Slide 1: Cencora, Inc. Fourth Quarter Fiscal 2025 Earnings Call
Cencora, Inc. Fourth Quarter Fiscal 2025 Earnings Call November 5, 2025
Slide 2: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements Certain of the statements contained in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securit
Slide 3: Creating differentiated value for our stakeholders
Creating differentiated value for our stakeholders Our purpose: We are united in our responsibility to create healthier futures We use our global reach and local community expertise to connect patients to pharmaceuticals through strategic partnerships with manufacturers and healthcare providers. Gro
Slide 4: Fiscal 2025 highlights & strategic overview
Fiscal 2025 highlights & strategic overview Business highlights Financial highlights Fiscal 2026 guidance • Cencora announced $1 billion in • Introduced fiscal 2026 guidance, reflecting investments through 2030 to adjusted operating income growth of 8% strengthen its U.S. distribution $16.00 to 10%
Slide 5: Financial results
cencora Financial results
Slide 6: Q4 fiscal 2025 financial summary
Q4 fiscal 2025 Consolidated results GAAP Adjusted (non-GAAP)(1) financial summary Revenue y/y% $83.7B 5.9% $83.7B 5.9% 5.9% Gross profit $3.0B $2.9B y/y% 18.5% 18.4% Revenue growth y/y 20.2% Operating expenses $2.9B $1.9B y/y% 24.1% 17.5% Consolidated adjusted operating income(1) growth y/y Operatin
Slide 7: U.S. Healthcare Solutions segment
U.S. Healthcare Solutions segment Q4 fiscal 2025 financial results Q4 Q4 Financial results y/y% fiscal 2025 fiscal 2024 • Revenue increased 5.7% to $75.8 billion Revenue $75.8B $71.7B 5.7% due to overall market growth primarily driven by unit volume growth, including increased Operating income $0.9B
Slide 8: International Healthcare Solutions segment
International Healthcare Solutions segment Q4 fiscal 2025 financial results Constant Financial results Q4 Q4 y/y% currency(1) (as reported) fiscal 2025 fiscal 2024 • Revenue of $7.9 billion increased 7.6% on y/y% an as reported basis. On a constant $7.9B $7.4B 7.6% 5.7% currency basis, revenue incre
Slide 9: Fiscal 2025 financial summary
Fiscal 2025 Consolidated results GAAP Adjusted (non-GAAP)(1) financial summary Revenue y/y% $321.3B 9.3% $321.3B 9.3% 9.3% $11.5B $11.2B Revenue growth y/y Gross profit y/y% 15.8% 15.1% 15.8% Operating expenses $8.8B $7.0B Consolidated y/y% 14.4% 14.8% adjusted operating income(1) growth y/y Operati
Slide 10: Fiscal 2026 guidance
cencora Fiscal 2026 guidance =
Slide 11: Fiscal 2026 Guidance
Fiscal 2026 Guidance Consolidated Fiscal 2026 guidance Fiscal 2025 actuals Revenue 5% to 7% growth $321.3B Adjusted operating income(1) 8% to 10% growth $4.2B Adjusted diluted earnings per share(1) $17.45 to $17.75 $16.00 Net interest expense $315M to $335M $291.5M Adjusted effective tax rate(1) 20%
Slide 12: Fiscal 2026 Guidance: Segment level
Fiscal 2026 Guidance Segment level In addition to the U.S. Healthcare Solutions and International Healthcare Solutions segments, the Company will begin reporting certain businesses that strategic alternatives are being explored for in “Other," which includes MWI Animal Health, our equity stake in Pr
Slide 13: Long-term guidance
cencora Long-term guidance =
Slide 14: Long-term Guidance
Long-term Guidance Adjusted operating income(1) 6% to 9% U.S. Healthcare Solutions(2) 6% to 9% International Healthcare Solutions(2) 5% to 8% Capital deployment 3% to 4% Adjusted diluted earnings per share(1) 9% to 13% Bold numbers indicate updates to guidance. (1) The Company does not provide forwa
Slide 15: Appendix
cencora Appendix
Slide 16: Advancing corporate responsibility initiatives to create healthier futures
Global Corporate Responsibility Building resilient and sustainable operations • Business Resilience: Performed physical risk assessments using climate models to inform operational planning. • Renewable Energy: World Courier facilities in Stockholm and Copenhagen began generating on-site solar energy
Slide 17: Reconciliation of diluted weighted average common shares outstanding
CENCORA, INC. RECONCILIATION OF DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (GAAP TO NON-GAAP) (in thousands) (unaudited) Three Months Ended Fiscal Year Ended September 30, September 30, 2025 2024 2025 2024 Basic shares outstanding 193,899 196,270 193,820 198,503 Restricted stock unit and sto
Slide 18: GAAP to non-GAAP reconciliations
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Three Months Ended September 30, 2025 (Loss) Income Net (Loss) Income Diluted Operating Operating Before Income Tax Attributable Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per
Slide 19: GAAP to non-GAAP reconciliations
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Three Months Ended September 30, 2024 Income Net Income Diluted Operating Operating Before Income Tax Attributable Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 2
Slide 20: GAAP to non-GAAP reconciliations
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Fiscal Year Ended September 30, 2025 Income Net Income Diluted Operating Operating Before Income Tax Attributable Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 11
Slide 21: GAAP to non-GAAP reconciliations
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Fiscal Year Ended September 30, 2024 Income Net Income Diluted Operating Operating Before Income Tax Attributable Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 9,
Slide 22: Supplemental information regarding non-GAAP financial measures
Supplemental information regarding non-GAAP financial measures To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in
Slide 23: Supplemental information regarding non-GAAP financial measures (cont.)
Supplemental information regarding non-GAAP financial measures (cont.) • Adjusted net income/loss attributable to noncontrolling interest: Adjusted net income/loss attributable to noncontrolling interest excludes the non-controlling interest portion of the same items described above. Management beli
Slide 24: Contact
Contact Bennett S. Murphy Senior Vice President Investor Relations and Enterprise Productivity Bennett.Murphy@cencora.com 24