Slide 1: Analyst & Investor Day
Analyst & Investor Day May 22, 2025 New York, New York 1
Slide 2: Welcome to Analyst & Investor Day
Welcome to Analyst & Investor Day Pravesh Khandelwal Vice President, Investor Relations 2 2
Slide 3: 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 4: Agenda
Agenda I. Executive summary II. Market and business overview • Market trends and portfolio highlights • U.S. business and strategy • International business and strategy • Manufacturing and supply chain overview Q&A session III. Value creation and financial overview • Value creation opportunities • F
Slide 5: Experienced leadership team and world-class talent
Experienced leadership team and world-class talent Track record of best-in-class execution through challenging environments Dev Kurdikar Jake Elguicze Ginny Blocki Tom Blount Chief Executive Chief Financial SVP, Strategy SVP, President, Officer Officer North America Slobodan Radumilo Shaun Curtis Je
Slide 6: Executive summary
Executive summary Dev Kurdikar President & Chief Executive Officer 6 6
Slide 7: embecta is a diabetes injection supplies leader
embecta is a diabetes injection supplies leader Stable, profitable core business with global presence # 1 producer of diabetes injection supplies ~2,000 employees globally $1.1 billion FY’24 sales >8 billion units annually ~500 commercially $353 million FY’24 adj. EBITDA(1) 3 world-class facilities
Slide 8: embecta provides best-in-class injection products
embecta provides best-in-class injection products As a leader in the injection platform with a broad portfolio offering Safety Pen Needles Pen Needles and Safety Insulin Syringes Insulin Syringes Position #1 globally #1 globally #1 globally Global Product Share(1) ~50% ~60% ~40% Retail pharmacy and
Slide 9: World-class manufacturing infrastructure
World-class manufacturing infrastructure Global supplier of > 8 billion units with ability to expand portfolio in existing facilities Dún Laoghaire, Ireland Suzhou, China Holdrege, USA World’s largest manufacturer World’s largest manufacturer Global pen needle production of pen needles of insulin sy
Slide 10: Extensive global distribution network
Extensive global distribution network Potential to serve as a platform for manufacturing and distributing additional medical products Dún Laoghaire, Ireland 16 distribution centers 1 Canada Roermond, Netherlands Mississauga, Canada Europe, Middle 1 China Holdrege, Nebraska United 1 East & Africa 1 S
Slide 11: Broad commercial reach
Broad commercial reach Experienced teams with established customer relationships worldwide ~500 dedicated ~30 Canada commercial associates ~60 United States ~135 Europe, Middle ~120 China East & Africa >50% of commercial team dedicated to emerging markets ~130 Asia Latin ~35 America >100 countries s
Slide 12: Global opportunity with a large and growing number of PWD
Global opportunity with a large and growing number of PWD Key markets account for >80% of revenue(1) United States Other Developed Markets(2) Emerging Markets(2) (~54% of total revenues) (~29% of total revenues) (~17% of total revenues) Syringe, Pen Syringe, Pen Syringe, Pen Safety, Other needles Sa
Slide 13: embecta has a stable and recurring revenue base
embecta has a stable and recurring revenue base Approximately 84% of FY’24 total revenue comes from the pen needle and safety pen needle products(1) Reported revenue by product $millions • Leadership position continues to be $1,165 2019-2024 $1,109 $1,086 16 $1,130 $1,121 $1,123 CAGR supported by co
Slide 14: Taking a phased approach to execute our priorities
Taking a phased approach to execute our priorities Pursuing initiatives to transition the company to growth 2022 2023 2024 2025 2026 2027 2028+ Phase 1: Stand up Phase 2: Seed growth Phase 3: Transform 2022 2022-2024 Today 2025-2028 2028+ At spin Phase I: Stand up • Operating as a stand- Phase 2: Se
Slide 15: Strategic priorities
Strategic 1. Strengthen core business • Refresh and establish embecta brand priorities • Seek growth opportunities across markets 2. Expand product portfolio • Distribute products through global commercial channel • Leverage high-volume manufacturing into new segments 3. Increase financial flexibili
Slide 16: Market trends and portfolio highlights
Market trends and portfolio highlights Ginny Blocki Senior Vice President, Strategy 16 16
Slide 17: Diabetes continues to be a significant health concern globally
Diabetes continues to be a significant health concern globally embecta is positioned for potential growth across emerging markets Large untapped potential(1,2,3) Diabetes is a growing market(1) People with diabetes in 2024 (millions) 2021 2024 2050 1.5 8 10 People with diabetes 537M 589M 853M United
Slide 18: Insulin remains the mainstay treatment as diabetes progresses
Insulin remains the mainstay treatment as diabetes progresses Treatments like GLP-1s have been replacing older therapies for T2D Diagnosed Type 2 diabetes: ~330 million PWD Type 1 diabetes: ~9 million PWD(1,2) ~55-65M on insulin (1,2,3) T1 PWD require insulin to survive For T2 PWD, therapeutic regim
Slide 19: A component of the treatment paradigm for type 2 diabetes
A component of the treatment paradigm for type 2 diabetes GLP-1 therapy key considerations Can be used in combination or as a step therapy to other diabetes therapies (including insulin)(1) Improve glycemic control and reduce associated health risks(1,2) • GLP-1 therapies lower glucose more effectiv
Slide 20: Global insulin trends have been stable
Global insulin trends have been stable Even as GLP-1 therapy has grown Global monthly standard units: insulin and GLP-1 therapy Insulin prescription trends have remained consistent • Weekly GLP-1 therapies have been marketed for several years 180 CAGR • Over that time, insulin prescription trends gl
Slide 21: MDI is anticipated to remain the standard of care
MDI is anticipated to remain the standard of care embecta’s injection business remains stable even with pump penetration United States Other developed markets Emerging markets Pump penetration over time Pump penetration over time As diagnosis and treatment could reach ~50-60% for T1 could reach ~30-
Slide 22: #1 brand globally in pen needle category
#1 brand globally in pen needle category Comprehensive portfolio to meet the needs of people with diabetes Pen needle portfolio Key points of differentiation • Comprehensive portfolio of needle lengths • Contoured base pen needles allow for more consistent injections and are estimated to reduce the
Slide 23: #1 brand globally in insulin syringe category
#1 brand globally in insulin syringe category With a 100-year legacy Syringe portfolio Key points of differentiation • Full portfolio of needle lengths (6mm, 8mm, 12.7mm) • High-quality products • Variety of barrel sizes (0.3mL, 0.5mL, 1mL) to best align to • Reliability in supply patient’s dose for
Slide 24: #1 brand globally in safety pen needles and safety insulin syringes
#1 brand globally in safety pen needles and safety insulin syringes Comprehensive portfolio to assist healthcare workers Safety portfolio Key points of differentiation Safety pen needles Safety pen needles • Dual-ended (AutoShield DuoTM) • Dual-ended, passive protection on both needle ends, helps •
Slide 25: Market trends and portfolio highlights summary
Market trends and portfolio highlights summary • Diabetes continues to be a significant health concern globally and embecta is well positioned for growth in all markets, including emerging markets • Insulin remains the mainstay treatment as diabetes progresses • Global insulin trends remain stable •
Slide 26: U.S. business and strategy
U.S. business and strategy Tom Blount Senior Vice President, President North America 26 26
Slide 27: A leadership position in the U.S.
A leadership position in the U.S. Providing solutions that are strategically aligned to key customer segments People with diabetes(1,2,3) Differentiated comprehensive stakeholder management (in millions) Go-to-market model and commercial footprint T1 ~1.5 Account management • Experienced account tea
Slide 28: embecta has a long history of partnering with all major retailers
embecta has a long history of partnering with all major retailers The majority of U.S. business is through the retail channel Access available at all retail pharmacies nationwide • The retail pharmacy channel represents a critical component of our overall success and strategic performance • National
Slide 29: Marketing education programs
Marketing education programs Delivering valuable education to address unmet needs and support the injection experience Account-specific programs with retail partners National drugstore National mass merchandiser National grocer Pen needle patient Pharmacist point of Patient counseling programs
Slide 30: Broad coverage of our products
Broad coverage of our products ~96% of covered lives have affordable reimbursement for embecta products Total U.S. market access lives is ~315M(1) • Goal is for patients to have unrestricted access to our products Number of insured lives(2) (millions) • Work with payors / PBMs (pharmacy benefit Comm
Slide 31: >50% U.S. retail business adjudicated as a Medicare Part D benefit
>50% U.S. retail business adjudicated as a Medicare Part D benefit Even though Medicare is less than 20% of all covered lives embecta U.S. retail adjudicated business(1) • While ~12% of the U.S. population has diabetes, the prevalence rises to ~29% among those aged 65 ~15% Medicare Part D and older
Slide 32: U.S. pen needle units have grown despite therapy shifts
U.S. pen needle units have grown despite therapy shifts Even though GLP-1s have rapidly grown and pump adoption has increased TRx and pump patient trends CAGR 60 1,000 +9% embecta pen needle +44% unit(3) CAGR +4% FY19-24 PWD on Pumps (Thousands)(2) 50 PWD on Pumps 800 40 Yearly TRx (Millions)(1) Pen
Slide 33: U.S. revenue has remained stable
U.S. revenue has remained stable Growth in pen needles and safety products have offset syringe decline Total U.S. reported revenue by product $millions • Pen needle revenue has historically grown at a CAGR $609 2019-2024 CAGR of ~3% $585 $588 $594 $570 $563 79 85 85 Safety products and other +2.3% •
Slide 34: New packaging design based on insights from people with diabetes and HCPs
New packaging design based on insights from people with diabetes and HCPs Elevating our brand while maintaining familiarity with what they know and use today Old design New embecta design 4 Same 3 1 Color 2 Placement of needle size 3 Visuals (refreshed) 1 2 4 Product name Front of the box Based on g
Slide 35: Most important aspect to people with diabetes is the product remains the same
Most important aspect to people with diabetes is the product remains the same ‘New look, same product’ stamp on select embecta-labeled products supports a seamless transition Old design New embecta design Top of the box Stamp 35
Slide 36: Launch of embecta-branded pen needles and insulin syringes underway
Launch of embecta-branded pen needles and insulin syringes underway Pen Needles Insulin Syringes Launched Pen needles and insulin syringes Q2 FY’25 began to launch in early Q3 FY’25 36
Slide 37: U.S. business and strategy summary
U.S. business and strategy summary • U.S. revenue has remained stable, with growth in pen needles and safety products offsetting declines in syringes • Our products are widely available across all key channels supported by world-class manufacturing and distribution • The majority of U.S. business is
Slide 38: International business and strategy
International business and strategy Slobodan Radumilo Senior Vice President, President International 38 38
Slide 39: embecta has broad presence across international markets
embecta has broad presence across international markets With opportunity to fulfill market needs in both developed and emerging markets Key regions and commercial presence China Canada LATAM Asia EMEA Offices Sales Team DC Offices Sales Team DC Offices Sales Team DC Mexico City Mexico Mexico Stockho
Slide 40: Developed markets
40 Developed markets embecta
Slide 41: Germany is a prescription driven market
Germany is a prescription driven market embecta focuses on healthcare providers who prescribe and initiate insulin therapy People living with diabetes(1,2,3) Trusted and broadly recognized brand with all key stakeholders (in millions) Go-to-market model and commercial footprint T1 • Experienced sale
Slide 42: France is a retail market and pharmacist influences product choice
France is a retail market and pharmacist influences product choice embecta focuses on retail pharmacies that dispense and health care providers who prescribe insulin People living with diabetes(1,2,3) Trusted and broadly recognized brand with all key stakeholders (in millions) Go-to-market model and
Slide 43: Japan is a prescription driven market
Japan is a prescription driven market embecta focuses on healthcare providers who prescribe and initiate insulin therapy People living with diabetes(1,2,3) Trusted and broadly recognized brand with all key stakeholders (in millions) Go-to-market model and commercial footprint T1 T2 on ~0.1 • Experie
Slide 44: Canada is primarily a retail pharmacy driven market
Canada is primarily a retail pharmacy driven market embecta focuses on strong partnerships together with a strategic selling model People living with diabetes(1,2,3) Trusted and broadly recognized brand with all key stakeholders (in millions) Go-to-market model and commercial footprint T1 • Experien
Slide 45: Emerging markets
45 Emerging markets embecta
Slide 46: In China, both hospitals and retail pharmacies are important
In China, both hospitals and retail pharmacies are important The majority of insulin initiation occurs in the hospital; however, retail and e-commerce are key for refills People living with diabetes(1,2,3) Trusted and broadly recognized brand with all key stakeholders (in millions) Go-to-market mode
Slide 47: Mexico is an out-of-pocket market for syringes and pen needles
Mexico is an out-of-pocket market for syringes and pen needles Having reliable distribution and local repackaging support is important People living with diabetes(1,2,3) Trusted and broadly recognized brand with all key stakeholders (in millions) Go-to-market model and commercial footprint T1 ~0.1 (
Slide 48: International markets summary
International markets summary embecta has a strong local presence in international markets which gives us a competitive advantage • Globally, we are well positioned to continue to support customers with the right product portfolio, the right go-to-market model, the right sales force, and strong infr
Slide 49: Manufacturing and supply chain overview
Manufacturing and supply chain overview Shaun Curtis Senior Vice President, Manufacturing, Supply Chain and Quality 49 49
Slide 50: A leading manufacturer of insulin injection devices
A leading manufacturer of insulin injection devices With capability to expand into other medical supplies # 1 producer of diabetes injection supplies 3 plants 24x7 operations 16 distribution centers >8 billion units annually >1,000 highly-skilled, 260+ stable workforce direct suppliers Global Highly
Slide 51: Supplier management
Supplier management Goal: Ensuring resilient and uninterrupted supply through strong partnerships and targeted risk mitigation Long-standing, stable supplier relationships Combination of localization & right-sized inventory to protect supply Cannula Rubber Packaging Resins Plastic molded • Reliable
Slide 52: Cannula supply agreement
Cannula supply agreement Cannula is the single largest category of raw materials spend Contract term 10 years(1); 3-year ramp down Annual capacity Ample capacity to meet current and future demand Forecasting Monthly rolling forecast to adjust to market needs Pricing terms Annual cost adjustments for
Slide 53: World-class manufacturing infrastructure
World-class manufacturing infrastructure Global supplier of >8 billion units(1) with ability to expand portfolio in existing facilities Dún Laoghaire, Ireland Suzhou, China Holdrege, United States • 270,000 square feet floor space • 240,000 square feet floor space • 278,000 square feet floor space •
Slide 54: Manufacturing network
Manufacturing network High-volume production capabilities that can be leveraged for other medical devices Manufacturing capabilities Assembly and packaging processes • Injection molding • Ultrasonic welding • Surface treatments / coatings • Fully-automated assembly • Laser welding • Flexible tubing
Slide 55: Extensive global distribution infrastructure
Extensive global distribution infrastructure Uniquely positioned to drive potential sales of existing and new products globally Best-in-class distribution network Global manufacturing and distribution network • Global distribution network delivering >8 billion units to ~30 million people with diabet
Slide 56: Manufacturing and supply chain summary
Manufacturing and supply chain summary embecta is the largest producer embecta has an established embecta manufacturing and of diabetes injection products with supplier network delivering supply chain network has capability to expand into other resilient and uninterrupted access significant high-vol
Slide 57: Q&A session
57 Q&A session embecta
Slide 58: Value creation opportunities
Value creation opportunities Dev Kurdikar, Chief Executive Officer Ginny Blocki, Senior Vice President, Strategy 58 58
Slide 59: Taking a phased approach to execute our priorities
Taking a phased approach to execute our priorities Pursuing initiatives to transition the company to growth 2022 2023 2024 2025 2026 2027 2028+ Phase 1: Stand up Phase 2: Seed growth Phase 3: Transform 2022 2022-2024 Today 2025-2028 2028+ At spin Phase I: Stand up • Operating as a stand- Phase 2: Se
Slide 60: Opportunities that lay the foundation for growth
Opportunities that lay the foundation for growth Transforming embecta to a broad-based medical supplies company Potential Lever Description Opportunity Timing* A Existing • Meaningful market opportunities Near- to Fortifying base business foundation • Market-appropriate pen needle mid-term for evolv
Slide 61: We continue to pursue additional market opportunities
A We continue to pursue additional market opportunities Examples of initiatives Tender Retail Long-term and New customer opportunities growth acute care segments Hospital Supply agreements Private label opportunities through localization efforts opportunities 61
Slide 62: Develop market-appropriate pen needles and syringes
A Develop market-appropriate pen needles and syringes Expand offerings that allow embecta to pursue new business Objective Near- to mid-term market opportunity in segments where • Develop products that allow entry into embecta share is <5% new market segments that are price Conventional insulin syri
Slide 63: Geographic optimization
A Geographic optimization Potential to exit or change go-to-market strategy in certain regional clusters Situation overview 80% net sales 20% net sales • >80% of net sales are generated from key markets (U.S., China, Canada, Germany, France, Japan and Mexico) • <20% of net sales from remaining ~100
Slide 64: embecta has strong commercial capabilities
B embecta has strong commercial capabilities Examples of synergistic partnerships to accelerate growth Pump Protective Patch emVia PRO BGM Exclusive distribution agreement Distribution agreement for protective Cost-effective product offering with for 2nd Gen pump patch for CGM sensors particular foc
Slide 65: Potential weekly GLP-1 global pen needle demand
C Potential weekly GLP-1 global pen needle demand Pen needle end-market demand from weekly GLP-1 • Generic semaglutide may become available in select Global, in millions countries in 2026, and more broadly after Established B2B • embecta is working with >20 generic pharmaceutical 2,100-2,200 partner
Slide 66: Leveraging embecta’s manufacturing and channel capabilities for growth
D Leveraging embecta’s manufacturing and channel capabilities for growth New product categories would be synergistic with our current footprint Manufacturing capabilities Channel opportunity Patient synergy High-volume, low-cost Retail, OTC, and wholesaler/ Patients managing chronic quality plastic
Slide 67: Leveraging manufacturing and channel synergies for growth
D Leveraging manufacturing and channel synergies for growth Pursuing our goal to grow into a broad-based medical supplies company which serves chronic care patients and drug delivery partners All MedTech Removal of software-focused and electronics-heavy product categories product categories Eliminat
Slide 68: We assessed a broad array of product categories and segments
D We assessed a broad array of product categories and segments Categories where embecta has manufacturing expertise and channel strength Drug delivery ~$2.0 - 2.5B TAM Chronic care Very high ~$2.5 – 3.0B TAM Select med-surg embecta channel opportunity consumables $3B+ TAM Continence care ~$2.0 - 2.5
Slide 69: Initial focus is on the drug delivery and chronic care areas
D Initial focus is on the drug delivery and chronic care areas Categories where embecta has manufacturing expertise and channel strength Drug delivery ~$2.0 - 2.5B TAM Chronic care Very high ~$2.5 – 3.0B TAM > 2028 and beyond Select med-surg Adding products to our portfolio consumables embecta chann
Slide 70: Taking a phased approach to execute our priorities
Taking a phased approach to execute our priorities Pursuing initiatives to transition the company to growth 2022 2023 2024 2025 2026 2027 2028+ Phase 1: Stand up Phase 2: Seed growth Phase 3: Transform 2022 2022-2024 Today 2025-2028 2028+ At spin Phase I: Stand up • Operating as a stand- Phase 2: Se
Slide 71: Empowering people with diabetes today… while paving the way for a life unlimited for all
Empowering people with diabetes today… …while paving the way for 71 a life unlimited for all
Slide 72: Financial overview
Financial overview Jake Elguicze Chief Financial Officer 72 72
Slide 73: Financial overview
Financial 1 Exceeded the FY’24 financial targets provided pre-spin overview 2 Reaffirming FY’25 financial guidance 3 FY’26 – FY’28 Long range plan (LRP) framework 4 Key takeaways 73
Slide 74: Exceeded the FY’24 financial targets provided pre-spin
1 Exceeded the FY’24 financial targets provided pre-spin Positive performance in pen needle and safety products helped offset declining U.S. syringe market Pre-spin we expected our adjusted constant currency Pre-spin we expected our adjusted EBITDA margin revenue CAGR to remain flat through FY’2
Slide 75: Reaffirming FY’25 financial guidance
2 Reaffirming FY’25 financial guidance (1) • Adjusted constant currency revenue growth expected to be between (4.0%) - (2.5%)(2) • Adjusted gross margin expected to be between 62.75% - 63.75% • Adjusted operating margin expected to be between 29.75% - 30.75% • Adjusted earnings per diluted share exp
Slide 76: FY’26 – FY’28 LRP framework
3 FY’26 – FY’28 LRP framework LRP reflects the execution of our three strategic priorities 1. Strengthen core business • Stability in revenue through brand transition and • Brand transition maintaining leadership position • Execution of growth opportunities particularly in • Growth opportunities eme
Slide 77: FY’26 – FY’28 LRP framework: financial targets
3 FY’26 – FY’28 LRP framework Financial targets Revenue profile Margin profile Cash flow profile Capital allocation ~$450 - ~$500 million Flattish ~28-30% ~$600 million in debt reduction constant currency adj. operating in cumulative margin% ~$107 million in CAGR(1) free cash flow(2) dividends (1) T
Slide 78: FY’26 – FY’28 LRP key assumptions
3 FY’26 – FY’28 LRP key assumptions Outlook assumes Outlook does not assume • Stability in macroeconomic and operating • Change in the diabetes treatment paradigm due to environment introduction of new drug therapies • Inflation rate of ~4% • Incremental tariffs that were announced and paused; any f
Slide 79: LRP Revenue growth profile
3 LRP Revenue growth profile Assumptions Flattish constant currency CAGR(1) • Core injection and contract manufacturing ILLUSTRATIVE constant currency revenue CAGR expected to decline ~1-2%(1) - Developed markets maintain share but face pricing headwinds New revenue - Emerging markets to grow in the
Slide 80: LRP Adjusted operating margin profile
3 LRP Adjusted operating margin profile Assumptions • FY’28 adjusted gross margin expected to modestly decline as compared to FY’25 due to impact of inflation, pricing pressure, and incremental tariffs; partially offset by cost 29.75% improvement programs to ~28% • R&D expense expected to increase m
Slide 81: LRP Free cash flow profile
3 LRP Free cash flow profile Assumptions • Stable revenue and operating profit +206% growth • Step-down of one-time separation costs ~$600(2) • Targeted working capital improvements million ~$196(1) million FY'23 - FY'25 FY'26 - FY'28 Following completion of separation activities, free cash flow gen
Slide 82: LRP framework: disciplined capital allocation
4 LRP framework Disciplined capital allocation Debt Return capital Strategic paydown to shareholders M&A • Repay ~$450 - ~$500 • Maintain dividend at • Opportunistic M&A to million in debt during LRP current level as means to broaden and diversify period return capital to portfolio shareholders • Ta
Slide 83: What you heard today
What you heard today • Resilient, geographically diversified base business Flattish constant currency revenue CAGR • Stable revenues and operating margin during the LRP period ~28% – 30% adjusted operating margin • Ability to generate strong free cash flow • Debt paydown creates balance sheet
Slide 84: Q&A session
84 Q&A session embecta
Slide 85: Appendix
Appendix embecta
Slide 86: Adjusted revenue CAGR reconciliation
Adjusted revenue CAGR reconciliation (USD Millions) Total Revenue September 30, 2022 September 30, 2024 CAGR Growth Rate Reported Revenue $1,129.5 $1,123.1 (0.3)% Adjustment Impact (1) $4.1 F/X Impact $32.6 Adjusted Revenue $1,129.5 $1,159.8 1.3% (2) Pen Needles Reported Revenue $824.5 $844.4 1.2% F
Slide 87: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (USD Millions, except percentages) Twelve months ended September 30, 2024 GAAP Net Income $78.3 Interest expense, net 112.3 Income taxes loss (benefit) (34.1) Depreciation and amortization 36.2 EBITDA $192.7 Stock-based compensation expense (1) 26.6 One-time stand-up c
Slide 88: Adjusted EBITDA reconciliation, continued
Adjusted EBITDA reconciliation, continued (1) Represents stock-based compensation expense incurred during the twelve months ended September 30, 2024. For the twelve months ended September 30, 2024, $21.4 million is recorded in Selling and administrative expense, $3.0 million is recorded in Cost of p
Slide 89: Total reported revenue CAGR reconciliation
Total reported revenue CAGR reconciliation (USD Millions, except percentages) September 30, September 30, September 30, September 30, September 30, September 30, CAGR Growth By Product 2019 2020 2021 2022 2023 2024 Rate Pen Needles $790 $791 $853 $825 $829 $844 1.3% Syringe $186 $164 $175 $156 $138
Slide 90: Free cash flow reconciliation: FY’23 – FY’25
Free cash flow reconciliation: FY’23 – FY’25 (USD millions) September 30, 2023 September 30, 2024 September 30, 2025(2) FY’23-FY’25E Totals Net Cash Provided by Operating Activities(1) $67.7 $35.7 $150.0 $253.4 Less: Capital Expenditure $26.5 $15.8 $15.0 $57.3 Free Cash Flow $41.2 $19.9 $135.0 $196.
Slide 91: Adjusted constant currency revenue guidance reconciliation: FY’25
Adjusted constant currency revenue financial guidance reconciliation: FY’25 (USD millions, except percentages) Low High Reported Revenue $1,073 $1,090 Reported Revenue Growth (%) (4.4)% (2.9)% Impact of F/X (%) (0.8)% Impact of Italian payback measure(1) (%) 0.4% Adjusted Constant Currency Revenue G
Slide 92: Long range plan financial guidance assumptions
Long range plan financial guidance assumptions Foreign Exchange(1) EUR/USD ~ 1.14 USD/YEN ~ 144 USD/CNY ~ 7.31 92 (1) F/X rates based as of mid-April 2025