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© 2026 Sotera Health Company | All Rights Reserved. 2026 J.P . Morgan Healthcare Conference Safeguarding Global Health® Michael B. Petras, Jr. Chairman and Chief Executive Officer January 12, 2026
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© 2026 Sotera Health Company | All Rights Reserved. Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures 1 Unless expressly indicated or the context requires otherwise, the terms “Sotera Health,” “Company,” “we,” “us,” and “our” in this presentation refer to Sotera Health Company, a Delaware corporation, and, where appropriate, its subsidiaries on a consolidated basis. This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “intends,” “plans” or “anticipates,” or by discussions of strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance, achievements, or industry results, to differ materially from historical results or any future results, performance or achievements expressed, suggested or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: a disruption in the availability or supply of, or increases in the price of, ethylene oxide (“EO”), Cobalt-60 (“Co-60”) or our other direct materials, services and supplies, including as a result of geopolitical instability and/or sanctions against Russia by the United States, Canada, the United Kingdom and/or the European Union; fluctuations in foreign currency exchange rates; evolving changes in environmental, health and safety regulations or preferences; health and safety risks associated with the use, storage, transportation and disposal of potentially hazardous materials such as EO and Co-60; the impact and outcome of current and future legal proceedings and liability claims, including litigation related to the use, emissions and releases of EO from our EO sterilization facilities, and the possibility that claims will be made in the future; our ability to satisfy the conditions for settlement of the EO claims related to our former facility in Willowbrook, Illinois; allegations of our failure to properly perform services and potential product liability claims, recalls, other penalties and reputational harm; compliance with the extensive regulatory requirements to which we are subject, the related costs, and any failures to receive or maintain, or delays in receiving, required clearances or approvals; adverse changes in industry trends; competition we face; market conditions and changes, including inflationary trends and the impact of tariffs, that impact our long-term supply contracts with variable price clauses and increase our cost of revenues; business continuity hazards, including supply chain disruptions, federal government shutdowns, and other risks associated with our operations; the risks of doing business internationally, including global and regional economic and political instability and compliance with various applicable laws and potentially inconsistent laws and regulations in multiple jurisdictions; our ability to increase capacity at existing facilities, build new facilities in a timely and cost-effective manner and renew leases for our leased facilities; our ability to attract and retain qualified employees; severe health events or environmental events; cybersecurity incidents, unauthorized data disclosures, and our dependence on information technology systems; an inability to pursue strategic transactions, find suitable acquisition targets, or integrate strategic acquisitions into our business successfully; our ability to maintain effective internal control over financial reporting; our reliance on intellectual property to maintain our competitive position and the risk of claims from third parties that we have infringed or misappropriated, or are infringing or misappropriating, their intellectual property rights; our ability to comply with rapidly evolving data privacy and security laws and regulations in various jurisdictions and any ineffective compliance efforts with such laws and regulations; our ability to maintain profitability in future periods; impairment charges on our goodwill and other intangible assets with indefinite lives, as well as other long-lived assets and intangible assets with definite lives; the effects of unionization efforts and labor regulations in countries in which we operate; adverse changes to our tax positions in U.S. or non-U.S. jurisdictions or the interpretation and application of U.S. tax legislation or other changes in U.S. or non-U.S. taxation of our operations; and our significant leverage and how this significant leverage could adversely affect our ability to raise additional capital, limit our ability to react to challenges confronting our Company or broader changes in our industry or the economy, limit our flexibility in operating our business through restrictions contained in our debt agreements and/or prevent us from meeting our obligations under our existing and future agreements governing our indebtedness. These forward-looking statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them publicly in light of new information or future events, except as required by law. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. For additional discussion of these risks and uncertainties, please refer to the Company’s filings with the Securities and Exchange Commission (“SEC”), such as its Annual Report on Form 10-K and quarterly reports. If any of these trends, risks or uncertainties actually occur or continue, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. This presentation includes Adjusted EBITDA, Adjusted EBITDA Margin, Tax Rate Applicable to Adjusted Net Income, Adjusted Net Income, Adjusted EPS, Free Cash Flow, Net Debt and Net Leverage Ratio, which are unaudited financial measures that are not based on any standardized methodology prescribed by GAAP . Adjusted EBITDA, Adjusted EBITDA Margin, Tax Rate Applicable to Adjusted Net Income, Adjusted Net Income, Adjusted EPS, Free Cash Flow, Net Debt and Net Leverage Ratio may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Adjusted EBITDA, Adjusted EBITDA Margin, Tax Rate Applicable to Adjusted Net Income, Adjusted Net Income, Adjusted EPS, Free Cash Flow, Net Debt and Net Leverage Ratio should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP . This presentation refers to, and in other communications with investors the Company may refer to, net sales or revenues or other historical financial information on a “constant currency” basis, which is a non-GAAP financial measure defined in the Appendix to this presentation. We use these non-GAAP financial measures as the principal measures of our operating performance. Management believes these measures allow management to more effectively evaluate our operating performance and compare the results of our operations from period to period without the impact of certain non-cash items and non-routine items that we do not expect to continue at the same level in the future and other items that are not core to our operations. We believe that these measures are useful to our investors because they provide a more complete understanding of the factors and trends affecting our business than could be obtained without these measures and their disclosure. In addition, we believe these measures will assist investors in making comparisons to our historical operating results and analyzing the underlying performance of our operations for the periods presented. Our management also uses these measurements in their financial analysis and operational decision-making and Adjusted EBITDA serves as the key metric for the attainment of our primary annual incentive program. These measures may be calculated differently from, and therefore may not be comparable to, a similarly titled measure used by other companies. The Company does not provide a reconciliation for non-GAAP financial measures on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items without unreasonable effort. The Company cannot reconcile its expected Adjusted EBITDA, Tax Rate Applicable to Adjusted Net Income, Adjusted Net Income, Adjusted EPS, Free Cash Flow, and Net Leverage Ratio without unreasonable effort because certain items that impact net income, earnings per share and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time, including uncertainties caused by changes to the regulatory landscape, restructuring items and certain fair value measurements, all of which are potential adjustments for future earnings. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about the Company’s industry and estimated total and serviceable addressable markets. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified this market data. While we are not aware of any misstatements regarding any industry or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors, including those described under the headings of “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K, and in the Company’s other SEC filings. In addition, projections, assumptions and estimates of the Company’s future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. The Sotera Health name, our logo and other trademarks mentioned in this presentation are the property of their respective owners. All Company data and financial information included in this presentation is as of September 30, 2025, unless otherwise stated.
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© 2026 Sotera Health Company | All Rights Reserved. 2 The Crucial Role We Play in Healthcare Today’s Focus Our Strong and Consistent Financial Profile Our Path to Driving Value
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© 2026 Sotera Health Company | All Rights Reserved. Safeguarding Global Health® 3 Strong cash flow generation and disciplined capital allocation Customers include 40+ of top 50 medical device companies, and 9 of top 10 pharmaceutical companies (1) 70%+ of revenue tied to multi-year contracts (1) 70% of Sterigenics and Nelson Labs combined revenue comes from shared customers (1) Customer relationships average 10+ years across top 25 customers ~5,000 customers in over 50 countries Over 3,000 employees Provide end-to-end solutions for our customers in highly-regulated markets Integrated global network of 62 facilities located in 13 countries (1) For the year ended December 31, 2024.
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© 2026 Sotera Health Company | All Rights Reserved. Our Crucial Role in the Healthcare Supply Chain 4 R&D, materials and packaging optimization Pre-FDA filing tests and clinical trials Product manufacturing Sterilization Quality control tests Distribution ✓ ✓ ✓ ✓✓ ✓ ✓✓✓ ✓✓✓✓
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© 2026 Sotera Health Company | All Rights Reserved. 48% 37% 15% Routine Validation Expert Advisory Services Three Integrated and Outstanding Business Segments 5 Providing customers end-to-end solutions across the Cobalt-60 supply chain Microbiology and analytical chemistry services include 900+ tests (1) For the year ended December 31, 2024. (2) Based on revenue for the year ended December 31, 2024. 2,000+ Customers (1) • Over 40 of the 50 top medical device companies(1) • 9 of the 10 top pharmaceutical companies(1) 48 facilities located across 13 countries and 4 continents ~3,000 customers (1) trust our quality and reliability to help ensure lifesaving products are safe Global leader in comprehensive sterilization solutions 49% 39% 12% Gamma EO E-beam Sterigenics Technology Mix (2) World’s Largest Provider of Cobalt-60 sealed sources Global leader in microbiological and analytical lab testing One of a Kind, CNSC licensed, Class 1B nuclear processing facility Providing 2,000+ customers (1) peace of mind through quality, reliability, and safety Nelson Labs Service Mix (2) ~30% ~70% Cobalt-60 sterilization All other technologies Global Sterilization Technology Mix for Single-Use Medical Devices
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© 2026 Sotera Health Company | All Rights Reserved. Growth Opportunity with Customers Across Business Units (XBU) Key Customer Benefit: Comprehensive lab & sterilization solutions that meet the customer’s needs Nelson Sterigenics XBU Single Business Unit Higher Satisfaction Amongst XBU Customers 6 24 YTD 25 YTD Demonstrated Growth Driven by XBU FocusCustomer Satisfaction Scores (1) (2)(2) Enhanced Revenue Growth: Expanded potential through more focused XBU initiatives and targeted entry into higher growth/value segments +10% (1) 2023 Sotera Health Customer Satisfaction Survey. (2) For the nine months ended September 30th of the applicable year.
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© 2026 Sotera Health Company | All Rights Reserved. Our Strong and Consistent Financial Profile 7
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© 2026 Sotera Health Company | All Rights Reserved. $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sotera Health Revenue Our resilient business model has delivered consistent revenue growth every year since 2005, including the great recession of 2008 and the COVID pandemic Delivering Sustained Revenue Growth for Over 20 Years 8 (1) Estimated 2025 revenue (1) 9% CAGR
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© 2026 Sotera Health Company | All Rights Reserved. $170M of Adjusted EBITDA (1) Growth Since IPO Demonstrated Track Record of Performance 9 Revenue Growth Adjusted EBITDA (1) Growth $420 $590 FY 2020 TTM 2025 7% CAGR $818 $1,150 FY 2020 TTM 2025 7% CAGR (1) This is a non-GAAP financial measure. Please refer to Non-GAAP Financial Measures provided in the Appendix. (2) Trailing twelve months ended September 30, 2025 $ in millions $95 $138 FY 2020 TTM 2025 8% CAGR Free Cash Flow (1) Growth (2) (2)
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© 2026 Sotera Health Company | All Rights Reserved. Disciplined Capital Allocation Framework Value accretive M&A Debt reduction Share repurchases OPPORTUNISTIC PRIORITY Organic investments to drive growth and strengthen the businesses 2.0x – 3.0x net leverage ratio target Retain ample liquidity Ensure access to capital markets Delever through growth Improve credit ratings over time MAINTAIN A HEALTHY BALANCE SHEET 10
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© 2026 Sotera Health Company | All Rights Reserved. Our Path to Driving Value 11
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© 2026 Sotera Health Company | All Rights Reserved. 12 Excellence in serving our customers with end-to-end solutions Win in growth markets Driving operational excellence to enhance free cash flow Disciplined capital deployment 1 2 3 4 Strong Execution to Generate Value for Our Stakeholders Our Company Key Priorities
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© 2026 Sotera Health Company | All Rights Reserved. 5% - 7% 2025-2027 Organic Revenue Growth CAGR Inclusive of total company price range of 3%-4% Driving Organic Revenue Growth Targets 13 MSD-HSD ~High-end of price range or above ~65% of revenue(1) MSD ~Low-end of price range ~20% of revenue(1) LSD-MSD ~Low-end of price range ~15% of revenue(1) (1) Based on 2024 Net Revenues.
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© 2026 Sotera Health Company | All Rights Reserved. Accelerating Adjusted EBITDA Growth Target 14 Targeting at least 50bps – 150bps of margin improvement through 2027 5-7% 2025-2027 Organic Revenue Growth CAGR 5-8% 2025-2027 Organic Adjusted EBITDA (1) Growth CAGR 14 (1) This is a non-GAAP financial measure.
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© 2026 Sotera Health Company | All Rights Reserved. Executing Against our Investor Day Commitments 15 Organic Revenue Growth 5 - 7% 6.2% On track Adjusted EBITDA Growth (1) 5 - 8% 10.4% On track Margin Improvement 50 - 150bps 195bps On track Cumulative Free Cash Flow (1) $500M - $600M $147M On track Net Leverage Ratio (1) 2.0x – 3.0x 3.3x On track 2025-2027 Target YTD as of 9/30/25 Status (1) This is a non-GAAP financial measure. Please refer to Non-GAAP Financial Measures provided in the Appendix.
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© 2026 Sotera Health Company | All Rights Reserved. 16 Net leverage Ratio (2) improved ~1 turn to 3.3x Strengthened Balance Sheet & More Than Doubled Public Float Capital Structure Actions Over Past 2 Years Increased public float to ~80% of total shares (1) Debt paydown of $90M & increased available liquidity $245M Term loan interest rate reduction of 75bps $13M of annual interest savings Extended debt maturity 5 years to 2031 (1) As of the most recent secondary stock offering in December 2025. (2) This is a non-GAAP financial measure. Please refer to Non-GAAP Financial Measures provided in the Appendix.
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© 2026 Sotera Health Company | All Rights Reserved. Global Leader Positioned for Sustainable Growth 17
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© 2026 Sotera Health Company | All Rights Reserved. Appendix 18
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© 2026 Sotera Health Company | All Rights Reserved. Non-GAAP Financial Measures 19 (unaudited) (dollars in thousands) Year Ended December 31, Twelve Months Ended September 30, (in thousands of U.S. dollars) 2020 2021 2022 2023 2024 2025 Net income (loss) $ (37,491) $ 117,121 $ (233,570) $ 51,376 $ 44,398 $ 55,425 Amortization of intangible assets 80,255 86,742 81,554 81,348 79,377 55,886 Share-based compensation(a) 10,987 13,870 21,211 32,364 36,896 31,638 Capital restructuring bonuses(b) 2,702 — — — — — (Gain) loss on foreign currency and derivatives not designated as hedging instruments, net(c) (8,454) (58) 3,150 (1,552) 2,448 2,853 Business optimization expenses(d) 9,105 (2,743) 8,354 7,662 9,368 12,210 Impairment of investment in unconsolidated affiliate(e) — — 9,613 — — — Loss on refinancing of debt(f) 44,262 20,681 — — 24,168 1,175 Professional services relating to EO sterilization facilities(g) 36,671 45,656 72,639 45,312 32,694 47,852 Illinois EO litigation settlement(h) — — 408,000 — — 64,943 Georgia EO litigation settlement(i) — — — 35,000 — — Accretion of asset retirement obligations(j) 1,946 2,252 2,194 2,413 2,638 2,462 COVID-19 expenses(k) 2,677 761 155 — — — Income tax benefit associated with pre-tax adjustments(l) (43,536) (38,500) (103,081) (49,597) (33,487) (45,327) Adjusted Net Income 99,124 245,782 270,219 204,326 198,500 229,117 Interest expense, net 215,259 74,192 78,490 142,878 164,691 161,634 Depreciation(m) 63,309 64,160 64,000 76,577 82,420 87,072 Income tax provision applicable to Adjusted Net Income(n) 42,167 97,095 93,540 104,248 102,963 111,875 Adjusted EBITDA(o) $ 419,859 $ 481,229 $ 506,249 $ 528,029 $ 548,574 $ 589,698 Net Revenues $ 818,158 $ 931,478 $ 1,003,687 $ 1,049,288 $ 1,100,441 $ 1,150,379 Adjusted EBITDA Margin 51.3 % 51.7 % 50.4 % 50.3 % 49.9 % 51.3 %
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© 2026 Sotera Health Company | All Rights Reserved. Non-GAAP Financial Measures 20 a) Represents share-based compensation expense to employees and Non-Employee Directors. b) Represents cash bonuses for members of management relating to the November 2020 IPO. c) Represents the effects of (i) fluctuations in foreign currency exchange rates, (ii) non-cash mark-to-fair value of embedded derivatives relating to certain customer and supply contracts at Nordion, and (iii) unrealized gains and losses on interest rate derivatives not designated as hedging instruments. d) Represents (i) certain costs related to divestitures, acquisitions and the integration of acquisitions, (ii) professional fees and other costs associated with business optimization, cost saving and other process enhancement projects, and (iii) legal, consulting, and other fees associated with the secondary offerings and shareholder engagement. e) Represents an impairment charge on an equity method investment in a joint venture. f) Represents the write-off of unamortized debt issuance costs and discounts, as well as certain other costs incurred related to refinancing activity for the Term Loans, the Secured Notes and the Revolving Credit Facility. g) Represents litigation and other professional fees associated with our EO sterilization facilities. h) Represents (i) the cost to settle 880 pending and threatened EO claims in Illinois pursuant to Settlement Agreements entered into in January 2023 and finalized in March 2023; (ii) the cost to settle 97 pending and threatened EO claims against Sterigenics in Illinois pursuant to the term sheet entered into in April 2025 and finalized in September 2025, and (iii) the cost to settle 129 pending and threatened EO claims against Sterigenics in Illinois pursuant to the term sheet entered into in July 2025. i) Represents the cost to settle 79 pending EO claims in Georgia under a Settlement Term Sheet entered into in December 2023. j) Represents non-cash accretion of asset retirement obligations related to Co-60 gamma and EO processing facilities, which are based on estimated site remediation costs for any future decommissioning of these facilities and are accreted over the life of the asset. k) Represents non-recurring costs associated with the COVID-19 pandemic, including incremental costs to implement workplace health and safety measures. For the year ended December 31, 2020, costs also included donations to related charitable causes and special bonuses for front-line personnel working on-site during lockdown periods. l) Represents the income tax impact of adjustments calculated based on the tax rate applicable to each item. We eliminate the effect of tax rate changes as applied to tax assets and liabilities, and unusual items from our presentation of adjusted net income. m) Includes depreciation of Co-60 held at gamma irradiation sites. The year ended December 31, 2024 and twelve months ended September 30, 2025 excludes accelerated depreciation associated with business optimization activities. n) Represents the difference between the income tax provision (benefit) as determined under U.S. GAAP and the income tax benefit associated with pre-tax adjustments described in footnote (l). o) $82.6 million, $85.3 million, $83.6 million, $94.1 million, $97.1 million and $96.8 million of the adjustments for the years ended December 31, 2020, 2021, 2022, 2023, 2024 and twelve months ended September 30, 2025, respectively, are included in cost of revenues, primarily consisting of amortization of intangible assets, depreciation, and accretion of asset retirement obligations.
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© 2026 Sotera Health Company | All Rights Reserved. Non-GAAP Financial Measures 21 (unaudited) (dollars in thousands, except per share amounts) Nine Months Ended September 30, 2025 2024 Net income $ 43,102 $ 32,075 Amortization of intangible assets 36,246 59,737 Share-based compensation(a) 23,465 28,723 Loss on refinancing of debt(b) 1,167 24,160 Gain on foreign currency and derivatives not designated as hedging instruments, net(c) (1,294) (1,699) Business optimization expenses(d) 7,575 4,733 Professional services relating to EO sterilization facilities(e) 37,515 22,357 Illinois EO litigation settlements(f) 64,943 — Accretion of asset retirement obligation(g) 1,738 1,914 Income tax benefit associated with pre-tax adjustments(h) (44,081) (32,241) Adjusted Net Income 170,376 139,759 Interest expense, net 120,674 123,731 Depreciation(i) 67,726 63,074 Income tax provision applicable to Adjusted Net Income(j) 77,988 69,076 Adjusted EBITDA(k) $ 436,764 $ 395,640 Net Revenues $ 860,176 $ 810,238 Adjusted EBITDA Margin 50.8 % 48.8 % Weighted average number of shares outstanding: Basic 283,855 282,624 Diluted 286,019 284,660 Earnings per share: Basic $ 0.15 $ 0.11 Diluted 0.15 0.11 Adjusted earnings per share: Basic $ 0.60 $ 0.49 Diluted 0.60 0.49
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© 2026 Sotera Health Company | All Rights Reserved. Non-GAAP Financial Measures 22 a) Represents share-based compensation expense related to employees and Non-Employee Directors. b) Represents the write-off of unamortized debt issuance costs and discounts, as well as certain other costs incurred related to refinancing activity for the Term Loans, the Secured Notes and the Revolving Credit Facility. c) Represents the effects of (i) fluctuations in foreign currency exchange rates and (ii) non-cash mark-to-fair value of embedded derivatives relating to certain customer and supply contracts at Nordion. d) Represents (i) certain costs related to divestitures, acquisitions and the integration of acquisitions, (ii) professional fees and other costs associated with business optimization, cost saving and other process enhancement projects, and (iii) legal, consulting, and other fees associated with the secondary offerings and shareholder engagement. e) Represents litigation and other professional fees associated with our EO sterilization facilities. f) Represents (i) the cost to settle 97 pending and threatened EO claims against Sterigenics in Illinois pursuant to the term sheet entered into in April 2025 and finalized in September 2025 and (ii) the cost to settle 129 pending and threatened EO claims against Sterigenics in Illinois pursuant to the term sheet entered into in July 2025. g) Represents non-cash accretion of ARO related to Co-60 gamma and EO sterilization facilities, which are based on estimated site remediation costs for any future decommissioning of these facilities and are accreted over the life of the asset. h) Represents the income tax impact of adjustments calculated based on the tax rate applicable to each item. We eliminate the effect of tax rate changes as applied to tax assets and liabilities and unusual items from our presentation of adjusted net income. i) Includes depreciation of Co-60 held at gamma irradiation sites, and excludes accelerated depreciation associated with business optimization activities. j) Represents the difference between the income tax provision as determined under U.S. GAAP and the income tax benefit associated with pre-tax adjustments described in footnote (h). k) $72.7 million and $73.0 million of the adjustments for the nine months ended September 30, 2025 and 2024, respectively, are included in cost of revenues, primarily consisting of amortization of intangible assets, depreciation, and accretion of asset retirement obligations.
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© 2026 Sotera Health Company | All Rights Reserved. Non-GAAP Financial Measures 23 (unaudited) (dollars in thousands) (a) Represents litigation and other professional fees associated with our EO sterilization facilities. (b) Represents (i) the cost to settle 880 pending and threatened EO claims in Illinois pursuant to Settlement Agreements entered into in January 2023 and finalized in March 2023; (ii) the cost to settle 79 pending EO claims in Georgia under a Settlement Term Sheet entered into in December 2023; (ii) the cost to settle 97 pending and threatened EO claims against Sterigenics in Illinois pursuant to the term sheet entered into in April 2025 and finalized in September 2025 and (iv) the cost to settle 129 pending and threatened EO claims against Sterigenics in Illinois pursuant to the term sheet entered into in July 2025. (c) Represents the tax effects of the litigation and other professional fees associated with our EO sterilization facilities and the costs to settle the EO claims in Illinois and Georgia as noted in (a) and (b) above. (d) This is a non-GAAP financial measure. Please refer to Non-GAAP Financial Measures provided in the Appendix. Year Ended December 31, Nine Months Ended Twelve Months Ended (in thousands of U.S. dollars) 2020 2021 2022 2023 2024 September 30, 2025 September 30, 2025 GAAP Cash Flow Categories Net cash provided by (used in) operating activities $ 120,585 $ 281,545 $ 277,961 $ (147,732) $ 224,164 $ 184,091 $ 239,808 Net cash used in investing activities (158,694) (159,833) (181,896) (214,906) (178,996) (84,445) (150,315) Net cash provided by (used in) financing activities 73,432 (117,286) 197,761 265,959 (50,564) (92,359) (98,907) Effect of exchange rate changes on cash and cash equivalents 4,106 44 (4,456) 2,039 (17,393) 14,874 1,958 Net increase (decrease) in cash and cash equivalents, including restricted cash $ 39,429 $ 4,470 $ 289,370 $ (94,640) $ (22,789) $ 22,161 $ (7,456) Free Cash Flow (Non-GAAP) Net cash provided by (used in) operating activities 120,585 281,545 277,961 (147,732) 224,164 184,091 239,808 Purchases of property, plant and equipment, net (53,507) (102,162) (182,378) (214,975) (179,070) (87,319) (153,189) Professional services relating to EO sterilization facilities(a) 36,671 45,656 72,639 45,312 32,694 37,515 47,852 EO litigation settlements(b) — — — 407,712 35,000 30,943 30,943 Tax effect of EO litigation settlements and litigation costs(c) (9,168) (11,414) (18,160) (46,189) (34,206) (18,703) (27,795) Free Cash Flow 94,581 213,625 150,062 44,128 78,582 146,527 137,619 Free Cash Flow Conversion (Non-GAAP) Free Cash Flow 94,581 213,625 150,062 44,128 78,582 146,527 137,619 Adjusted EBITDA(d) $ 419,859 $ 481,229 $ 506,249 $ 528,029 $ 548,574 $ 589,698 $ 589,698 Free Cash Flow Conversion 23 % 44 % 30 % 8 % 14 % 25 % 23 %
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© 2026 Sotera Health Company | All Rights Reserved. Non-GAAP Financial Measures 24 (unaudited) (dollars in thousands) (1) Represents Adjusted EBITDA for the twelve months ended September 30, 2023 and September 30, 2025, respectively. Refer to the reconciliations of Adjusted EBITDA to net income for additional detail. As of September 30, 2023 2025 Current portion of long-term debt $ 5,235 13,964 Long-term debt less current portion 2,222,789 2,128,996 Current portion of finance leases 8,398 3,347 Finance leases less current portion 63,219 94,506 Total Debt 2,299,641 2,240,813 Less: cash and cash equivalents (244,959) (299,192) Total Net Debt $ 2,054,682 $ 1,941,621 Adjusted EBITDA(1) $ 490,894 $ 589,698 Net Leverage 4.2x 3.3x
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© 2026 Sotera Health Company | All Rights Reserved. Non-GAAP Financial Measure Definitions 25 • Adjusted Net Income is defined as net income (loss) before amortization and certain other adjustments that we do not consider in our evaluation of our ongoing operating performance from period to period. • Adjusted EBITDA is defined as Adjusted Net Income before interest expense, depreciation (including depreciation of Co-60 used in our operations) and income tax provision applicable to Adjusted Net Income. • Adjusted EBITDA margin is equal to Adjusted EBITDA divided by net revenues. • Adjusted EPS is defined as Adjusted Net Income divided by the weighted average number of diluted shares outstanding. • Free Cash Flow is defined as cash provided by operating activities minus capital expenditures and excludes the tax effected impact of EO litigation settlements and EO litigation defense costs. • Free Cash Flow Conversion is Free Cash Flow divided by Adjusted EBITDA. • Net Debt is equal to our total debt net of unamortized debt issuance costs and debt discounts, less cash and cash equivalents. • Net Leverage Ratio is equal to Net Debt divided by Adjusted EBITDA. • We calculate constant currency (CC) net revenues by translating prior year net revenues in local currency at the average exchange rates applicable for the current period. The translated results are then used to determine year-over-year percentage increases or decreases. We generally refer to such amounts calculated on a constant currency basis as excluding the impact of foreign currency exchange rates.