Slides
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Paul Keel, CEO Q4 2025 Results February 5, 2026
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Forward looking statements/Non-GAAP financial measures FORWARD-LOOKING STATEMENTS Certain statements in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements regarding future financial performance, and the objectives and expectations of management. Terminology such as “believe, ” “anticipate, ” “should,” “could, ” “intend, ” “will, ” “plan, ” “expect, ” “estimate, ” “project, ” “target, ” “may, ” “possible, ” “potential, ” “forecast” and “positioned” and similar references to future periods are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to the risk factors described in our filings with the Securities and Exchange Commission, which include those in the most recent Form 10 -K for FY 2024 and subsequent filings. Forward-looking statements are not guarantees of future performance and actual results may differ materially from the results, developments and business decisions contemplated by our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Forward-looking statements contained herein speak only as of the date of this presentation. Except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. NON-GAAP MEASURES All "Adjusted" amounts including core sales growth and free cash flow are non-GAAP items. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these non-GAAP measures are included in the Appendix to this presentation. We do not reconcile forward looking non-GAAP measures to the comparable GAAP measures because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions, discontinued products, and any other potential adjustments which would be reflected in any forecasted GAAP measure. 2Fourth Quarter 2025 Earnings
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Agenda Paul Keel Opening Thoughts Eric Hammes Q4 and FY25 Financials FY2026 Guidance Paul Keel Closing Thoughts Q&A 3
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Envista’s Value Creation Plan 4 4 - 7% * Not to be considered 2026 guidance. These are not projections and do not constitute guidance; they are subject to signific ant uncertainties and contingencies and are based upon management’s current assumptions, which are subject to change. Purpose Values Priorities We partner with dental professionals to improve patient lives Growth Operational Excellence People Medium-Term Objectives* Core Growth 2 - 4% Adj. EBITDA Growth Adj. EPS Growth 7 - 10% Free Cash Flow Conversion ~100% 4 - 7% Fourth Quarter 2025 Earnings Opening Thoughts
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Q4 and 2025 Strategic and Operational Progress 5 Growth Operations • Growth across all major businesses and major geographies • Continued market share gains across all major businesses • ~3% price contribution in Q4 and ~2% in 2025, consistent with broader dental market inflation • ~$100M in 2025 revenue from new products introduced during the year • Increased customer training by 30% in 2025 vs PY • Double digit increase in R&D to support continued innovation-led growth moving forward • Ongoing broad-based contributions from EBS • Maintained our world-class safety, quality, and customer service levels • Reduced G&A spending 10% in 2025 • Took actions expected to result in ~4 point tax rate reduction in 2026 • Returned $166M to shareholders through share repurchases • Advancing high-performing, continuous improvement culture • Sustained high level of employee engagement • Further improvements in employee retention People • Stable, high performing leadership team • Broad-based increases in employee engagement • Significant investment in talent development • Donated over $2M to organizations serving communities in need through the Envista Smile Project Fourth Quarter 2025 Earnings
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Notable New Product Launches in 2025 6 Fourth Quarter 2025 Earnings • Spark Retainers • Spark BiteSync Class II Corrector • Spark Junior • Spark StageRx • Ormco EtchFree Bonding • Nobel Multi-Unit Abutments • Implant Direct DIRECTscan • Procera Esthetic Zirconia Bridge • Orascoptic ErgoZoom Loupes Diagnostics Consumables Ortho • OptiBond Universal 360 • SimpliCore Composite • CaviCide HP • DEXIS OP3D EX Cephalometric module • DEXIS Imprevo IOS and Scanflow 2.0 • DTX Cloud Viewer • DTX Implant Module Implants Specialty Products & Technologies Equipment & Consumables
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7 Q4, 2025, and 2026 Core growth, adj. EBITDA, EBITDA margin, Free cash conversion, and adj. EPS are non-GAAP measures. See appendix for reconciliation. These forward-looking estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divestiture -related gains or charges, discrete tax items and legal contingency provisions. • +6.5% core growth, with all major businesses positive • MSD growth excluding Spark deferral and low prior year comparables • Adjusted EBITDA +26% YoY , 13.7% adjusted EBITDA margin • $1.19 adjusted EPS, +63% YoY • 114% Free Cash Flow Conversion • Core growth: • Adjusted EBITDA growth: • Adjusted EPS: • Free cash conversion: • +10.8% core growth, with all major businesses and geographies positive • MSD growth excluding Spark deferral and low prior year comparables • Adjusted EBITDA +22% YoY , 14.8% adjusted EBITDA margin • $0.38 adjusted EPS, +58% YoY 2025 Performance 2026 Guidance Fourth Quarter 2025 Earnings Q425 Results 7 to 13% 2 to 4% $1.35 - $1.45 ~100%
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Q4 2025 | Financial Metrics 8 Q4 2025 Q4 2024 vPY Revenue $ 751M $653M +$98M Core Sales Growth(%) 10.8% 2.0% +880 bps Adjusted Gross Margin 55.0% 57.2% -220 bps Adjusted EBITDA $111M $91M +$20M Adjusted EBITDA% 14.8% 13.9% +90 bps Adjusted Diluted EPS $0.38 $0.24 +$0.14 Free Cash Flow $92M $124M -$32M Summary • 10.8% Core Growth o Growth in all major businesses o Growth in all major geographies o MSD excluding Spark deferral and low comparable • Adj EBITDA $ up +22%, Margin 14.8% (+90 bps) o Strong price performance in excess of tariff headwind o Continued productivity in G&A and spend leverage • $0.38 adjusted EPS, +58% year-on-year • Free Cash Flow of $92 million, 145% free cash conversion Fourth Quarter 2025 Earnings Core growth, Adj. Gross Margin, Adj. EBITDA Adj. EBITDA Margin, Adj. EPS and Free Cash Flow are non- GAAP measures. See appendix for reconciliation.
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FY 2025 | Financial Metrics 9 2025 2024 vPY Revenue $ 2,719M $2,511M +$208M Core Sales Growth(%) 6.5% -1.5% +800 bps Adjusted Gross Margin 55.1% 55.4% -30 bps Adjusted EBITDA $372M $296M +$76M Adjusted EBITDA% 13.7% 11.8% +190 bps Adjusted Diluted EPS $1.19 $0.73 +$0.46 Free Cash Flow $231M $303M -$72M Core growth, Adj. Gross Margin, Adj. EBITDA Adj. EBITDA Margin, Adj. EPS and Free Cash Flow are non- GAAP measures. See appendix for reconciliation. Summary • 6.5% Core Growth o Growth across all major businesses o Growth across all major geographies o Consistent with CMD plan after excluding Spark deferral and low 2024 comparable • 13.7% EBITDA margins (+190 bps) o Contribution from volume and price o Spark turned profitable in H2 2025 o Offset tariff impact with mitigating actions • $1.19 adjusted EPS, +63% year-on-year • Free Cash Flow of $231 million, 114% free cash conversion Fourth Quarter 2025 Earnings
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Q4 2025 | Reported Revenue Core Growth is a non-GAAP measure. See appendix for reconciliation. 10Fourth Quarter 2025 Earnings Price $27M $25M $20M $18M $5M $2M Q4 2024 Volume FX Price Prior Year Comparable Spark Deferral Acquisition Q4 2025 $653M $751M Reported Revenue +15.0% Core Growth +10.8%
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Q4 2025 | Adjusted EBITDA Adj. EBITDA Margin is a non-GAAP measure. See appendix for reconciliation. 11Fourth Quarter 2025 Earnings 3.3% 2.6% 1.0% Spark Deferral & Vol/Mix Price Net Productivity -1.6% Tariff Costs Q4 2025Investments Transactional FX -2.7% -1.7% 13.9% 14.8% Q4 2024
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Q4 2025 | Specialty Products & Technologies • Spark sales grew HSD excluding net deferral change • Brackets & Wires up DD • Implants up MSD, growth in both Premium and Challenger Revenue • Positive price capture in both businesses • Strong operational improvements in both businesses Adjusted Operating Margin Core Growth and Adj. Operating Profit Margin are non- GAAP measures. See appendix for reconciliation. 12Fourth Quarter 2025 Earnings Revenue ($M) Adjusted Operating Margin $475.9 $410.9Q4 2024 Q4 2025 Q4 2024 Q4 2025 16.2% 11.5% Core Sales Growth +10.9%
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Q4 2025 | Equipment & Consumables • Consumables up HSD, with strength across the portfolio • Diagnostics up DD globally; HSD growth in North America Revenue • Good price and volume contributions in both businesses • New Product and commercialization investments across segment to support continued future growth • Transactional FX resulted in year-on-year headwind Adjusted Operating Margin Core Sales Growth +10.7% 13Core Growth and Adj. Operating Profit Margin are non- GAAP measures. See appendix for reconciliation. Fourth Quarter 2025 Earnings $274.7 $242.0Q4 2024 Q4 2025 Q4 2024 Q4 2025 Adjusted Operating Margin Revenue ($M) 20.1% 25.2%
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Capital Expenditure, net Operating Cash Flow Free Cash Flow $16.3M $108.0M $91.7M Q4 2025 $8.5M $132.4M $123.9M Q4 2024 FY 2025 FY 2024 $44.8M $275.7M $230.9M $33.7M $336.5M $302.8M Q4 2025 Cash Flow • Net Debt / Adj. EBITDA of ~0.6X • 1.2M shares repurchased in Q4 • 9.2M shares repurchased in FY2025 14Free Cash Flow and Free Cash Conversion are non-GAAP measures. See appendix for reconciliation. Fourth Quarter 2025 Earnings FY 2025 Free Cash Conversion = 114%
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FY 2026 Guidance Adj. EBITDA Growth Core Sales Growth Adj. EPS 7% to 13% 2 to 4% $1.35 to $1.45 15 These forward-looking estimates do not reflect future gains and charges that are inherently difficult to predict and estimate du e to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divestiture- related gains or charges, discrete tax items and legal contingency provisions. Fourth Quarter 2025 Earnings Free Cash Conversion ~100%
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2026 | Guidance Assumptions 16 16Fourth Quarter 2025 Earnings Key Driver Assumption Dental Market Continued stability with modest improvement Quarterly Cadence 4 more selling days in Q1, and 4 fewer in Q4 Exchange Rates December ending rates; ~1.5% YoY revenue impact Spark Net Deferral Impact ~$15M YoY tailwind in H1; Fully incorporated in run rate by start of H2 Pricing Lap 2025 tariff-related price increases in H2 Tariffs No material changes; ~$30M 2025 and ~$40M 2026 (annualization) Tax Rate ~28% of adjusted pre-tax income; Reflects intercompany loan resolution These forward-looking estimates do not reflect future gains and charges that are inherently difficult to predict and estimate du e to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divestiture- related gains or charges, discrete tax items and legal contingency provisions.
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Core Growth, Adj. EBITDA, Adj. EPS, and Free Cash Conversion are non-GAAP measures. See appendix for reconciliation. These forward-looking estimates do not reflect future gains and charges that are inherently difficult to predict and estimate du e to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divesti ture-related gains or charges, discrete tax items and legal contingency provisions. Core Growth 4 to 7% Adj. EBITDA Growth 7 to 10% Adj. EPS Growth ~100% FCF Conversion 2 to 4% 2025 Actual 6.5% 26% 63% 114% 17Fourth Quarter 2025 Earnings Progress Implementing Our Value Creation Plan 2 - 4% 7 -13% 13 - 22% ~100%2026 Guidance
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Closing Thoughts • The dental market remains stable, with green shoots emerging • Good progress executing the Value Creation Plan communicated at our March CMD • 2025 underlying growth consistent with Medium-Term Plan converting to even stronger earnings and EPS gains • 2026 guidance at or above our Medium-Term Plan: − Core Growth: 2 - 4% − Adjusted EBITDA growth: 7 - 13% − Adjusted EPS: $1.35 - $1.45 − Free Cash Conversion: ~100% 18Fourth Quarter 2025 Earnings
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Q&A 19 19 19
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Appendix Non-GAAP Reconciliations 20
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Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin ($ in Millions) 21
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Reconciliations | Adjusted Operating Profit ($ in Millions) 22
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Reconciliations | Adjusted Net Income ($ in Millions) 23
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Reconciliations | Adjusted Diluted Earnings Per Share and Diluted Shares Outstanding 24
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Reconciliations | Adjusted EBITDA ($ in Millions) 25
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Reconciliations | Core Sales Growth1 1 We use the term “core sales” to refer to GAAP revenue excluding (1) sales from acquired businesses recorded prior to the fir st anniversary of the acquisition (“acquisitions”), (2) sales from discontinued products and (3) the impact of currency translation. Sales from discontinued products includes major brands or products that Envista has made the decision to discontinue as part of a portfolio restructuring. Discontinued brands or products consist of those which Envista (1) is no longer manufacturing, (2) is no longer investing in the research or development of, and (3) expects to discontinue all significant sales within one year from the decision date to discontinue. The portion of sales attributable to discontinued brands or products is calculated as the net decline of the app licable discontinued brand or product from period-to-period. The portion of GAAP revenue attributable to currency exchange rates is calculated as the difference between (a) the period -to-period change in sales and (b) the period-to-period change in sales after applying current period foreign exchange rates to the prior year period. We use the term “core sales growth” to refer to the measure of comparing current period core sales wit h the corresponding period of the prior year. 26
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Reconciliations | Free Cash Flow ($ in Millions) 27
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NOTES TO RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) A Represents impairment charge related to goodwill and certain intangible assets. B We exclude impairment of certain long-lived assets, executive transition costs, and cost incurred pursuant to discrete restructuring plans. C Represents the fair value adjustment related to inventory acquired in connection with acquisitions. D Represents the settlement of certain litigation matters. E Represents losses on equity investments. F Represents acquisition-related transaction expenses and integration costs with respect to business combinations. G This line item reflects the aggregate tax effect of all pretax adjustments reflected in the preceding line items of the table using each adjustment's applicable tax rate, including the effect of interim tax accounting requirements of Accounting Standards Codification Topic 740 Income Taxes. H Discrete tax matters primarily relate to excess tax benefits from stock-based compensation, changes in estimates associated with prior period uncertain tax positions and audit settlements, tax benefits resulting from a change in law, changes in determination of realization of certain deferred tax assets and tax expense related to the restructuring of certain intercompany loans. I The Company was in a net loss position for the year ended December 31, 2024, therefore no shares reserved for issuance upon exercise of stock options, vesting of restricted stock and performance stock units or assumed conversion of the convertible senior notes due 2025 were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. However, given that the adjustments noted in footnotes A-H resulted in adjusted net income for the year ended December 31, 2024, the dilutive impact of stock options, restricted stock and performance stock units and assumed conversion of the convertible senior notes due 2025 are being included to arrive at adjusted diluted shares outstanding. 28
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Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offerin g additional ways of viewing Envista Holdings Corporation's (“Envista” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors to: • with respect to Core Sales, identify underlying growth trends in Envista’s business and compare Envista’s revenue performance with prior and future periods and to Envista’s peers; • with respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA, understand the long-term profitability trends of Envista’s business and compare Envista’s profitability to prior and future periods and to Envista’s peers; • with respect to Adjusted EBITDA, help investors understand operational factors associated with Envista’s financial performance b ecause it excludes the following from consideration: interest, taxes, depreciation, amortization, and infrequent or unusual losses or gains such as goodwill impairment charges or nonrecurring and restructuring charges. Management uses Adjusted EBITDA, as a supplemental measure for assessing operating performance in conjunction with related GAAP amounts. In addition, Adjusted EBI TDA is used in connection with operating decisions, strategic planning, annual budgeting, evaluating Company performance and comparing operating results with historical periods and with industry pe er companies; and • with respect to Free Cash Flow (the “FCF Measure”), understand Envista’s ability to generate cash without external financings , in order to invest and grow its business through acquisitions and other strategic opportunities. A limitation of free cash flow is that it does not take into account the Company’s debt service requirements and other non-discretionary expenditures, and as a result the entire Free Cash Flow amount is not necessarily available for discretionary expenditures. Management uses these non-GAAP measures to evaluate the Company’s operating and financial performance. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: • With respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA: ◦ We exclude amortization of acquisition-related and other intangible assets because the amount and timing of such charges are sig nificantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a pr edictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acqu isition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long -held businesses, and with both acquisitive and non-acquisitive peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. ◦ With respect to the other items excluded from Adjusted Gross Profit, Adjusted Net Income, Adjusted Operating Profit, Adjusted Diluted Earnings Per Share and Adjusted EBITDA, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be un related to Envista's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long -term performance difficult. • With respect to core sales, we exclude (1) the effect of acquisitions and divested product lines because the timing, size, nu mber and nature of such transactions can vary significantly from period -to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long -term performance difficult, (2) sales from discontinued products because discontinued products do not have a continuing contribution to operations and management believes that excluding such items p rovides investors with a means of evaluating our on-going operations and facilitates comparisons to our peers, and (3) the impact of currency translation because it is not under management’s control , is subject to volatility and can obscure underlying business trends. • With respect to the FCF Measure, we adjust for payments for additions to property, plant and equipment (net of the proceeds f rom capital disposals) to arrive at the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements. 29