Slides
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1 February 24, 2026 Henry Schein Overview Q4 2025
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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 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 the press release, 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, and amortization of acquisition-related assets, 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.
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3 Henry Schein #1 global provider of dental merchandise, specialty products, traditional and digital equipment, parts and services and a leading provider of medical products, equipment and services to the alternate care market with $3B+ in corporate and owned brands portfolio and related services (incl. technology) YEARS IN BUSINESS94 MORE THAN TEAM SCHEIN MEMBERS 25,000 34 COUNTRIES OPERATIONS IN SERVING MORE THAN 1 MILLION CUSTOMERS $13.2B FY2025 GLOBAL NET SALES COMPONENT OF S&P 500® INDEX 9 YEARS
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4 Key Developments Since IPO In 1995 TRANSFORMED: From the leading U.S. mail-order dental distributor to the leading global dental and medical products and services provider to office-based practitioners and alternate care sites 1 SIGNIFICANTLY EXTENDED POSITION IN: • Specialty products • Corporate brands and proprietary products • Digital solutions • Value-added services • Medical alternate care sites #1 global provider of dental merchandise, traditional and digital equipment, parts and services to office-based dental practitioners ~$7B in global dental merchandise, equipment, & value added services #3 US provider of medsurg, vaccines, pharmaceuticals, equipment and diagnostics to medical alternate care sites 1 and in the home ~$4B in U.S. medical sales #2/#3 #3 Global manufacturer of implants [& biomaterials] #2 Global manufacturer of endodontics ~$1.5B in global dental specialty portfolio sales #1 in global dental practice management software ~$700M in global dental technology sales 11% CAGR NON-GAAP EPS212% Since IPO: CAGR STOCK APPRECIATION 3 1 Excludes specialty drugs. 2 From Continuing Operations, based on 12 -month data through Q4 2025. Excludes Animal Health in 1995. Also excludes certain non -recurring items to provide a more comparable basis for analysis. A reconciliation of GAAP to non -GAAP adjustments is included in the Appendix. 3 Calculated using the stock price as of December 31, 2025 close. CURRENT STATE1: in corporate & owned brands portfolio (including technology)~$3B
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5 Favorable Long Term Macro Trends Demographics • Aging global population Healthcare Developments • Movement of procedures from hospital to physician offices and alternate care sites • Growing awareness of correlation between good oral health and overall health • Expanding healthcare coverage and access to care • Increasing importance of wellness and prevention • Untapped patient demand for healthcare services • Consolidation of practitioners to multiple locations under common management Increased Adoption of Digital Technology • Advancements in practice management software and electronic medical records • Improved clinical workflow driving better patient outcomes • Utilization of AI to improve patient case acceptance and diagnosis • Enhanced patient communications Henry Schein benefits from: • Market leadership • Broad customer base • Large-customer relationships • Diversified business portfolio • Integrated solutions
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6 Henry Schein – Resiliency of the Business Note 1: Reconciliations between GAAP and non-GAAP measures can be found in the Financials and Filings section of our investor relations website under the Supplemental Information heading. We have a strong track record of transformation and remain committed to becoming a leaner, higher-growth, higher-margin company, while maintaining a customer focus. This ambition is grounded in our BOLD+1 Strategy and supported by our Value Creation Initiatives. Long term track record of delivering double-digit earnings growth, with 12% non-GAAP EPS CaGR since IPO1 Our business has momentum, with 2025 a reset year for long-term high-single- digit / low-double-digit earnings growth. We are increasing cross-selling, expanding our portfolio with innovative products, and delivering new solutions that enhance value for our customers.
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7 7 BOLD+1 Strategic Plan: Successful Execution • BOLD+1 has been adopted as a “brand” for our transformation to a more agile, customer centric, digital, efficient and high growth, high margin company with synergies generated by leveraging our portfolio of complementary businesses. • We have made significant progress transforming from a pure play distribution company, to a higher growth value-added products and services company. High-growth, high-margin (“HGHM”) businesses now account for: • ~25% ($3B) when including corporate and owned brands portfolio and related services, of our sales • ~47% of non-GAAP operating income, with a further ~10% contribution from private brand product offering • Goal is over 50% of non-GAAP operating income coming from high-growth, high-margin businesses by the end of 2027, plus more than an additional 10% coming from our corporate brands.
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8 Successfully Advanced our Strategic Priorities We have made significant progress advancing our 2025 – 2027 BOLD+1 strategic priorities, with the following highlights: #1 global dental software services with accelerating sales of cloud and digital solutions: • Accelerated new product development, including integrating AI and revenue cycle management solutions. • Enabled seamless digital workflow within Dentrix: • Henry Schein LinkIT clinical workflow software offering (3-Click Dentistry) poised for growth. • Global eCommerce platform (the new HenrySchein.com website) successfully launched in the US, Canada, Ireland,, and UK. Outstanding high-growth high- margin businesses: • #1 global dental software services with accelerating sales of cloud and digital solutions - accelerated new product development, including AI • #2 global endodontic products with accelerating sales - opportunity to further integrate businesses and create efficiencies • #3 global implant and biomaterial products (ex. China), gaining market share • Entered the orthopedic market through acquisition of TriMed, synergistic with medical distribution business Growing market share in the Henry Schein portfolio. • Implemented sales channel through distribution business for HS Products (eg Endo, Orthodontics) and leveraging Henry Schein’s customer base • Increased Henry Schein Products and owned brands share through coordinated goals and specialty sales and product expertise. Elevating customer experience and delivering on value creation initiatives: • Advancing our go-to-market approach through data-driven insights to gain deeper understanding into customer needs and unlock greater portfolio value. • Enhancing sales and marketing strategies through an omnichannel approach to deepen customer engagement and enrich customer experience. • Creating a globally scalable organization by advancing our operating model through efficiencies, automation, and AI to deliver a more effective customer experience. BUILD HIGH-GROWTH HIGH-MARGIN BUSINESSES OPERATIONALIZE ONE DISTRIBUTION LEVERAGE ONE SCHEIN DRIVE DIGITAL TRANSFORMATION
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9 Together, we make the world healthier. Better Serving Our Stakeholders +1 Attract, retain, and develop talent Further solidify position as a high-value partner Deliver sustainable long-term growth Continue to enhance practice efficiencies and patient outcomes Maintain commitment to corporate citizenship
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10 Henry Schein’s High-Touch, Value-Added Market Approach: Full-service provider of merchandise, equipment and value-added services Global Distribution and Value-added Services Our strategy is focused on delivering solutions that enable our customers to provide the best quality patient care while optimizing the efficiency of their practice. Supply Chain Solutions • End-to-end supply chain capabilities • Inventory management support for customers • Data-driven insight to further enhance service levels Service and Support • Expert equipment technical services and support to keep practices running smoothly • 126 equipment sales and service centers worldwide Value-added Services • Financing solutions • Business Consultancy • Dental practice transition services Relationships • Trusted relationships with customers with an unwavering focus on excellence • Strong supplier partnerships • Commitment to the communities we serve
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11 Global Distribution and Value-added Services -- Supply Chain Excellence • 300K Unique Stocking SKUs Globally • 22K Unique Private Brand Products • Enhanced Transportation Network • 90% of Worldwide Customers Serviced Next Day • Globally operates out of 38 distribution and 15 manufacturing facilities * Warehouse and Manufacturing data as of Q4 2025.
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12 Global Dental Distribution Market Market Share 2025 GLOBAL DENTAL DISTRIBUTION & VAS SALES BY GEOGRAPHY $6.9B or 51% of Gross Sales35% to 40% United States 20% to 25% EMEA 35% to 40% Rest of World (includes Canada) Source: Henry Schein Estimates. Market share represents Henry Schein estimates and is based on 12-month data through Q4 2025. Only global dental distributor and solutions company for general practitioners, specialists, and laboratories • #1 in sales in the US and Canada • #1 in sales in Europe • #1 in sales in Australia/New Zealand • #1 in sales in Brazil 29% EMEA 51% United States 20% Rest of World (Includes Canada)
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14 Global Dental Distribution Long-Term Growth Strategy • Deepen customer engagement with broader, practice-enhancing full-service solutions • Expand high-value corporate brand offerings • Deliver tailored, scalable solutions for large group practices • Accelerate adoption of digital prosthetic workflows • Reach more customers through targeted geographic expansion
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15 Global Medical Distribution Market 2025 GLOBAL MEDICAL DISTRIBUTION SALES BY GEOGRAPHY $4.3B or 32% of Gross Sales U.S. Market Share: Approximately 20% A U.S. healthcare solutions partner supporting alternate-site practices, ambulatory surgery centers, laboratories, public safety organizations, government and health systems, and home-health providers. Our offerings span a comprehensive range of clinical and operational solutions, including branded and generic pharmaceuticals, vaccines, surgical and diagnostic products, infection-control solutions, imaging products, equipment, PPE, and vitamins. 2% EMEA 97% United States 1% Rest of World (Includes Canada)
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16 Global Medical Distribution Long-Term Growth Strategy • Increase active U.S. physician practice customers • Increase penetration organically and through acquisitions • Continued focus on large accounts, health systems and surgery centers • Build on the success of our Home Health Solutions business • Create unique offering with supply partners
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17 Global Specialty Products 2025 GLOBAL SPECIALTY PRODUCTS AND OTHER SALES BY GEOGRAPHY $1.5B or 12% of Gross Sales 1 Implant-based tooth restoration market includes implants, abutments, implant-based custom prosthetics, related instruments and restorative components, hard and soft tissue bone regeneration. 2 Market defined as manual and engine-driven files, obturation materials and irrigation products. Source: Henry Schein Estimates. Market share represents Henry Schein estimates and is based on 12-month data through Q4 2025. ~ 10%1 Implants & Biomaterials ~ 15%2 Endodontics <1% Orthodontics Healthcare Specialty Product Market Share <1% Other Categories 33% EMEA 56% United States 11% Rest of World (Includes Canada)
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18 Oral surgery solutions (#3 market share1) • A leading provider of the entire assortment of oral surgery products • Comprehensive portfolio of premium value and value implant lines and full range of biomaterial products • Digital workflow solutions and a broad assortment of value-added services, including education Endodontics (#2 market share1) • Innovative product portfolio, primarily through Brasseler, Edge, FKG and Angelus brands • Global presence through multiple sales channels and brands • Enhanced customer experience through education Orthodontics • Fully integrated treatment systems with customized capabilities for orthodontic and general practitioners, including self-ligating brackets, three-wire systems, and clear aligners • Digital solutions for developing patient treatment plans Orthopedics • High growth product category Global Specialty Products Market Position 1 Henry Schein Estimates. Market share represents Henry Schein estimates for the markets we serve and is based on 12-month data through Q4 2025. • Higher margin products • Historically faster growth than core dental market • Ability to leverage existing relationships with specialty practitioners • General practitioners increasingly performing specialty procedures Specialty Products BIOMATERIAL ENDODONTIC CAD/CAM ORTHODONTIC IMPLANT ORTHOPEDIC Integrated Portfolio Delivers Value Across Specialty Segments
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19 Accelerate innovation across differentiated brands Expand channels to drive share and access Build specialty sales teams for deeper engagement Scale owned brands in priority markets Add complementary products to enhance value Leverage infrastructure for speed, service, and reliability Global Specialty Products Long-Term Growth Strategy
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20 Global Technology 2025 GLOBAL TECHNOLOGY SALES BY GEOGRAPHY $675M or 5% of Gross SalesPractice Management Solutions • Three-quarters of revenue is recurring - Cloud usage - Support - RCM and other recurring services - Analytics • U.S. penetration (approximate) - 55% dental practices • A leader in servicing small and large practices in Dental • Support more than 90% of dental schools in North America • Leading software solutions in Canada, UK, France, Italy, Spain, Australia and New Zealand Source: Henry Schein Estimates Market data as at Q4 2025. Leading global provider of technology solutions and integrated clinical workflow to dental practices 15% EMEA 82% United States 3% Rest of World (Includes Canada)
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21 FOUNDATION OF SECURIT YSOC2 Compliant Granular Rights AdministrationSSL Encryption Technology Patient Demand Generation Patient Experience Practice Management Software Revenue Cycle Management Dental Analytics Clinical Workflow Global Technology Technology and services across workflows Digital Presence Patient Forms Booking Communication Charting Treatment Planning Claims Processing Billing & Payments Optimize Operations and Profitability Embedded Imaging with AI Services HENRY SCHEIN ON E | TRUSTED SUCCESS PARTNER Data & Image Conversions Self-serve & Live Training AI Powered Knowledge Base Dental Consulting IT & Hardware Support Best-in-class Support #1 Dental Practice Management 12 Countries 2,000+ team members Empowers dentists to focus on patient care and practice success
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22 Office Spend Opportunity: $200-$600/month Global Technology – Opportunities Source: Henry Schein Estimates. New Patient Acquisition Office Spend Opportunity: $100-$1,000/month Patient Engagement & Communication Office Spend Opportunity: $200-$750/month Revenue Cycle Management Office Spend Opportunity: $100-$700/month Platforms – Practice Management Systems Software Platform, Support, Virtual Business Services Office Spend Opportunity: $200-$800/month Hardware, Networking, Protection and Success Services Office Spend Opportunity: $1,000-$1,500+/month Average revenue per account of ~$500/month, provides significant revenue growth opportunity Office Spend Opportunity: $300-$600/month Analytics AI
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23 Global Technology Long-Term Growth Strategy • Continue to generate synergies with broader distribution business • Leverage research & development, marketing and technology across business solutions • Further development of new solutions • With ~100,000 technology customers worldwide, opportunity to grow revenue per customer
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24 Caring for the Environment Caring for Our Communities and Team Schein Good Governance •Finalized a net-zero roadmap to meet our 2030 and 2050 science-based targets •Continued to engage key suppliers in promoting sustainability across our supply chain and to align with net-zero roadmap •Global roll-out of a new third-party sustainability platform to support the Company's compliance with sustainability regulatory rules (e.g. California SB 261, etc.) and provide other required reporting •Executing strategies focused on our commitment to living our Team Schein Values – Community, Caring, and Career •Continued focus on in-person and remote engagement and volunteering opportunities to strengthen relationships, reinforce culture, and build a stronger sense of community and purpose among TSMs •Launched the Global Student Outreach Program, simplifying university partnerships to empower dental students through global service-learning missions •Built a HELIX Ambassador Program to empower and develop TSMs through direct engagement with key external stakeholders •Completed annual Pulse Culture Survey to measure Team Schein Member feedback •Performed a data mapping and disclosure gap analysis in anticipation of the EU Corporate Sustainability Reporting Directive (CSRD) •Conducted Corporate Citizenship Barometer to quantify stakeholder perceptions of the Company’s environmental and social priorities, commitments, and impact Sustainability Action & Reporting
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25 25 Financial Performance
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26 26 Value Creation Initiatives Capital Strength Strong cash flow has allowed us to continue to strategically invest in our business Recent capital deployment focused on accelerating the repurchase of the company’s shares BOLD+1 Strategic Plan Remain on track to achieve our goal of over 50% of non-GAAP operating income coming from high-growth, high-margin businesses by the end of 2027, plus more than an additional 10% coming from our corporate brands Market Conditions Stable Dental market conditions Medical market is experiencing steady patient traffic growth Gaining market share across most businesses Business Highlights 2025 Highlights Sales growth accelerated in each of our reportable segments Growth in Specialty Products and Technology driven by new products and solutions Growth in Distribution driven by market share gains Goal to deliver over $200 million of improvements to operating income over the next few years in two key areas of focus: - Reducing global SG&A expenses - Enhancing gross profit margins, including accelerating sales of corporate brand products
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27 Growth Since Going Public ¹ Excludes certain non-recurring and non-cash items to provide a more comparable basis for analysis. See the appendix of this slide. set for a reconciliation of GAAP and non-GAAP measures.. * Average annual increase. 1995 2025 Compound Annual Growth Rate Net Sales $584 $13,184 11.0% Operating Income1 $18 $972 14.2% Operating Margin1 3.14% 7.37% 14 bps* Net Income1 $9 $605 15.2% Diluted EPS1 $0.16 $4.97 12.1% Non-GAAP1 ($ in millions, except EBITDA and per share data)
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28 Annual Financial Performance ¹ Excludes certain non-recurring items to provide a more comparable basis for analysis. See the appendix of this slide. set for a reconciliation of GAAP and non-GAAP measures. 2024 2025 Delta Net Sales $12,673 $13,184 4.0% Operating Income1 $949 $972 2.4% Operating Margin1 7.49% 7.37% (12)Bps Net Income1 $605 $605 (0.1)% Diluted EPS1 $4.74 $4.97 4.9% Non-GAAP1 ($ in millions, except EBITDA and per share data)
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29 Diversified Sales in Complementary Markets 2025 Worldwide Sales: $13.2 Billion BY SEGMENT BY GEOGRAPHY 20% EMEA 68% United States 12% Rest of World (Includes Canada) 11% or $1.5B Specialty Products and Other 84% or $11.1B Distribution and Value-added Services 5% or $675M Technology
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30 500 Henry Schein Financial Overview NON- GAAP EARNINGS PER DILUTED SHARE 1 ($ ) 7 - year EPS CAGR +5.1 % 2020 $3.00 $6.00 $0 2021 $3.52 $3.97 $5.05 2022 $5.38 2023 1 From Continuing Operations. Historical comparative Company information was restated in early 2025 and goes back to 2017 and does not include the Animal Health business. Excluding certain non-recurring items to provide a more comparable basis for analysis. See the appendix of this slide set for a reconciliation of GAAP and non-GAAP measures. Adjusted for amortization expense on acquired intangible assets. 2 Includes an estimated $120M to $130M operating income; and $0.70 - $0.75 EPS impact in 2023 from cybersecurity incident. 2024 $4.50 [2] 2025 $4.74 NON- GAAP OPERATING INCOME 1 ($ IN MILLIONS) $1,500 $1,000 $500 7 - year Op. Inc. CAGR +3.4% 202520242023202220212020 $837 $690 $999 $1,038 $890 [2] $949 20192018 $3.50 $4.00 $5.00 $769 20192018 Recent volatility of Operating Income and EPS as a result of sales from PPE/COVID-19 test kits, the 2023 cyber incident and macro-economic conditions 2023 financial results in line with our track record of HSD/LDD EPS growth until the cyber incident in Q3 $972 $4.97
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31 Cash Returned to Shareholders: Share Repurchases Long Term Financial Goal: Cash flow from continuing operations to exceed net income * Blackout in part of 2018 due to spin-off of animal health business. ** Impacted by COVID-19.*** Impacted by cybersecurity incident. $200 $525 $74 $401 $485 $250 $385 $850 $380 $744 $545 $631 $506 $353 $700 $573 53% 71% 14% 64% 96% 71% 55% 148% 0% 50% 100% 150% 200% 250% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2018 2019 2020 2021 2022 2023 2024 2025 Pct of Free Cash Returned to Shareholders In $Mils Share Repurchaes Free Cash Flow Pct of Cash Returned to Shareholders
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32 Balanced Capital Allocation Strategy Disciplined Approach to Balance Sheet Management Available borrowing capacity$712M of annual operating cash flow 1 in 2025 2.5x Debt2/Adjusted EBITDA ratio as of Dec 30, 2024 Maintain investment grade balance sheet ~$1.5B 1 Operating cashflow positively impacted by payments that pushed into 2024 due to our cybersecurity incident in 2023. 2 Debt defined as: Bank Credit Lines plus Current Maturities of Long-term Debt plus Long-term Debt. Return of Capital M&A Capital Expenditures Capital Allocation Priorities • Drive organic growth and expand operating margins ﹣Focus on operational efficiency and digital commerce • Invest in focused M&A opportunities • Return excess capital through stock repurchases $150M Average per year. $300M-$400M Average per year (higher in the short term as we execute our strategic plan). $300M-$400M Average per year. 1
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33 Active pipeline of transactions • M&A characterized by bolt-on transactions, typically with privately held companies • Opportunistic regarding structure and timing • Operational synergies • Generally, require financial consolidation Focused M&A strategy Focus of new 2025-2027 Strategic Plan hasn’t changed: • Expanding complementary high-growth software, specialty and services businesses • Investing for growth in core distribution business Resulting in value creation Pursue financially compelling opportunities: • Non-GAAP accretion after year 1 • ROI exceeding weighted average cost of capital by year 2-3 Disciplined M&A Approach Clear strategic and financial framework to deliver long-term value creation
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34 Well-Positioned for Growth Cross-selling, new products, technology and innovation remain key growth drivers Current Market Trends Stable Dental market conditions Medical market is experiencing steady patient traffic growth Growth in Specialty Products and Technology driven by new products and solutions
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35 Investment Merits BOLD+1 Strategic Plan Accelerating growth and realizing long-term sustainable mid to long-term high single-digit / low double-digit earnings growth, including through strategic acquisitions • Clear strategic plan for growth • Proven track record of earnings growth • Leading positions in attractive markets • Scaled platform of highly complementary products, services and technologies • Opportunities to gain additional share of customer wallet • Deep and experienced management team
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36 36 Appendix
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37 GAAP to non-GAAP Reconciliation Growth Since Going Public
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38 GAAP to non-GAAP Reconciliation Annual Financial Performance
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39 GAAP to non-GAAP Reconciliation Net Income and Earnings per Share
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40 GAAP to non-GAAP Reconciliation Operating Income
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41 Adjusted EBITDA Reconciliation Note: amounts may not sum due to rounding