Slides
Page 1
Dentsply Sirona CEREC Primemill Second Quarter 2026 Earnings Conference Call 01:10 Dentsply Sirona August 6 , 2026
Page 2
Forward-Looking Statements and Associated Risks 2 Non-GAAP Financial Measures All statements in this Presentation that do not directly and exclusively relate to historical facts constitute "forward-looking statements." Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements. Many of these factors are outside of our control, including those described in Part I, Item 1A, "Risk Factors" of the Company's most recent Annual Report on Form 10-K, Part II, Item 1A, "Risk Factors" of the Company’s Quarterly Reports on Form 10-Q for any subsequent fiscal quarters, and any updating information or other factors which may be described in the Company’s other filings with the Securities and Exchange Commission (the "SEC"). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Presentation or to reflect the occurrence of unanticipated events. Investors should understand it is not possible to predict or identify all relevant risks and other factors which could cause actual results to differ materially from statements made on the basis of our current expectations and beliefs. As such, you should not consider the risks identified in the Company’s SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company. In addition to results determined in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), the Company provides certain measures in this Presentation, which are not calculated in accordance with U.S. GAAP and therefore represent Non-GAAP measures. These Non-GAAP measures are used by the Company to measure its performance and may differ from those used by other companies and these Non-GAAP measures should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. Management believes that these Non-GAAP measures are helpful as they provide a measure of the results of operations and are frequently used by investors and analysts to evaluate the Company’s performance exclusive of certain items that impact the comparability of results from period to period, and which may not be indicative of past or future performance of the Company. Constant currency, adjusted operating income and margin, adjusted gross profit and margin, adjusted net income (loss), adjusted EBITDA and margin, adjusted earnings (loss) per diluted share, and Free Cash Flow are Non-GAAP measures on slide 9. The Company does not provide forward-looking estimates on a GAAP basis as certain information, which may include, but is not limited to, restructuring charges, transformation-related costs, impairment charges, certain tax adjustments, and other significant items, is not available without unreasonable effort and cannot be reasonably estimated. The exact amounts of these charges or credits are not currently determinable but may be significant. Percentages are based on actual values and may not reconcile due to rounding.
Page 3
Key Developments 3 Appointed seasoned finance leader John Fortson as Executive Vice President and Chief Financial Officer effective July 2026 Continued execution on Return-to-Growth Action Plan Announced new agreement with Medline Sinclair in Canada, the sixth distribution network enhancement announced in 2026 Delivered Q2 revenue in line with expectations Sustained improvements in working capital management Reiterating 2026 outlook for net sales and adj. EPS Note: The benefits of refunds for tariffs are not included in the outlook for 2026 adjusted EPS
Page 4
Second Quarter 2026 Financial Summary Q2 2026 Q2 2025 YoY Net Sales $898M $936M (4.1%) Constant Currency (6.3%) Adj. EBITDA $190M $197M (3.3%) Adj. EBITDA % 21.3% 21.1% +20 bps Adj. EPS $0.52 $0.52 (1.6%) Operating Cash Flow $99M $48M 106% Commentary ▪ Net sales (4.1%) YoY ▪ Declines in EDS, CTS, and OIS, partially offset by Wellspect ▪ Constant currency revenue down (6.3%), including (1.8%) impact from Byte ▪ Adj. EBITDA margin 21.3%, +20 bps YoY ▪ OPEX up $12 million YoY, driven by unfavorable FX and increased investment in R&D ▪ Benefit from receipt of tariff refunds, offset by lower volumes, mix, and tariff impact on gross profit ▪ Operating Cash Flow of $99M ▪ Benefit from receipt of tariff refunds ▪ AP and inventory improvements YoY ▪ Free Cash Flow of $55M ▪ $239M cash and cash equivalents 4 Commentary and trends are based on as reported vs. Q2 2025 unless otherwise noted Constant currency, adjusted EBITDA, adjusted EBITDA %, and adjusted EPS are Non-GAAP measures as defined on slide 9
Page 5
Second Quarter 2026 Segment Results 5 CommentaryNet Sales Connected Technology Solutions (CTS) Essential Dental Solutions (EDS) Orthodontic and Implant Solutions (OIS) Wellspect Healthcare $239M $376M $197M $86M ▪ CAD/CAM: Lower volumes in Americas and unfavorable price mix in EMEA, partially offset by double-digit growth in APAC ▪ Equipment & Instruments: Lower volumes of Treatment Centers, partially offset by Imaging growth in EMEA ▪ Decline driven by lower volumes in Americas and EMEA ▪ Orthodontics: Decline attributable to ($18M) Byte YoY impact and lower volumes across all regions ▪ Implants & Prosthetics: Lower implant volumes across all regions ▪ Growth driven by new product launches As Reported (1.5%) (2.7%) (13.2%) 7.1% Growth commentary and trends are based on as reported vs. Q2 2025 Constant currency sales are a Non-GAAP measure. The foreign currency impact is the only reconciling item between as reported and constant currency sales Constant Currency (3.8%) (5.0%) (14.9%) 3.8%
Page 6
Maintaining 2026 Outlook* *Actual results may differ materially due to a number of factors and risks, including those described in the Company’s filings with the SEC Note: The benefits of refunds for tariffs are not included in the outlook for 2026 adjusted EPS 6 Net Sales $3.5B to $3.6B $1.40 to $1.50Adjusted EPS
Page 7
“ In Summary Continuing to expand market access for Connected Technology Solutions products Advancing capital allocation strategy and sustaining improvements in working capital Reiterating outlook for net sales and adj. EPS for FY2026 7 Executing on Return-to-Growth Action Plan
Page 8
Appendix
Page 9
Non-GAAP Financial Measures Definitions 9 Constant Currency Reported net sales adjusted for the impact of foreign currency changes, which is calculated by translating current period net sales using the comparable period's foreign currency exchange rates. Adjusted Operating Income and Margin Adjusted operating income is computed by excluding the following items from operating income (loss) as reported in accordance with US GAAP. Adjusted operating margin is calculated by dividing adjusted operating income by net sales. • Business combination-related costs: costs related to consummating and integrating acquired businesses, as well as net gains and losses related to disposed businesses. Costs include the post-acquisition roll-off of fair value adjustments recorded related to business combinations, except for amortization expense of purchased intangible assets noted below. • Restructuring-related charges and other costs: costs related to the implementation of restructuring initiatives, including but not limited to, severance costs, facility closure costs, and lease and contract termination costs, as well as related professional service costs associated with these restructuring initiatives and global transformation activity. Other costs include gains and losses on the sale of property, legal settlements, executive separation costs, write-offs of inventory as a result of product rationalization, and changes in accounting principles recorded within the period. This category also includes costs related to investigations and associated legal cases and remediation activities, which primarily include legal, accounting and other professional service fees, as well as turnover and other employee-related costs. • Goodwill and intangible asset impairments: include charges related to goodwill and intangible asset impairments. • Amortization of purchased intangible assets: includes the periodic amortization expense related to purchased intangible assets, which are recorded at fair value. • Fair value and credit risk adjustments: include the non-cash mark-to-market changes in fair value associated with pension assets and obligations, the credit risk component of hedging instruments, contingent consideration from past acquisitions, and equity-method investments. Adjusted Gross Profit and Margin Gross profit excluding the impact of any of the above adjustments that affect either net sales or cost of sales. Adjusted gross margin is calculated by dividing adjusted gross profit by net sales. Adjusted Net Income (Loss) Net income (loss) as reported in accordance with US GAAP, adjusted to exclude the items identified above and the related income tax impacts of those items, as well as the tax effects of certain significant and discrete tax adjustments, including benefits and provisions related to changes in realization of deferred tax assets and tax credit carryforwards, as well as other events that affect comparability and are not core to our underlying operational performance. Adjusted EBITDA and Margin In addition to the adjustments described above in arriving at adjusted net income, adjusted EBITDA is computed by further excluding any remaining interest expense, net, income tax expense, depreciation and amortization. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales. Adjusted Earnings (Loss) Per Diluted Share Computed by dividing adjusted earnings (loss) attributable to Dentsply Sirona stockholders by the diluted weighted average number of common shares outstanding. Free Cash Flow Net cash provided by operating activities minus capital expenditures during the same period.
Page 10
Trailing Nine Quarters 10 Cash flow related quarterly results may be rounded to tie to year-to-date statement of cash flows Percentages are based on actual values and may not reconcile due to rounding In millions (except percentages) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net Sales $984 $951 $905 $879 $936 $904 $961 $880 $898 Adjusted EBITDA $173 $170 $128 $168 $197 $167 $135 $129 $190 Adj. EBITDA Margin % 17.5% 17.9% 14.2% 19.0% 21.1% 18.4% 14.1% 14.7% 21.3% Cash Flow Net Cash Provided by Operating Activities $208 $141 $87 $7 $48 $79 $101 $40 $99 Less: Capital Expenditures $52 $43 $51 $19 $32 $39 $41 $52 $44 Free Cash Flow $156 $98 $36 ($12) $16 $40 $60 ($12) $55
Page 11
11 Net Sales as Reported and in Constant Currency Q2 2026 and Q2 2025: (unaudited)
Page 12
12 Reconciliation of Non-GAAP Financial Measures Condensed Consolidated Statements of Operations Q2 2026 (unaudited)
Page 13
13 Reconciliation of Non-GAAP Financial Measures Condensed Consolidated Statements of Operations Q2 2025 (unaudited)
Page 14
14 Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (unaudited)
Page 15
15 Reconciliation of Non-GAAP Financial Measures Free Cash Flow (unaudited)