Slides
Page 1
1 February 24, 2026 Q4 2025 Earnings Conference Call Financial Results & Outlook
Page 2
2 Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements include total sales growth, EPS and Adjusted EBITDA guidance and are generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in documents we have filed with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K, and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations. Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: our dependence on third parties for the manufacture and supply of our products and where we manufacture products, our dependence on third parties for raw materials or purchased components; risks relating to the achievement of our strategic growth objectives, including anticipated results of restructuring and value creation initiatives; risks related to the Strategic Partnership Agreement with KKR Hawaii Aggregator L.P. entered into in January 2025; transitions in senior company leadership; our ability to develop or acquire and maintain and protect new products (particularly technology and specialty products) and services and utilize new technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; risks related to activist investors; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; political, economic, and regulatory influences on the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers, and increases in fuel and energy costs; changes in laws and policies governing manufacturing, development and investment in territories and countries where we do business; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, unemployment (and corresponding increase in under-insured populations), consumer confidence, sovereign debt levels, fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies and changes to other economic indicators failure to comply with existing and future regulatory requirements, including relating to health care; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation, changes in tax rates and availability of certain tax deductions; risks related to product liability, intellectual property and other claims; risks associated with customs policies or legislative import restrictions; risks associated with disease outbreaks, epidemics, pandemics (such as the COVID-19 pandemic), or similar wide-spread public health concerns and other natural or man-made disasters; risks associated with our global operations; the threat or outbreak of war (including, without limitation, geopolitical wars), terrorism or public unrest (including, without limitation, the war in Ukraine, the Israel-Gaza war and other unrest and threats in the Middle East and the possibility of a wider European or global conflict); changes to laws and policies governing foreign trade, tariffs and sanctions or greater restrictions on imports and exports, including changes to international trade agreements and the current imposition of (and the potential for additional) tariffs by the U.S. on numerous countries and retaliatory tariffs; supply chain disruption; litigation risks; new or unanticipated litigation developments and the status of litigation matters; our dependence on our senior management (including, without limitation, the transition to a new Chief Executive Officer), employee hiring and retention, increases in labor costs or health care costs, and our relationships with customers, suppliers and manufacturers; and disruptions in financial markets. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements except as required by law. Included within this presentation are non-GAAP financial measures that supplement the Company’s Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company’s actual results prepared under GAAP to exclude certain items. In the schedule attached to this presentation, the non-GAAP measures have been reconciled to and should be considered together with the Consolidated Statements of Income. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. The impact of certain items that are excluded include integration and restructuring costs, amortization of acquisition-related assets, the insurance claim recovery associated with the cybersecurity incident, changes in contingent consideration, costs associated with shareholder advisory matters and select value creation consulting costs, and litigation settlements because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate and occur on an unpredictable basis. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.
Page 3
3 Key Takeaways Fourth-quarter sales reflect continuing momentum resulting in the highest sales growth in 15 quarters. Strong sales results across all businesses, particularly global equipment, specialty products and technology businesses. Introduced guidance for 2026 non-GAAP Diluted EPS to be in the range of $5.23 to $5.37, and total sales growth of 3% to 5%. Strong fourth-quarter earnings which exceeded the increased 2025 financial guidance provided in our third quarter earnings release.
Page 4
4 4 * Refer to slide 20 for our GAAP to Non-GAAP Reconciliation. ** Growth rates reflect year-over-year change in constant currency growth compared to Q4 2024, refer to slide 6 for LCI growth detail. Adjusted EBITDA $291M *** Compares with $270M in Q4 2024, reflecting growth of 8.4% y/y Global Distribution and Value-Added Services Group Sales Growth** +5.2% Driven by continued momentum from prior quarters Global Specialty Products Group Sales Growth** +11.1% Strong performance in implants and biomaterials, and continued share gain across most markets Global Technology Group Sales Growth** +7.6% Driven by practice management software, with double-digit growth in Dentrix Ascend and Dentally, our cloud-based systems Non-GAAP Diluted EPS* $1.34 Compares with $1.19 in Q4 2024, reflecting growth of 12.6% y/y Global Sales Growth** +5.8% Reflects continuing momentum resulting in the highest sales growth in 15 quarters Q4 Financial Highlights ***Refer to slide 15 for reconciliation of Non-GAAP Adjusted EBITDA.
Page 5
5 (in millions of USD except EPS) Q4 2025 (GAAP) Q4 2024 (GAAP) y/y ∆ Q4 2025 (Non-GAAP) Q4 2024 (Non-GAAP) y/y ∆ Total Sales $3,437 $3,191 7.7% $3,437 $3,191 7.7% Operating Income $163 $155 5.7% $255 $238 7.1% Operating Margin 4.76% 4.86% -10 bps 7.42% 7.46% -4 bps Diluted EPS $0.85 $0.74 14.9% $1.34 $1.19 12.6% Adjusted EBITDA n/a n/a n/a $291 $270 8.4% 17% Europe *Refer to slide 20 for our GAAP to Non-GAAP Reconciliation. Q4 2025 Consolidated Results*
Page 6
6 Q4 2025 Henry Schein Sales Performance Products Sales ($’million) Total Sales Growth % CC Growth % LCI Growth % Commentary* Global Dental Merchandise $1,218 6.4% 3.7% 3.7% • U.S. Dental merchandise sales grew 3.6% reflecting continued market share gains versus last year. • International Dental merchandise sales grew 3.8%, driven by sales growth across Southern and Eastern Europe, Germany, Brazil and Canada. Global Dental Equipment $536 12.2% 9.1% 9.1% • U.S. Dental equipment sales grew 10.6%, Traditional equipment sales drove much of this growth, bolstered by some exclusive supplier-sponsored promotions. • International Dental equipment sales grew 7.5%, with solid growth in both traditional and digital equipment. Equipment sales growth was especially good in Germany, Brazil, Canada and Australia. Global Value-Added Services $64 9.6% 8.5% 6.9% • Value-Added Services sales growth was driven by our international businesses and by acquisitions. Global Medical $1,073 4.9% 4.8% 3.1% • U.S. medical sales grew 4.9% reflecting steady demand for medical products and pharmaceuticals, along with continued strong performance in the Home Solutions portion of our medical business. This was partially offset by lower comparative demand for respiratory product category. Global Distribution & Value-Added Services Group $2,891 7.0% 5.2% 4.5% • Solid growth driven by continued momentum from prior quarters. Global Specialty Products Group $422 14.6% 11.1% 6.4% • Growth was driven primarily by BioHorizonsCamlog in Germany, S.I.N. in Brazil, and Biotech Dental in France, which each delivered double-digit growth. International implant sales reflect solid underlying patient demand, reliable brands, and excellent product support and education programs. Global Technology Group $173 8.4% 7.6% 7.6% • U.S. sales growth was driven by practice management software, with double-digit growth in Dentrix Ascend. • International sales growth was driven by our Dentally cloud- based practice management software product. TOTAL NET SALES** $3,437 7.7% 5.8% 4.9% * Commentary reflects constant currency. ** Segment Gross Sales less eliminations.
Page 7
7 Sales: Constant currency sales growth of 5.2%, including 0.7% growth from acquisitions. Continued momentum from prior quarters. Segment Operating Income: Operating Income was up 6.9% year-over-year and includes growth from acquisition activity. We delivered solid sales growth in the fourth quarter in both the U.S. and Internationally with double-digit sales growth in our global dental equipment business. $176 $165 140 150 160 170 180 Segment Operating Income (in millions) 4Q25 4Q24 6.1% 6.1% 4.5% 5.0% 5.5% 6.0% 6.5% Segment Operating Margin % 4Q25 4Q24 5.2% 5.2% 5.2%5.2% 10.9% 7.0% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% Total U.S. Distribution Total International Distribution Global Distribution and Value-Added Services Sales Growth (%) 4Q25 Constant Currency Sales Growth 4Q25 Total Sales Growth Q4 2025 Global Distribution & Value-Added Services Group
Page 8
8 Sales: Constant currency sales growth of 11.1%, reflecting strong performance in implants and biomaterials. Sales growth was driven primarily by BioHorizonsCamlog in Germany, S.I.N. in Brazil and Biotech Dental in France, which each delivered double-digit growth. Segment Operating Income: Operating income was up 24.7% year-over- year and includes growth from acquisition activity. We believe we continued to gain share across most markets. $63 $50 10 20 30 40 50 60 70 Segment Operating Income (in millions) 4Q25 4Q24 11.1% 14.6% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Sales Growth (%) 4Q25 Constant Currency Sales Growth 4Q25 Total Sales Growth 14.8% 13.6% 13.0% 13.5% 14.0% 14.5% 15.0% Segment Operating Margin % 4Q25 4Q24 Q4 2025 Global Specialty Products Group
Page 9
9 Driven by our core practice management solutions business. 7.6% 8.4% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% Sales Growth (%) 4Q25 Constant Currency Sales Growth 4Q25 Total Sales Growth Sales: Constant currency sales growth of 7.6%. Sales growth was driven by our cloud- based practice management software product. Segment Operating Income: Operating income was up 5.0% year-over- year. $47 $45 10 20 30 40 50 Segment Operating Income (in millions) 4Q25 4Q24 27.6% 28.5% 10.0% 15.0% 20.0% 25.0% 30.0% Segment Operating Margin % 4Q25 4Q24 Q4 2025 Global Technology Group
Page 10
10 $43M Invested Q4 $87M Invested Q4 $200M Share repurchases Q4 Return of Capital to Shareholders Acquisitions Capital Expenditures Disciplined Approach to Balance Sheet Management 2.6x Debt-to-Adjusted EBITDA ratio as of December 27, 2025* Maintain investment grade balance sheet $780M Remaining share repurchase authorization at the end of Q4 Strong balance sheet provides flexibility to pursue attractive opportunities $381M Q4 2025 Operating Cashflow 1 Balanced Capital Allocation Strategy *Refer to slide 15 for reconciliation of Non-GAAP Adjusted EBITDA. Debt reflects long-term debt, bank credit lines and letters of credit.
Page 11
11 2025 non-GAAP operating income from high-growth, high-margin businesses is approaching 50% of our total operating income. On-track to exceed goal of over 50% by the end of our strategic planning cycle in 2027. Implementation is underway across multiple value creation projects , and we are pleased with the progress made to-date. Expect these initiatives to achieve annual run-rate operating income improvements of over $125 million by the end of 2026. Made substantial progress rolling-out our Global eCommerce Platform, henryschein.com, and expect to complete the roll-out to U.S. Dental and Canadian customers in the first quarter of 2026 and to U.S. Medical customers shortly thereafter, then continue with global implementation. Launched a number of innovative solutions that provide customers the tools to enhance patient care and to operate a more efficient practice, including exclusive distribution in the U.S. and the U.K. of Vvardis’ Curodont product, a unique solution for the detection and treatment of early-stage caries, and a partnership with Amazon Web Services for generative and agentic AI integration with Henry Schein One. Q4 Highlights Advancing our BOLD+1 Strategy The growth we have achieved, especially over the second half of 2025, demonstrates the effective execution of our 2025-2027 BOLD+1 Strategic plan, and positions us well for the future
Page 12
12 Guidance assumes stable dental and medical end-markets during the year and is supported by initiatives outlined in our strategic plan. We expect these initiatives will support our long- term financial goals. Guidance also assumes that foreign currency exchange rates will remain generally consistent with current levels, and that the effects of tariffs can be mitigated. Given the implementation schedule for the value creation initiatives, we expect earnings growth to be weighted towards the second half of the year. Guidance also assumes an estimated non-GAAP effective tax rate of approximately 24%. As of February 24, 2026* Guidance for Full Year 2026 Total Sales growth over 2025 Actuals +3% to +5% Adjusted EBITDA growth over 2025 Actuals Mid-Single Digits 2026 Non-GAAP Diluted EPS $5.23 to $5.37 The Company is providing guidance for 2026 diluted EPS and for 2026 Adjusted EBITDA on a non-GAAP basis, as noted above. The Company is not providing a reconciliation of its 2026 non-GAAP diluted EPS guidance to its projected 2026 diluted EPS prepared on a GAAP basis, or its 2026 Adjusted EBITDA guidance to net income prepared on a GAAP basis. This is because the Company is unable to provide without unreasonable effort an estimate of restructuring expenses and related costs, including its ongoing value-creation initiatives, and the corresponding tax effect, which will be included in the Company’s 2026 diluted EPS and net income, prepared on a GAAP basis. The inability to provide this reconciliation is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact and timing of related costs. Management does not believe these items are representative of the Company’s underlying business performance. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. *FY2026 Guidance is as of February 24, 2026 and should not be considered an update of guidance beyond that date. Guidance is for current continuing operations and does not include the impact of restructuring expenses and related costs, amortization expense of acquired intangible assets, the impairment of intangible assets, changes in contingent consideration, costs associated with shareholder advisory matters, select implementation- related costs supporting value creation initiatives, and litigation settlements. Financial Guidance – FY2026
Page 13
13 13 Appendix
Page 14
14 Q4 2025 Worldwide Financial Results* (in millions of USD except EPS) Q4 2025 (Non-GAAP) Q4 2024 (Non-GAAP) y/y ∆ Total sales $3,437 $3,191 7.7% Gross profit 1,063 993 7.0% Gross margin 30.94% 31.14% -20 bps Operating expenses (Non-GAAP)** 808 755 7.0% Operating income (Non-GAAP)** $255 $238 7.1% Operating margin (Non-GAAP)** 7.42% 7.46% -4 bps Net income attributable to Henry Schein, Inc. (Non- GAAP)** $160 $149 6.6% Earnings per share (Non-GAAP)** $1.34 $1.19 12.6% Effective tax rate (Non-GAAP)** 22.7% 22.0% *Refer to slide 20 for our GAAP to Non-GAAP Reconciliation. **GAAP Results as follows: Q4 2025: Operating expenses $900, Operating income $163, Operating margin 4.76%, Net income $101, Earnings per share $0.85, Effective tax rate 24.1% Q4 2024: Operating expenses $838, Operating income $155, Operating margin 4.86%, Net income $94, Earnings per share $0.74, Effective tax rate 24.5%
Page 15
15 Adjusted EBITDA (in millions of USD) Q4 2025 Q4 2024 Net Income attributable to Henry Schein, Inc. (GAAP) $101 $94 Income attributable to noncontrolling interests 2 2 Net Income (GAAP) 103 96 Interest income (9) (6) Interest expense 39 35 Income taxes 32 31 Depreciation and amortization 82 76 Restructuring and related costs 23 37 Cyber incident-insurance proceeds, net of third-party advisory expenses - (20) Impairment of capitalized assets - 12 Impairment of intangible assets 15 1 Change in contingent consideration (6) 7 Costs associated with shareholder advisory matters and select value creation consulting costs 12 2 Litigation settlements 2 - Equity in earnings of affiliates, net of tax (2) (1) Adjusted EBITDA (Non-GAAP) $291 $270 Adjusted EBITDA is a non-GAAP measure that we calculate in the manner reflected on Exhibit C. We define Adjusted EBITDA as net income, excluding (i) net income attributable to noncontrolling interests, (ii) interest income and expense, (iii) income taxes, (iv) depreciation and amortization, (v) restructuring and related costs, (vi) cyber incident-insurance proceeds, net of third-party advisory expenses, (vii) impairment of capitalized assets, (viii) impairment of intangible assets, (ix) change in contingent consideration, (x) costs associated with shareholder advisory matters and select value creation consulting costs, (xi) litigation settlements and (xii) equity in earnings of affiliates, net of tax. Amounts may not sum due to rounding.
Page 16
16 Q4 2025 Sales Summary Global Distribution and Value-Added Services Group (in millions of USD) Q4 2025 Q4 2024 y/y ∆ y/y CC* ∆ Merchandise $583 $562 3.6% 3.6% Equipment 274 247 10.6% 10.6% Value-Added Services 53 52 1.7% 1.7% Total Dental 910 861 5.5% 5.5% Medical 1,045 996 4.9% 4.9% Total U.S. Distribution and Value-Added Services $1,955 $1,857 5.2% 5.2% Merchandise 635 582 9.2% 3.8% Equipment 262 231 13.9% 7.5% Value-Added Services 11 6 76.7% 66.7% Total Dental 908 819 11.0% 5.3% Medical 28 26 6.7% 1.9% Total International Distribution and Value-Added Services $936 $845 10.9% 5.2% Global Dental 1,818 1,680 8.2% 5.4% Global Medical 1,073 1,022 4.9% 4.8% Total Global Distribution and Value-Added Services Group $2,891 $2,702 7.0% 5.2% *CC growth rates reflect year-over-year change in constant currency growth compared to Q4 2024.
Page 17
17 Q4 2025 Sales Summary Global Specialty Products Group* (in millions of USD) Q4 2025 Q4 2024 y/y ∆ y/y CC** ∆ Global Specialty Products Group $422 $368 14.6% 11.1% *Global Specialty Products Group includes certain expenses related to managing owned-brands that support sales in the distribution businesses. **CC growth rates reflect year-over-year change in constant currency growth compared to Q4 2024.
Page 18
18 Q4 2025 Sales Summary Global Technology Group *CC growth rates reflect year-over-year change in constant currency growth compared to Q4 2024. (in millions of USD) Q4 2025 Q4 2024 y/y ∆ y/y CC* ∆ U.S. HS One $131 $121 8.2% 8.2% International HS One 36 32 12.0% 8.2% Global HS One 167 153 9.0% 8.2% Other 6 7 -6.4% -6.4% Global Technology Group $173 $160 8.4% 7.6%
Page 19
19 Q4 2025 GAAP to Non-GAAP Income Statements (in millions of USD except EPS) Q4 2025 GAAP Restructuring And Related Costs Acquisition Intangible Amortization Change in Contingent Consideration Litigation Settlements Impairment of Intangible Assets Costs Associated with Shareholder Advisory Matters and Select Value Creation Consulting Costs Q4 2025 Non-GAAP Total sales $3,437 $3,437 Gross profit 1,063 1,063 Selling, general and administrative 808 6 (2) (15) (12) 785 Depreciation and amortization 69 (46) 23 Restructuring and related costs 23 (23) - Operating income $163 $23 $46 ($6) $2 $15 $12 $255 Net interest expense and other (30) (30) Income before taxes 133 23 46 (6) 2 15 12 225 Income taxes (32) (2) (12) 1 - (3) (3) (51) Equity in earnings of affiliates, net of tax 2 2 Net income 103 21 34 (5) 2 12 9 176 Less: Net income attributable to noncontrolling interests (2) (7) (6) - - (1) - (16) Net income attributable to Henry Schein, Inc. 101 14 28 (5) 2 11 9 160 Earnings per share (Diluted) $0.85 $0.12 $0.24 ($0.04) $0.01 $0.09 $0.08 $1.34 Amounts may not sum due to rounding.
Page 20
20 GAAP to Non-GAAP Reconciliation Q4 2025 Financial Highlights This presentation includes both GAAP and non-GAAP financial results. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures. Net income growth rates are based on actual values and may not recalculate due to rounding. Amounts may not sum due to rounding. Henry Schein, Inc. Fourth Quarter 2025 Analyst Presentation Q4 2025 - Financial Highlights (in millions, except per share data) Q4 2024 Q4 2025 Growth Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Growth Net Sales 3,191$ 3,437$ 7.7% 3,191$ 3,437$ 7.7% Operating Income 155 163 5.7% 37$ 23$ 44$ 46$ (20)$ -$ 7$ (6)$ -$ 2$ 12$ -$ 1$ 15$ 2$ 12$ 238 255 7.1% Operating Margin 4.86% 4.76% (10) bps 7.46% 7.42% (4) bps Net Income 94 101 7.9% 28$ 14$ 27$ 28$ (15)$ -$ 7$ (5)$ -$ 2$ 6$ -$ -$ 11$ 2$ 9$ 149 160 6.6% Diluted EPS 0.74$ 0.85$ 14.9% 0.23$ 0.12$ 0.22$ 0.24$ (0.12)$ -$ 0.05$ (0.04)$ -$ 0.01$ 0.05$ -$ -$ 0.09$ 0.01$ 0.08$ 1.19$ 1.34$ 12.6% Notes: Amounts may not sum due to rounding. Reconciling Items GAAP Non-GAAP Impairment of Capitalize Assets Impairment of Intangible Assets Costs Associated with Shareholder Advisory Matters and Select Value Creation Consulting Costs Restructuring and Related Costs Acquisition Intangible Amortization Cyber Incident- Insurance Proceeds, Net of Third-Party Advisory Expenses Litigation Settlements Change in Contingent Consideration
Page 21
21 GAAP to Non-GAAP Reconciliation 2025 Financial Highlights This presentation includes both GAAP and non-GAAP financial results. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures. Net income growth rates are based on actual values and may not recalculate due to rounding. Amounts may not sum due to rounding. Henry Schein, Inc. Fourth Quarter 2025 Analyst Presentation Full Year 2025 Financial Highlights (in millions, except per share data) 2024 2025 Growth 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Growth Net Sales 12,673$ 13,184$ 4.0% 12,673$ 13,184$ 4.0% Operating Income 621$ 653$ 5.2% 110$ 105$ 184$ 179$ (31)$ (20)$ 45$ (2)$ 5$ 5$ 12$ -$ 1$ 16$ 2$ 36$ 949$ 972$ 2.4% Operating Margin 4.90% 4.96% 6 bps 7.49% 7.37% (12) bps Net Income 390$ 398$ 2.2% 79$ 72$ 112$ 109$ (23)$ (15)$ 35$ (2)$ 4$ 4$ 6$ -$ -$ 12$ 2$ 27$ 605$ 605$ -0.1% Diluted EPS 3.05$ 3.27$ 7.2% 0.62$ 0.59$ 0.88$ 0.90 (0.18)$ (0.12)$ 0.27$ (0.02)$ 0.03$ 0.03$ 0.05$ -$ -$ 0.10$ 0.01$ 0.22$ 4.74$ 4.97$ 4.9% Notes: Amounts may not sum due to rounding. Prior periods have been restated to conform to the current period presentation. Non-GAAP Restructuring and Related Costs Acquisition Intangible Amortization Impairment of Capitalized Assets Reconciling Items GAAP Cyber Incident- Insurance Proceeds, Net of Third-Party Advisory Expenses Costs Associated with Shareholder Advisory Matters Litigation Settlements Impairment of Intangible Assets Change in Contingent Consideration