Slide 1: Earnings Conference Call Fiscal Q2 2026
Earnings Conference Call Fiscal Q2 2026 May 5, 2026 1
Slide 2: Forward-looking statements
Forward-looking statements Safe Harbor Statement Regarding Forward-Looking Statements This presentation contains express or implied "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements
Slide 3: Agenda and Presenters
Agenda and Presenters Today’s topics: Dev Kurdikar Chief Executive Officer Q2 FY 2026 Results Progress on Strategic Priorities Owen Mumford Overview Jake Elguicze Chief Financial Officer Earnings Review Guidance Pravesh Khandelwal Capital Allocation Framework Vice President, Investor Rel
Slide 4: Executive Summary
Executive Summary Q2’26 results came in below expectations • Q2’26 revenue of ~$222 million against an expectation of ~$235 million for the quarter • Lower than anticipated results due to underperformance within the U.S., as International performed in line with expectations Lower volumes driving the
Slide 5: Progress on Strategic Priorities
Progress on Strategic Priorities Strengthen Core Business Expand Product Portfolio Increase Financial Flexibility • Brand transition on track; >75% of • GLP-1 B2B pipeline momentum: • Generated $47.2 million of free cash flow revenue now with embecta label, with approximately 40% of identified partn
Slide 6: The acquisition of Owen Mumford advances our strategic goal
The acquisition of Owen Mumford advances our strategic goal of transforming embecta into a broad-based medical supplies company which provides drug delivery platforms to pharmaceutical companies The Owen Mumford portfolio addresses large and expanding markets driven by the rising incidence of obesit
Slide 7: Owen Mumford Portfolio Overview
Owen Mumford Portfolio Overview By Business Medical Devices Unifine Drug delivery and combination products Range Pentips and safety pen needles, designed for patient comfort to encourage Medical devices adherence 40% Unistik Capillary blood sampling FY ‘25 Pharma Lancing products designed for increa
Slide 8: Aidaptus autoinjector platform
Aidaptus autoinjector platform Capturing the high-growth autoinjector opportunity • Autoinjectors are spring-loaded, self-injection Aidaptus autoinjector key features: devices in a large and growing (~$2.4B, ~10-14% CAGR) market driven by biologics, GLP-1s, and • Ease of use with ergonomic design an
Slide 9: Q2 FY 2026 vs. Q2 FY 2025 Adjusted Revenue
Q2 FY 2026 vs. Q2 FY 2025 Adjusted Revenue Three Months Ended March 31, % Increase / Decrease Adj. Constant Reported Currency Adjustment Currency Dollars in Millions 2026 2025 Revenue Growth Impact Impact Revenue Growth Reported Adjusted Reported Adjusted Adjustment Adjustment % Revenue Revenue Reve
Slide 10: Q2 FY 2026 Financial Highlights
Q2 FY 2026 Financial Highlights • Q2 FY26 revenue of $221.8 million, down 14.4% on a reported basis compared to the prior year period; down 17.4% on Revenue an adjusted constant currency basis compared to the prior year period • Q2 FY26 GAAP gross profit and margin of $127.8 million and 57.6%, compa
Slide 11: FY 2026 Financial Guidance
FY 2026 Financial Guidance (including Owen Mumford) Dollars in Millions, Current Previous(2) except per share and percentages Low High Low High Reported Revenue $1,015 $1,035 $1,071 $1,093 Reported Revenue Growth (%) (6.1)% (4.2)% (0.9)% 1.1% Impact of F/X (%) 1.5% 1.2% Impact of Italian payback mea
Slide 12: Updated Capital Allocation Framework
Updated Capital Allocation Framework Debt Return capital Strategic paydown to shareholders M&A • Remain committed to • Obtained Board approval • Opportunistic M&A to reducing debt and of a 3-year $100 million broaden and diversify creating financial stock repurchase portfolio flexibility program • R
Slide 13: Q&A
Q&A embecta’
Slide 14: Appendix
Appendix embecta’
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures In evaluating our operating performance, we supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial measures including (i) Adjusted Revenues, (ii) earnings before interest, taxes, depreciation, and amortization (“EBITDA”
Slide 16: Six Months Ended FY2026 vs. FY2025 Adjusted Revenue
Six Months Ended Fiscal Year 2026 vs. Six Months Ended Fiscal Year 2025 Adjusted Revenue Dollars in Millions Six Months Ended March 31, % Increase / Decrease Adjusted Constant Reported Currency Revenue Currency Adjustment Revenue 2025 2024 Growth Impact Impact Growth Reported Adjusted Reported Adjus
Slide 17: Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation
Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation Dollars in Millions Three Months Ended Six Months Ended March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Reported Revenue $221.8 $259.0 $483.0 $520.9 Italian payback measure — — — — Adjusted Revenue $221.8 $259.0 $483.0 $520
Slide 18: Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation (cont.)
Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred are primarily attributed to brand transition. (3) Represents expenses incurred for the three and six months ended
Slide 19: Adjusted Operating Income Margin Reconciliation
Adjusted Operating Income Margin Reconciliation Dollars in Millions, except percentages Three Months Ended Six Months Ended March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 GAAP Operating Income $35.0 $62.9 $118.3 $91.6 GAAP Operating Income Margin 15.8% 24.3% 24.5% 17.6% Amortization of
Slide 20: Adjusted Operating Income Margin Reconciliation (cont.)
Adjusted Operating Income Margin Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred primarily include: (i) product registration, labeling, and brand transition costs; (ii) warehousing and distribution set-up costs;
Slide 21: Adjusted Net Income Reconciliation
Adjusted Net Income & Adjusted Net Income per Diluted Share Reconciliation Three Months Ended Six Months Ended Dollars in Millions, except per share amounts March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 GAAP Net (Loss) Income $(4.1) $23.5 $40.0 $23.5 Adjustments: GAAP Income tax provis
Slide 22: Adjusted Net Income Reconciliation (cont.)
Adj. Net Income & Adj. Net Income per Diluted Share Reconciliation (cont.) (1) Amortization of intangible assets is recorded in Cost of products sold. (2) One-time stand-up costs incurred primarily include: (i) product registration, labeling, and brand transition costs; (ii) warehousing and distribu
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Six Months Ended Dollars in Millions March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Reported Revenue $221.8 $259.0 $483.0 $520.9 Italian payback measure — — — — Adjusted Revenue $221.8 $259.0 $483.0 $520.9 Three Months Ended Six Months E
Slide 24: Adjusted EBITDA Reconciliation (cont.)
Adjusted EBITDA Reconciliation (cont.) (1) Represents stock-based compensation expense incurred during the three and six months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, $4.7 million is recorded in Selling and administrative expense, $0.9 million is reco
Slide 25: Q2 FY 2026 Supplemental Reconciliation
Q2 FY 2026 Supplemental Reconciliation (Income) Costs associated Q2 FY 2026 Other Non-GAAP Q2 FY 2026 Dollars in Millions with the discontinued GAAP adjustments Adjusted patch pump program (1) Gross Profit 127.8 0.2 3.8 (2) 131.8 Research and development expense 5.4 1.3 0.3 (3) 3.8 Selling and admin
Slide 26: Q2 Year to Date Fiscal Year 2026 Supplemental Reconciliation
Q2 Year to Date Fiscal Year 2026 Supplemental Reconciliation (Income) Costs associated Q2 YTD FY 2026 Other Non-GAAP Q2 YTD FY 2026 Dollars in Millions with the discontinued GAAP adjustments Adjusted patch pump program (1) Gross Profit 289.5 0.3 5.5 (2) 295.3 Research and development expense 10.0 1.
Slide 27: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Three Months Ended Six Months Ended Dollars in Millions March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Net Cash Provided by Operating Activities $31.1 $31.8 $48.3 $26.5 Less: Capital Expenditures (0.5) (0.1) (1.1) (1.6) Non-GAAP Free Cash Flow $30.
Slide 28: Net Leverage Reconciliation
Net Leverage Reconciliation March 31, 2026 March 31, 2025 Total Debt $1,341.7 $1,541.5 Less: Cash and Equivalents and Restricted Cash $(193.4) $(212.3) Net Debt $1,148.3 $1,329.2 Trailing 12-months Adjusted EBITDA $382.7 $366.6 Net Debt/Trailing 12-months Adjusted EBITDA 3.0x 3.6x 28 Net leverage ra
Slide 29: FY 2026 Financial Guidance Assumptions
FY 2026 Financial Guidance Assumptions Dollars in Millions, except percentages Current Previous Interest Expense, Net ~ $97 ~ $93 Adjusted Tax Rate ~ 28% ~ 23% Weighted Average Shares (in millions) 59.4 60.0 Foreign Exchange EUR/USD ~ 1.17 ~ 1.17 USD/YEN ~ 157 ~ 156 USD/CNY ~ 6.91 ~ 7.01 29