Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 Earnings Conference Call Financial Results & Outlook November 4, 2025 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 Sales growth accelerated in each of our reportable segments including solid market share gains. Raised guidance for 2025 non-GAAP Diluted EPS to be in the range of $4.88 to $4.96, and total sales growth of 3% to 4%. Made good progress on advancing the value creation initiatives we anno
Slide 4: Q3 Financial Highlights
Q3 Financial Highlights Non-GAAP Diluted EPS* Total Global Sales Growth** Adjusted EBITDA $1.38 +4.0% $295M This compares with third quarter 2024 Adjusted Sales growth accelerated in each of our Compares with $1.22 in Q3 2024 EBITDA of $268M reportable segments Global Distribution and Value-Added Gl
Slide 5: Q3 2025 Consolidated Results
Q3 2025 Consolidated Results* (in millions of USD Q3 2025 Q3 2024 Q3 2025 Q3 2024 y/y ∆ y/y ∆ except EPS) (GAAP) (GAAP) (Non-GAAP) (Non-GAAP) Sales: Total Sales $3,339 $3,174 5.2% $3,339 $3,174 5.2% Total sales grew 5.2%, reflecting constant currency growth of 4.0%, and a 1.2% increase resulting fro
Slide 6: Henry Schein Sales Performance
Q3 2025 Henry Schein Sales Performance Sales Total Sales LCI CC Products Commentary ($’million) Growth % Growth % Growth % • U.S. Dental merchandise sales grew 3.3%, reflecting strong corporate brand sales as well as the positive impact of the targeted promotional Global Dental Merchandise $1,210 4.
Slide 7: Global Distribution & Value-Added Services Group
Q3 2025 Global Distribution & Value-Added Services Group We delivered solid sales growth in the third quarter in both merchandise and equipment sales. Sales Growth (%) 8.00% 7.1% 7.00% 6.00% 4.8% Sales: 5.00% 4.00% 3.8% 3.8% 3.4% 3.7% Constant currency sales growth grew by 3.7%, 3.00% including 0.8%
Slide 8: Global Specialty Products Group
Q3 2025 Global Specialty Products Group We believe we continued to gain market share across most implant markets that we serve. Sales Growth (%) 7.00% 5.9% 6.00% 5.00% Sales: 3.9% 4.00% Constant currency sales growth of 3.9%, 3.00% reflected continued strength in implants 2.00% 1.00% and biomaterial
Slide 9: Global Technology Group
Q3 2025 Global Technology Group Driven by strong growth in the adoption of our core practice management solutions business. Sales Growth (%) 12.00% 9.7% Sales: 10.00% 9.0% 8.00% Constant currency sales growth of 9.0%, 6.00% driven by strong growth in the adoption of 4.00% our core practice managemen
Slide 10: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Disciplined Approach to Balance Sheet Management $174M Q3 2025 Operating 2.7x Debt-to-Adjusted EBITDA ratio as of September 27, $980M Cashflow 2025 Remaining share repurchase Maintain investment authorization at the grade balance sheet end of Q3 Acquisitions $11M
Slide 11: Q3 Highlights Advancing our BOLD+1 Strategy
Q3 Highlights Advancing our BOLD+1 Strategy We remain on track to achieve our goal of over 50% of non-GAAP operating income coming from high-growth, high- margin businesses by the end of 2027, plus more than an additional 10% coming from our corporate brands. While we have continued to strategic
Slide 12: Financial Guidance – FY2025
Financial Guidance – FY2025 Raising guidance for 2025 non-GAAP diluted EPS to be in the range of $4.88 to $4.96, previously $4.80 to $4.94, reflecting stable markets and good third quarter financial results, and the Original Updated remeasurement gain realized in the third quarter. As of November 4,
Slide 13: Appendix
Appendix 13
Slide 14: Worldwide Financial Results
Q3 2025 Worldwide Financial Results* Q3 2025 Q3 2024 (in millions of USD except EPS) y/y ∆ (Non-GAAP) (Non-GAAP) Total sales $3,339 $3,174 5.2% Gross profit 1,026 993 3.3% Gross margin 30.72% 31.28% -56 bps Operating expenses (Non-GAAP)** 764 750 1.8% Operating income (Non-GAAP)** $262 $243 7.8% Ope
Slide 15: Adjusted EBITDA
Adjusted EBITDA (in millions of USD) Q3 2025 Q3 2024 Net Income attributable to Henry Schein, Inc. (GAAP) $101 $99 Income attributable to noncontrolling interests 8 - Net Income (GAAP) 109 99 Interest income (9) (7) Interest expense 38 34 Income taxes 28 32 Depreciation and amortization 80 74 Restru
Slide 16: Q3 2025 Sales Summary
Q3 2025 Sales Summary Global Distribution and Value-Added Services Group (in millions of USD) Q3 2025 Q3 2024 y/y ∆ y/y CC* ∆ Merchandise $607 $587 3.3% 3.3% Equipment 217 215 1.2% 1.2% Value-Added Services 57 56 1.8% 1.8% Total Dental 881 858 2.7% 2.7% Medical 1,099 1,050 4.7% 4.7% Total U.S. Distr
Slide 17: Q3 2025 Sales Summary
Q3 2025 Sales Summary Global Specialty Products Group* (in millions of USD) Q3 2025 Q3 2024 y/y ∆ y/y CC** ∆ Global Specialty Products Group $369 $348 5.9% 3.9% *Global Specialty Products Group includes certain expenses related to managing owned-brands that support sales in the distribution business
Slide 18: Q3 2025 Sales Summary
Q3 2025 Sales Summary Global Technology Group (in millions of USD) Q3 2025 Q3 2024 y/y ∆ y/y CC* ∆ U.S. HS One $131 $120 9.3% 9.3% International HS One 35 31 12.5% 9.0% Global HS One 166 151 9.9% 9.2% Other 7 6 4.1% 4.1% Global Technology Group $173 $157 9.7% 9.0% *CC growth rates reflect year-over-
Slide 19: GAAP to Non-GAAP Income Statements
Q3 2025 GAAP to Non-GAAP Income Statements Costs Associated with Acquisition Change in Shareholder Q3 2025 Restructuring Litigation Q3 2025 (in millions of USD except EPS) Intangible Contingent Advisory GAAP Costs Settlements Non-GAAP Amortization Consideration Matters and Select Value Consulting Co
Slide 20: GAAP & Non-GAAP Reconciliation
GAAP & Non-GAAP Reconciliation Q3 2025 Financial Highlights Henry Schein, Inc. Third Quarter 2025 Analyst Presentation Q3 2025 - Financial Highlights (in millions, except per share data) Reconciling Items Costs Associated with Cyber Incident-Insurance Shareholder Advisory Acquisition Intangible Proc
Slide 21: GAAP & Non-GAAP Reconciliation
GAAP & Non-GAAP Reconciliation 2024 Financial Highlights Henry Schein, Inc. Third Quarter 2025 Analyst Presentation Full Year 2024 Financial Highlights (in millions, except per share data) Reconciling Items Cyber Incident- Insurance Acquisition Proceeds, Net of Change in Costs Associated Restructuri