs(3)29.733.37.88.3Stock-based compensation117.3120.731.631.8Depreciation and other amortization165.5173.640.945.2Amortization of acquired intangibles645.01,049.8645.0501.3Goodwill impairment charge—45.8——Purchase of royalty interest(4)51.718.114.4—Inventory step-up(5)$ 376.5$ 403.0$ 112.9$ 111.9Adjusted EBITDA (non-GAAP)17.9 %17.9 %20.1 %19.4 %Adjusted EBITDA margin (non-GAAP) (1) Restructuring and other charges includes $3.6 million and $5.3 million of expense classified as Cost ofsales on our Consolidated Statements of Operations for the three months and year endedDecember 31, 2025, respectively, and $15.2 million and $17.9 million of expense classified as Cost ofsales on our Consolidated Statements of Operations for the three months and year endedDecember 31, 2024, respectively.(2) MDR and other costs includes (i) $2.2 million and $9.8 million for the three months and year endedDecember 31, 2025 and $3.7 million and $16.0 million for the three months and year ended December31, 2024, respectively, in non-recurring costs specific to updating our quality system, product labeling,asset write-offs and product remanufacturing to comply with the medical device reporting regulationsand other requirements of the new medical device regulations in the European Union for devices whichwere introduced to the market prior to the regulation and (ii) $0.8 million and $0.6 million for the threemonths and year ended December 31, 2025 and $1.1 million and $3.5 million for the three months andyear ended December 31, 2024, respectively, of expenses to resolve certain infrequent, non-recurringregulatory or other legal matters. These costs are classified as Selling, general and administrativeexpense on our Consolidated Statements of Operations.(3) Strategic transaction costs includes: (i) $11.3 million and $39.4 million for the three months and yearended December 31, 2025 and $9.8 million and $64.9 million for the three months and year endedDecember 31, 2024, respectively, related to non-recurring integration costs associated with the LimaAcquisition, which includes (a) payroll and retention costs for roles eliminated in connection with theintegration of our recent acquisition of Lima where a legal notice period was required prior to theemployee’s separation from the Company, or integration-related daily activities not related to formerroles performed by an employee during their legal notice period and prior to their separation from theCompany. In each case, such costs relate solely to roles eliminated in connection with the integration ofthe Lima acquisition, and are nonrecurring and not part of our normal business operations; (b)professional and consulting fees specifically incurred to consummate the acquisition and advise andfacilitate on post-acquisition integration matters including legal entity consolidation, costs associatedwith rebranding and marketing acquired business under Enovis name, such as marketing materials,trade show redesign costs and product labeling; and (c) integration related costs associated with salesagent and distributor network rationalization, including contract termination and retention expenses,supply chain and portfolio integration, and quality management system consolidation, (ii) $7.7 millionand $19.5 million for the three months and year ended December 31, 2025 and $3.1 million and $8.8million for the three months and year ended December 31, 2024, respectively, of non-recurring (non-Lima) acquisition integration costs and other non-recurring project costs for global ERP rationalizationand shared service center start-up, and (iii) $0.2 million and $1.5 million for the three months and yearended December 31, 2025 and $0.4 million and $4.6 million for the three months and year endedDecember 31, 2024, respectively, related to the Separation of our former fabrication technologybusiness. These costs are classified as Selling, general and administrative expense on ourConsolidated Statements of Operations.(4) In the first and second quarters of 2025, we completed strategic purchases of economic interest onfuture royalty payments in our intellectual property (“royalty interest”) for a fixed price of $56.5 million,which will be paid over nine years. We accrued a liability and recognized $45.8 million charge for thenet present value of the purchases for the year ended December 31, 2025.(5) Inventory step-up expense represents the incremental expense of inventory sold recognized at its fairvalue after business combination accounting is applied versus the expense that would have beenrecognized if sold at its cost to manufacture. Since only the inventory that existed at the businesscombination date was stepped-up to fair value, we believe excluding the incremental expenseenhances comparability between periods, allowing investors to better understand our businessperformance and the underlying trends relevant to our ongoing business performance.
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© 2026 Enovis Corporation © 2025 Enovis Corporation QTD Adjusted Gross Margin Reconciliation (Unaudited)Year EndedThree Months EndedDecember 31, 2024December 31, 2025December 31, 2024December 31, 2025$ 2,107.6$ 2,248.0$ 561.0$ 575.8Net sales$ 1,180.8$ 1,345.3$ 307.5$ 349.4Gross profit56.0 %59.8 %54.8 %60.7 %Gross Margin (GAAP)$ 1,180.8$ 1,345.3$ 307.5$ 349.4Gross profit (GAAP)51.720.314.40.6Inventory step-up and PPE step-up depreciation17.95.315.23.6Restructuring and other charges1,250.41,370.9337.1353.6Adjusted gross profit (Non-GAAP)59.3 %61.0 %60.1 %61.4 %Adjusted gross profit margin (Non-GAAP)
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© 2026 Enovis Corporation © 2025 Enovis Corporation Q4’25 GAAP to Adjusted Non-GAAP Financial MeasuresDollars in millions(Unaudited)AdjustedIncome Tax AdjustmentdOther AdjustmentscRestructuring & Other AdjustmentsbAcquisition-Related Non-Cash AdjustmentsaEnovis Continuing Operations$ 575.8$ —$ —$ —$ —$ 575.8Net sales222.1——(3.6)(0.6)226.3Cost of goods sold353.7——3.60.6349.5Gross profit61.4 %60.7 %Gross margin241.5—(27.5)(1.4)—270.4Selling, general and administrative expense—————Purchase of royalty interest31.4————31.4Research and development expense————(45.2)45.2Amortization of acquired intangibles———(31.4)—31.4Restructuring and other charges—(501.3)501.3Goodwill impairment charge80.8—528.836.445.8(530.2)Operating (loss) income7.5————7.5Interest expense, net———0.1—(0.1)Other income, net73.3—528.836.345.8(537.6)(Loss) income before taxes18.39.0———9.3Income tax (benefit) expense0.1————0.1Less: NCI income, net of taxes——(1.7)——1.7Discontinued Operations$ 54.9$ (9.0)$ 530.5$ 36.3$ 45.8$ (548.7)Net (loss) income attributable to EnovisaRemoves impact of amortization of acquired intangibles, fair value charges of acquired inventory and PPE step-up depreciation.bRemoves impact of restructuring and other charges.cRemoves impact of strategic transaction costs of $19.1, stock-based compensation expense of $8.2, and a goodwill impairment charge of $501.3dThe effective tax rate used to calculate adjusted net income was 25.0%
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© 2026 Enovis Corporation © 2025 Enovis Corporation Q4’24 GAAP to Adjusted Non-GAAP Financial MeasuresDollars in millions(Unaudited)AdjustedIncome Tax AdjustmentdOther AdjustmentscRestructuring & Other AdjustmentsbAcquisition-Related Non-Cash AdjustmentsaEnovis Continuing Operations$ 561.0$ —$ —$ —$ —$ 561.0Net sales223.9——(15.2)(14.4)253.5Cost of goods sold337.1——15.214.4307.5Gross profit60.1 %54.8 %Gross margin234.3—(21.2)(4.7)2.5257.7Selling, general and administrative expense—————Purchase of royalty interest24.0————24.0Research and development expense————(40.9)40.9Amortization of acquired intangibles———(4.7)—4.7Restructuring and other charges——(645.0)——645.0Goodwill impairment78.8—666.224.652.8(664.7)Operating (loss) income9.1————9.1Interest expense, net———0.1—(0.1)Other income, net69.8—666.224.552.8(673.7)(Loss) income before taxes14.7(15.2)———29.9Income tax (benefit) expense0.1————0.1Less: NCI income, net of taxes——0.4——(0.4)Discontinued Operations$ 55.0$ 15.2$ 665.8$ 24.5$ 52.8$ (703.3)Net (loss) income attributable to EnovisaRemoves impact of amortization of acquired intangibles, fair value charges of acquired inventory and PPE step-up depreciation.bRemoves impact of restructuring and other charges.cRemoves impact of strategic transaction costs of $13.3 and stock-based compensation expense of $7.8.dThe effective tax rate used to calculate adjusted net income was 21.0%
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© 2026 Enovis Corporation © 2025 Enovis Corporation Full Year 2025 GAAP to Adjusted Non-GAAP Financial MeasuresDollars in millions(Unaudited)AdjustedIncome Tax AdjustmentdOther AdjustmentscRestructuring & Other AdjustmentsbAcquisition-Related Non-Cash AdjustmentsaEnovis Continuing Operations$ 2,248.0$ —$ —$ —$ —$ 2,248.0Net sales877.1——(5.3)(20.3)902.8Cost of goods sold1,370.9——5.320.31,345.2Gross profit61.0 %59.8 %Gross margin965.8—(93.7)(10.4)(0.3)1,070.2Selling, general and administrative expense——(45.8)—45.8Purchase of royalty interest120.3————120.3Research and development expense————(173.6)173.6Amortization of acquired intangibles———(9.8)—9.8Restructuring and other charges—(1,049.8)1,049.8Goodwill impairment 284.8—1,189.325.5194.2(1,124.3)Operating (loss) income34.8————34.8Interest expense, net———(0.4)—0.4Other income, net250.0—1,189.325.9194.2(1,159.5)(Loss) income before taxes58.836.5———22.3Income tax (benefit) expense0.8————0.8Less: NCI income, net of taxes——1.9——(1.9)Discontinued Operations$ 190.4$ (36.5)$ 1,187.4$ 25.9$ 194.2$ (1,180.7)Net (loss) income attributable to EnovisaRemoves impact of amortization of acquired intangibles, fair value charges of acquired inventory and PPE step-up depreciation.bRemoves impact of restructuring and other charges.cRemoves impact of strategic transaction costs of $60.3, stock-based compensation expense of $33.2, and a goodwill impairment charge of $1,049.8. dThe effective tax rate used to calculate adjusted net income was 23.5%
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© 2026 Enovis Corporation © 2025 Enovis Corporation Full Year 2024 GAAP to Adjusted Non-GAAP Financial MeasuresDollars in millions(Unaudited)AdjustedIncome Tax AdjustmentdOther AdjustmentscRestructuring & Other AdjustmentsbAcquisition-Related Non-Cash AdjustmentsaEnovis Continuing Operations$ 2,107.6$ —$ —$ —$ —$ 2,107.6Net sales857.2——(17.9)(51.7)926.9Cost of goods sold1,250.4——17.951.71,180.8Gross profit59.3 %56.0 %Gross margin899.5—(108.0)(19.5)(0.4)1,027.4Selling, general and administrative expense—————Purchase of royalty interest91.3————91.3Research and development expense————(165.5)165.5Amortization of acquired intangibles———(27.3)—27.3Restructuring and other charges—(645.0)645.0Goodwill impairment259.6—753.064.7217.7(775.7)Operating (loss) income57.1————57.1Interest expense, net———9.9—(9.9)Other income, net202.5—753.054.8217.7(822.9)(Loss) income before taxes43.739.2———4.5Income tax (benefit) expense0.7————0.7Less: NCI income, net of taxes———2.6—(2.6)Less: Discontinued Operations$ 158.1$ (39.2)$ 753.0$ 52.2$ 217.7$ (825.5)Net (loss) income attributable to EnovisaRemoves impact of amortization of acquired intangibles, fair value charges of acquired inventory and PPE step-up depreciation.bRemoves impact of restructuring and other charges.cRemoves impact of strategic transaction costs of $78.3 and stock-based compensation expense of $29.7.dThe effective tax rate used to calculate adjusted net income was 21.6%
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© 2026 Enovis Corporation © 2025 Enovis Corporation Free Cash Flow Conversion and Net Leverage RatioYear Ended December 31, 2024December 31, 2025(In millions)Free Cash Flow Conversion $ 113.5$ 217.3Cash Flow from Operations(180.7)(197.4)Purchases of PPE/Intangibles (67.2)19.9Free Cash Flow 158.1190.4Adjusted net income from continuing operations (non-GAAP)(43)%10 %Free Cash Flow Conversion Three Months EndedYear Ended March 29, 2024December 31, 2024December 31, 2025Net Leverage Ratio20.120.035.0Current Portion, LTD 1,318.51,309.51,261.8Long-Term Debt (66.3)(48.2)(36.4)Less: Cash 1,272.31,281.31,260.4Net Debt 296.0376.5403.0Adjusted EBITDA - Trailing Twelve Months (non-GAAP) 4.33.43.1Net Leverage Ratio