Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call Financial Results & Outlook February 24, 2026 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information
Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could ca
Slide 3: Key Takeaways
Key Takeaways Fourth-quarter sales reflect continuing momentum resulting in the highest sales growth in 15 quarters. Strong sales results across all businesses, particularly global equipment, specialty products and technology businesses. Introduced guidance for 2026 non-GAAP Diluted EPS to be in the
Slide 4: Q4 Financial Highlights
Q4 Financial Highlights Non-GAAP Diluted EPS* Global Sales Growth** Adjusted EBITDA $1.34 +5.8% $291M *** Compares with $1.19 in Q4 2024, reflecting Reflects continuing momentum resulting in the Compares with $270M in Q4 2024, reflecting growth of 12.6% y/y highest sales growth in 15 quarters growth
Slide 5: Q4 2025 Consolidated Results
Q4 2025 Consolidated Results* (in millions of USD Q4 2025 Q4 2024 Q4 2025 Q4 2024 y/y ∆ y/y ∆ except EPS) (GAAP) (GAAP) (Non-GAAP) (Non-GAAP) Total Sales $3,437 $3,191 7.7% $3,437 $3,191 7.7% Operating Income $163 $155 5.7% $255 $238 7.1% Operating Margin 4.76% 4.86% -10 bps 7.42% 17% 7.46% -4 bps E
Slide 6: Henry Schein Sales Performance
Q4 2025 Henry Schein Sales Performance Sales Total Sales CC LCI Products Commentary* ($’million) Growth % Growth % Growth % • U.S. Dental merchandise sales grew 3.6% reflecting continued market share gains versus last year. Global Dental Merchandise $1,218 6.4% 3.7% 3.7% • International Dental merch
Slide 7: Global Distribution & Value-Added Services Group
Q4 2025 Global Distribution & Value-Added Services Group We delivered solid sales growth in the fourth quarter in both the U.S. and Internationally with double-digit sales growth in our global dental equipment business. Sales Growth (%) 12.00% 10.9% 10.00% Sales: 8.00% 7.0% Constant currency sales g
Slide 8: Global Specialty Products Group
Q4 2025 Global Specialty Products Group We believe we continued to gain share across most markets. Sales Growth (%) 16.00% 14.6% Sales: 14.00% 11.1% Constant currency sales growth of 11.1%, 12.00% 10.00% reflecting strong performance in implants 8.00% and biomaterials. Sales growth was driven 6.00%
Slide 9: Global Technology Group
Q4 2025 Global Technology Group Driven by our core practice management solutions business. Sales Growth (%) 12.00% 10.00% 8.4% Sales: 8.00% 7.6% Constant currency sales growth of 7.6%. 6.00% Sales growth was driven by our cloud- 4.00% based practice management software 2.00% product. 0.00% 4Q25 Cons
Slide 10: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Disciplined Approach to Balance Sheet Management $381M Q4 2025 Operating 2.6x Debt-to-Adjusted EBITDA ratio as of December 27, $780M Cashflow 2025* Remaining share repurchase Maintain investment authorization at the grade balance sheet end of Q4 Acquisitions $87M
Slide 11: Q4 Highlights Advancing our BOLD+1 Strategy
Q4 Highlights Advancing our BOLD+1 Strategy 2025 non-GAAP operating income from high-growth, high-margin businesses is approaching 50% of our total operating income. On-track to exceed goal of over 50% by the end of our strategic planning cycle in 2027. Implementation is underway across multiple
Slide 12: Financial Guidance – FY2026
Financial Guidance – FY2026 Guidance assumes stable dental and medical end-markets during the year and is supported by initiatives outlined in our Guidance for As of February 24, 2026* strategic plan. We expect these initiatives will support our long- Full Year 2026 term financial goals. Guidance al
Slide 13: Appendix
Appendix 13
Slide 14: Worldwide Financial Results
Q4 2025 Worldwide Financial Results* Q4 2025 Q4 2024 (in millions of USD except EPS) y/y ∆ (Non-GAAP) (Non-GAAP) Total sales $3,437 $3,191 7.7% Gross profit 1,063 993 7.0% Gross margin 30.94% 31.14% -20 bps Operating expenses (Non-GAAP)** 808 755 7.0% Operating income (Non-GAAP)** $255 $238 7.1% Ope
Slide 15: Adjusted EBITDA
Adjusted EBITDA (in millions of USD) Q4 2025 Q4 2024 Net Income attributable to Henry Schein, Inc. (GAAP) $101 $94 Income attributable to noncontrolling interests 2 2 Net Income (GAAP) 103 96 Interest income (9) (6) Interest expense 39 35 Income taxes 32 31 Depreciation and amortization 82 76 Restru
Slide 16: Sales Summary: Global Distribution and Value-Added Services Group
Q4 2025 Sales Summary Global Distribution and Value-Added Services Group (in millions of USD) Q4 2025 Q4 2024 y/y ∆ y/y CC* ∆ Merchandise $583 $562 3.6% 3.6% Equipment 274 247 10.6% 10.6% Value-Added Services 53 52 1.7% 1.7% Total Dental 910 861 5.5% 5.5% Medical 1,045 996 4.9% 4.9% Total U.S. Distr
Slide 17: Sales Summary: Global Specialty Products Group
Q4 2025 Sales Summary Global Specialty Products Group* (in millions of USD) Q4 2025 Q4 2024 y/y ∆ y/y CC** ∆ Global Specialty Products Group $422 $368 14.6% 11.1% *Global Specialty Products Group includes certain expenses related to managing owned-brands that support sales in the distribution busine
Slide 18: Sales Summary: Global Technology Group
Q4 2025 Sales Summary Global Technology Group (in millions of USD) Q4 2025 Q4 2024 y/y ∆ y/y CC* ∆ U.S. HS One $131 $121 8.2% 8.2% International HS One 36 32 12.0% 8.2% Global HS One 167 153 9.0% 8.2% Other 6 7 -6.4% -6.4% Global Technology Group $173 $160 8.4% 7.6% *CC growth rates reflect year-ove
Slide 19: GAAP to Non-GAAP Income Statements
Q4 2025 GAAP to Non-GAAP Income Statements Costs Associated Impairment with Shareholder Restructuring Acquisition Change in Q4 2025 Litigation of Advisory Matters Q4 2025 (in millions of USD except EPS) And Related Intangible Contingent GAAP Settlements Intangible and Select Value Non-GAAP Costs Amo
Slide 20: GAAP to Non-GAAP Reconciliation: Q4 2025 Financial Highlights
GAAP to Non-GAAP Reconciliation Q4 2025 Financial Highlights Henry Schein, Inc. Fourth Quarter 2025 Analyst Presentation Q4 2025 - Financial Highlights (in millions, except per share data) Reconciling Items Cyber Incident- Costs Associated Insurance with Shareholder Proceeds, Net of Advisory Matters
Slide 21: GAAP to Non-GAAP Reconciliation: 2025 Financial Highlights
GAAP to Non-GAAP Reconciliation 2025 Financial Highlights Henry Schein, Inc. Fourth Quarter 2025 Analyst Presentation Full Year 2025 Financial Highlights (in millions, except per share data) Reconciling Items Cyber Incident- Insurance Proceeds, Net of Acquisition Third-Party Change in Costs Associat