Slides
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We partner with dental professionals to improve patients’ lives 01/01/2025 JPM Healthcare Conference January 12, 2026 JPM Conference 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. 2JPM Conference 2026
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3 Today’s Discussion JPM Conference 2026Core Growth and Adj. EBITDA are non-GAAP measures. See appendix for reconciliation. Envista is a long-time leader, well-positioned in the structurally-attractive Dental market. After three years of below-trend growth following Covid, we expect the Dental market to return to its longer-term average of 3-5%. Last March we shared our new Value Creation Plan, centered on three priorities: Growth, Operations, and People. We’re making good progress across all three dimensions: – Year-to-date Organic Growth of 5% through Q325 (our last reported quarter), with all major businesses in positive territory. – Leveraging our Envista Business System to advance Operations initiatives in Safety, Quality and Customer Service while delivering Productivity and Capital Efficiency. – In terms of People, our high-performing team is investing in talent development and leading engagement gains across our company. Financial performance since communicating the Plan has been encouraging. In addition to good growth, YTD 2025 adjusted EBITDA and EPS were both up strong double digits.
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4 Dental is a structurally attractive industry Annual Spend $400 Billion # of Clinicians >2 Million # of People with tooth loss 4 Billion # of people with Malocclusions 5 Billion # of Dentists per 100,000 Population $30B Consumables OrthoImplant- ology Diagnostics Non-Implant Tooth Replacement (Prosthetics) Equipment & Instruments Practice Services >$40B Clinicians Suppliers Growth GDP+ Patients • Specialists • General Practitioners • DSOs 12 21 22 59 India China USAIndonesia Source: Management estimates, WHO, public reports JPM Conference 2026
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Orthodontics 12,000+ Employees Top 3 position in most segments where we play Revenue by category Revenue by geography North America Western Europe Emerging Markets ~60% of sales are direct Implants Consumables Diagnostics Other Dev Markets Company Profile 2024 revenue: ~$2.5 Billion Specialty products and technologies Equipment and consumables Envista has long been a leader in the global dental market 130+ Countries 130+ Years of Innovation 1,500+ Issued Patents 5JPM Conference 2026
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130+ year history of category defining innovation 2010s2000s1990s1980s1960s First straight wire appliance First passive self-ligation system Ormco digital bonding 1970s First dental implant First Ortho- pantomograph First micro-hybrid composite First zygomatic implant i-CAT seated CBCT Damon Clear Spark clear aligners First customized orthodontic appliances Pre 1900 All-on-4TM Dexis IOS launched NobelGuide CaviWipes DTX and MagicSort AI Xeal and TiUltra surfaces First impression compound First Endo K-File 1891: Kerr established 2020s 6JPM Conference 2026
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7 We are a leader in ~$30B of the most attractive dental categories Sector Size and LT growth Envista Focus Categories Envista Segment Revenues - 2024 Envista Brands $12B MSD growth $7B MSD growth $8B LSD growth $3B MSD growth Implantology Consumables Orthodontics Diagnostics Implants Implant components Implant-based prosthetics Regeneratives Brackets & wires Clear aligners Restoratives Endodontics Infection prevention Imaging and intra-oral scanning Diagnostic and planning software Equipment and consumables ~$0.9B Specialty products and technologies ~$1.6B Note: Estimated size and estimated outlook of the segments of the industry in which we participate Source: management estimates, iData, public reports JPM Conference 2026
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8 Dental market has historically outpaced overall market growth Until Covid, Dental consistently outgrew the broader economy We expect the market to return to its longer-term average of 3-5% JPM Conference 2026 We do not see Covid altering the fundamental growth drivers of the Dental market Since the dislocation of Covid, patient demand has stabilized and customers are again opening new clinics Moderating interest rates and low unemployment are both supportive of dental growth Increasing private and public equity investor interest in Dental Surveys indicate increased dental clinician optimism In Q325, US dental treatment volumes were up LSD, dental practice revenues were up MSD, and nearly every public dental manufacturer grew 0 5 10 15 20 25 30 0 20 40 60 80 100 120 140 160 180 200 2000 2005 2010 2015 2020 2025 U.S. Bureau of Economic Analysis, Federal Reserve Bank of St. Louis, company analysis COVID US Dental Spend (Left Axis, $B) US GDP (Right Axis, $T) US Recessions
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Envista’s Value Creation Plan 9 4 - 7% * These are not projections and do not constitute guidance; they are subject to significant uncertainties and contingencies a nd are based upon management’s current assumptions, which are subject to change. JPM Conference 2026 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%
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10 People Growth Accelerate Implants growth Spark share gains with improved profitability Leverage global reach across both developed and developing markets Continue DSO and key account penetration Operations Safety, Quality, and Customer Service excellence Factory and G&A productivity Extend track record of innovation Continued portfolio refinement Extend working capital efficiency Investment in talent development Strong employee engagement High-performing leadership team Envista Business System (EBS) Leadership, Development, Engagement Commercial Execution Customer Focus Portfolio and Innovation Operational Excellence Capital Efficiency Living Our CIRCLe Values 10JPM Conference 2026 Envista Priorities
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Spark aligner business profitable, continuing to gain share 11 People Growth 5% Core Growth Q3’25 YTD. Growth in all major businesses in Q3 Operations Capital repatriation, improved tax rate, $250M share repurchase program Leadership, Development, Engagement Commercial Execution Customer Focus Portfolio and Innovation Operational Excellence Capital Efficiency 11JPM Conference 2026 Progress since communicating the Plan Progress Hosted customer events training more than 300k clinicians, 30% increase over 2024 Numerous high-impact new products including Spark Jr, Spark Class II Corrector, Ormco Etch-free Adhesive, Orascoptic ErgoZoom, Dexis Imprevo IOS, DTX AI Studio Clinic, Procera Esthetic Bridge, Nobel Emergence Profile Implants business has grown 4 straight quarters Double digit increases in both S&M and R&D investment to support future growth Ongoing, broad-based contributions from the Envista Business System (EBS) Offset tariff impact through supply chain, cost, and price actions Reduced G&A spending 12% YoY through Q325 Leadership stability Broad-based employee engagement increases Meaningful investment in talent development Donated over $2M to organizations in need through Envista Smile Project
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-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 12 Encouraging performance improvement since new Leadership and Plan Q3 2025Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Core Growth % Adjusted EPS (3.2%) (5.3%) 2.0% 0.2% 5.6% 9.4% $0.11 $0.12 $0.24 $0.24 $0.26 $0.32 Core Growth and Adj. EPS are non-GAAP measures. See appendix for reconciliation. JPM Conference 2026 $0.26 0.4% Q1 2024 New Leadership New Plan
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Medium-term Financial Objectives Core Growth, Adj. EBITDA Margin, and Adj. EPS are non-GAAP measures. See appendix for reconciliation. Core Growth 4 to 7% Adj. EBITDA Growth 7 to 10% Adj. EPS Growth ~100% FCF Conversion 2 to 4% 2025 Q3 YTD 5.0% Double digit % Double digit % 100% 13JPM Conference 2026 Progress versus medium-term Financial Objectives
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Summary • Envista is a leader in the structurally attractive Dental market • Dental market expected to return to consistent long-term growth rate of 3-5% • We are making good progress across our new Plan, focused on Growth, Operations, and People • Financial performance since communicating our Plan has been encouraging 14JPM Conference 2026
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Q&A 15
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16 Appendix Non-GAAP Reconciliations
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Reconciliations | Adjusted Diluted Earnings Per Share and Diluted Shares Outstanding 17 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Average common stock shares outstanding - basic 166.1 172.2 169.2 172.1 Assumed exercise of dilutive options, vesting of dilutive restricted stock and performance stock units and assumed conversion of 2025 Convertible Notes I 1.4 0.7 1.1 0.9 Average common stock and common equivalent shares outstanding - diluted 167.5 172.9 170.3 173.0 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Diluted (Loss) Earnings $ (0.18) $ 0.05 $ 0.08 $ (6.51) Amortization of acquisition-related and other intangible assets 0.11 0.11 0.33 0.37 Goodwill and intangible asset impairments A — — — 6.67 Restructuring costs and asset impairments B 0.05 0.02 0.14 0.20 Fair value adjustment of acquisition-related inventory C — — 0.01 — Litigation settlement D — — 0.01 0.03 Loss on equity investments, net E — — — 0.01 Acquisition-related expenses F — — — — Tax effect of adjustments reflected above G (0.03) (0.06) (0.12) (0.31) Discrete tax adjustments and other tax-related adjustments H 0.37 — 0.37 — Net (loss) to adjusted net income share adjustment I — — — 0.03 Adjusted Diluted Earnings Per Share $ 0.32 $ 0.12 $ 0.82 $ 0.49
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Reconciliations | Adjusted EBITDA ($ in Millions) Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Net Income (Loss) $ (30.3) $ 8.2 $ 14.1 $ (1,119.8) Interest expense, net 9.0 11.9 26.3 36.5 Income tax expense (benefit) 80.2 1.4 105.5 (1.4) Depreciation 10.1 10.5 30.0 31.6 Amortization of acquisition-related and other intangible assets 19.1 18.7 56.9 63.7 Goodwill and intangible asset impairments A — — — 1,153.8 Restructuring costs and asset impairments B 8.3 4.2 24.4 34.9 Fair value adjustment of acquisition-related inventory C 0.6 — 2.0 — Litigation settlement D — — 0.8 4.7 Loss on equity investments, net E — — — 1.1 Acquisition-related expenses F 0.1 — 0.4 — Adjusted EBITDA $ 97.1 $ 54.9 $ 260.4 $ 205.1 Adjusted EBITDA as a % of Sales 14.5 % 9.1 % 13.2 % 11.0 % 18
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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. Consolidated % Change Three Month Period Ended September 26, 2025 vs. Comparable 2024 Period % Change Nine Month Period Ended September 26, 2025 vs. Comparable 2024 Period Total sales growth 11.5 % 6.0 % Plus the impact of: Acquisitions (0.2) % (0.2) % Currency exchange rates (1.9) % (0.8) % Core sales growth 9.4 % 5.0 % Specialty Products & Technologies Total sales growth 13.0 % 5.9 % Plus the impact of: Acquisitions (0.3) % (0.3) % Currency exchange rates (2.1) % (0.9) % Core sales growth 10.6 % 4.7 % Equipment & Consumables Total sales growth 8.7 % 6.1 % Plus the impact of: Currency exchange rates (1.4) % (0.6) % Core sales growth 7.3 % 5.5 % 19
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Reconciliations | Free Cash Flow ($ in Millions) Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Net Operating Cash Provided by Operating Activities $ 78.7 $ 70.7 $ 167.7 $ 204.1 Less: payments for additions to property, plant and equipment (capital expenditures) (10.8) (7.4) (29.0) (25.2) Plus: proceeds from sales of property, plant and equipment — — 0.5 — Free Cash Flow (FCF) $ 67.9 $ 63.3 $ 139.2 $ 178.9 FCF to Adjusted Net Income Conversion Ratio 126 % 300 % 100 % 209 % 20
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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 The discrete tax matters 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 three months ended September 26, 2025, therefore no shares reserved for issuance upon exercise of stock options, or vesting of restricted stock and performance stock units 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 three months ended September 26, 2025, the dilutive impact of stock options and restricted stock and performance stock units are being included to arrive at adjusted diluted shares outstanding. Additionally, the Company was in a net loss position for the nine months ended September 27, 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 nine months ended September 27, 2024, the dilutive impact of stock options, restricted stock and performance stock units and assumed conversion of the convertible senior secured notes due 2025 are being included to arrive at adjusted diluted shares outstanding. 21
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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. 22