Envista Holdings Corporation · NYSE:NVST
Envista — Q4 2025 Earnings Presentation
29 slides from Envista's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Results
Q4 2025 Results February Paul Keel, 5, 2026 CEO
Slide 2: Forward looking statements/Non-GAAP financial measures
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 expec
Slide 3: Agenda
Agenda Paul Keel Opening Thoughts Eric Hammes Q4 and FY25 Financials FY2026 Guidance Paul Keel Closing Thoughts Q&A 3
Slide 4: Envista's Value Creation Plan
Opening Thoughts Envista’s Value Creation Plan Medium-Term Purpose Values Priorities Objectives* Growth Core Growth 2 - 4% We partner Adj. EBITDA with dental Growth 4 - 7%4 - 7% professionals Operational Excellence Adj. EPS to improve Growth 7 - 10% patient lives Free Cash Flow Conversion ~100% Peop
Slide 5: Q4 and 2025 Strategic and Operational Progress
Q4 and 2025 Strategic and Operational Progress Growth Operations • Ongoing broad-based contributions from EBS • Growth across all major businesses and major • Maintained our world-class safety, quality, and customer service levels geographies • Reduced G&A spending 10% in 2025 • Continued market sha
Slide 6: Notable New Product Launches in 2025
Notable New Product Launches in 2025 • Spark Retainers • Spark BiteSync Class II Corrector Specialty Products Ortho & Technologies • Spark Junior • Spark StageRx • Ormco EtchFree Bonding • Nobel Multi-Unit Abutments Implants • Implant Direct DIRECTscan • Procera Esthetic Zirconia Bridge • Orascoptic
Slide 7: Q4, 2025, and 2026
Q4, 2025, and 2026 Q425 Results 2025 Performance 2026 Guidance • +10.8% core growth, with all major • +6.5% core growth, with all major • Core growth: 2 to 4% businesses and geographies positive businesses positive • MSD growth excluding Spark deferral • Adjusted • MSD growth excluding Spark deferra
Slide 8: Q4 2025 | Financial Metrics
Q4 2025 | Financial Metrics Q4 Q4 Summary 2025 2024 vPY Revenue $ 751M $653M +$98M • 10.8% Core Growth o Growth in all major businesses o Growth in all major geographies Core Sales Growth(%) 10.8% 2.0% +880 bps o MSD excluding Spark deferral and low comparable Adjusted Gross Margin 55.0% 57.2% -220
Slide 9: FY 2025 | Financial Metrics
FY 2025 | Financial Metrics Summary 2025 2024 vPY Revenue $ 2,719M $2,511M +$208M • 6.5% Core Growth o Growth across all major businesses Core Sales Growth(%) 6.5% -1.5% +800 bps o Growth across all major geographies o Consistent with CMD plan after excluding Spark deferral Adjusted Gross Margin 55.
Slide 10: Q4 2025 | Reported Revenue
Q4 2025 | Reported Revenue Reported Revenue +15.0% Core Growth +10.8% $5M $2M $751M $18M $20M $25M $27M $653M Q4 Volume FX Price Prior Year Spark Acquisition Q4 2024 Comparable Deferral 2025 Core Growth is a non-GAAP measure. See appendix for reconciliation. Fourth Quarter 2025 Earnings 10
Slide 11: Q4 2025 | Adjusted EBITDA
Q4 2025 | Adjusted EBITDA 1.0% 2.6% -1.6% 3.3% -1.7% 14.8% 13.9% -2.7% Q4 2024 Spark Deferral Price Net Productivity Tariff Costs Investments Transactional Q4 2025 & Vol/Mix FX Adj. EBITDA Margin is a non-GAAP measure. See appendix for reconciliation. Fourth Quarter 2025 Earnings 11
Slide 12: Q4 2025 | Specialty Products & Technologies
Q4 2025 | Specialty Products & Technologies Revenue ($M) Core Sales Growth +10.9% Revenue Q4 2024 $410.9 • Spark sales grew HSD excluding net deferral change • Brackets & Wires up DD Q4 2025 $475.9 • Implants up MSD, growth in both Premium and Challenger Adjusted Operating Margin Adjusted Operating
Slide 13: Q4 2025 | Equipment & Consumables
Q4 2025 | Equipment & Consumables Revenue ($M) Core Sales Growth +10.7% Revenue Q4 2024 $242.0 • Consumables up HSD, with strength across the portfolio • Diagnostics up DD globally; HSD growth in North America Q4 2025 $274.7 Adjusted Operating Margin Adjusted Operating Margin Q4 2024 25.2% • Good pr
Slide 14: Q4 2025 Cash Flow
Q4 2025 Cash Flow Q4 2025 Q4 2024 FY 2025 FY 2024 Operating Cash Flow $108.0M $132.4M $275.7M $336.5M Capital Expenditure, net $16.3M $8.5M $44.8M $33.7M Free Cash Flow $91.7M $123.9M $230.9M $302.8M FY 2025 Free Cash Conversion = 114% • Net Debt / Adj. EBITDA of ~0.6X • 1.2M shares repurchased in Q
Slide 15: FY 2026 Guidance
FY 2026 Guidance Core Sales Growth 2 to 4% Adj. EBITDA Growth 7% to 13% Adj. EPS $1.35 to $1.45 Free Cash Conversion ~100% 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 signific
Slide 16: 2026 | Guidance Assumptions
2026 | Guidance Assumptions 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 ~$15M YoY tailwind in H1; Fully incorpor
Slide 17: Progress Implementing Our Value Creation Plan
Progress Implementing Our Value Creation Plan ~100% 7 to 10% 4 to 7% 2 to 4% Core Adj. EBITDA Adj. EPS FCF Growth Growth Growth Conversion 2025 Actual 6.5% 26% 63% 114% 2026 Guidance 2 - 4% 7 -13% 13 - 22% ~100% Core Growth, Adj. EBITDA, Adj. EPS, and Free Cash Conversion are non-GAAP measures. See
Slide 18: Closing Thoughts
Closing • The dental market remains stable, with green shoots emerging Thoughts • Good progress executing the Value Creation Plan communicated at our March CMD • 2025 underlying growth consistent with Medium-Term Plan converting to even stronger earnings and EPS gains • 2026 guidance at or above our
Slide 19: Q&A
Q&A © Envista
Slide 20: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations 20
Slide 21: Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin
Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin ($ in Millions) 21
Slide 22: Reconciliations | Adjusted Operating Profit
Reconciliations | Adjusted Operating Profit ($ in Millions) 22
Slide 23: Reconciliations | Adjusted Net Income
Reconciliations | Adjusted Net Income ($ in Millions) 23
Slide 24: Reconciliations | Adjusted Diluted EPS and Diluted Shares Outstanding
Reconciliations | Adjusted Diluted Earnings Per Share and Diluted Shares Outstanding 24
Slide 25: Reconciliations | Adjusted EBITDA
Reconciliations | Adjusted EBITDA ($ in Millions) 25
Slide 26: Reconciliations | Core Sales Growth
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 first anniversary of the acquisition (“acquisitions”), (2) sales from discontinued products and (3) the impact of currency translation. Sale
Slide 27: Reconciliations | Free Cash Flow
Reconciliations | Free Cash Flow ($ in Millions) 27
Slide 28: Notes to Reconciliation of GAAP to Non-GAAP Financial Measures
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
Slide 29: Statement Regarding Non-GAAP Measures
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 t