Slide 1: Earnings Conference Call Fiscal Q4 and FY 2025
Earnings Conference Call Fiscal Q4 and FY 2025 November 25, 2025 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 Progress on Strategic Priorities Revenue and Earnings Review Jake Elguicze Chief Financial Officer Guidance Q&A Pravesh Khandelwal Vice President, Investor Relations 3
Slide 4: Progress on Strategic Priorities
Progress on Strategic Priorities 1 1. Strengthen core business • Substantially completed brand transition in the U.S. and Canada; commenced next phase of initiative globally, with significant completion anticipated by end of calendar year 2026 2. Expand product portfolio • Advanced GLP-1 strategy wi
Slide 5: Q4 FY 2025 vs. Q4 FY 2024 Adjusted Revenue
Q4 FY 2025 vs. Q4 FY 2024 Adjusted Revenue Three Months Ended September 30, % Increase / Decrease Adj. Constant Reported Currency Adjustment Currency Dollars in Millions 2025 2024 Revenue Growth Impact Impact Revenue Growth Reported Adjusted Reported Adjusted Adjustment Adjustment % Revenue Revenue
Slide 6: FY 2025 vs. FY 2024 Adjusted Revenue
FY 2025 vs. FY 2024 Adjusted Revenue Twelve Months Ended September 30, % Increase / Decrease Adj. Constant Reported Currency Adjustment Currency Dollars in Millions 2025 2024 Revenue Growth Impact Impact Revenue Growth Reported Adjusted Reported Adjusted Adjustment Adjustment % Revenue Revenue Reven
Slide 7: Q4 FY 2025 Financial Highlights
Q4 FY 2025 Financial Highlights • Q4 FY25 reported revenue of $264.0 million, down 7.7% on a reported basis compared to the prior year period Revenue • Q4 FY25 adjusted revenue of $263.3 million, down 10.4% on an adjusted constant currency basis compared to the prior year period • Q4 FY25 GAAP gross
Slide 8: FY 2025 Financial Highlights
FY 2025 Financial Highlights • FY25 reported revenue of $1,080.4 million, down 3.8% on a reported basis as compared to the prior year period Revenue • FY25 adjusted revenue of $1,079.7 million, down 3.9% on an adjusted constant currency basis as compared to the prior year period • FY25 GAAP gross pr
Slide 9: FY 2026 Financial Guidance
FY 2026 Financial Guidance Dollars in Millions, Current FY 2026 – FY 2028 LRP framework & assumptions except per share and percentages (as provided on May 22, 2025) Low High Reported Revenue $1,071 $1,093 • Flattish constant currency CAGR (2) o Core injection and contract manufacturing constant curr
Slide 10: Q&A
Q&A embecta’
Slide 11: Appendix
Appendix embecta’
Slide 12: 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 13: Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation
Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation Dollars in Millions Three Months Ended Twelve Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Reported Revenue $264.0 $286.1 $1,080.4 $1,123.1 Italian payback measure (1) (0.7) 4.1 (0.7) 4.1 Adj
Slide 14: Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation (cont.)
Adjusted Revenue and Adjusted Gross Profit Margin Reconciliation (cont.) (1) Reflects the recognition of changes in estimates for the Italian payback measure relating to certain prior fiscal years between 2015 and 2023. (2) Represents stock-based compensation expense recognized during the period ass
Slide 15: Adjusted Operating Income Margin Reconciliation
Adjusted Operating Income Margin Reconciliation Dollars in Millions, except percentages Three Months Ended Twelve Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 GAAP Operating Income $56.5 $26.2 $242.1 $166.8 GAAP Operating Income Margin 21.4% 9.2% 22.4% 14.
Slide 16: 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 and labeling costs; (ii) warehousing and distribution set-up costs; (iii) legal costs a
Slide 17: Adjusted Net Income & Adjusted Net Income per Diluted Share Reconciliation
Adjusted Net Income & Adjusted Net Income per Diluted Share Reconciliation Three Months Ended Twelve Months Ended Dollars in Millions, except per share amounts September 30, September 30, September 30, September 30, 2025 2024 2025 2024 GAAP Net Income $26.4 $14.6 $95.4 $78.3 Adjustments: GAAP Income
Slide 18: Adj. Net Income & Adj. Net Income per Diluted Share 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 and labeling costs; (ii) warehousing and distribution set-up costs;
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Twelve Months Ended Dollars in Millions September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Reported Revenue $264.0 $286.1 $1,080.4 $1,123.1 Italian payback measure (1) (0.7) 4.1 (0.7) 4.1 Adjusted Revenue $263.3 $290.2 $1,079
Slide 20: Adjusted EBITDA Reconciliation (cont.)
Adjusted EBITDA Reconciliation (cont.) (1) Reflects the recognition of changes in estimates for the Italian payback measure relating to certain prior fiscal years between 2015 and 2023. (2) Represents stock-based compensation expense incurred during the three and twelve months ended September 30, 20
Slide 21: Q4 FY 2025 Supplemental Reconciliation
Q4 FY 2025 Supplemental Reconciliation Costs associated with the Q4 FY 2025 Other Non-GAAP Q4 FY 2025 Dollars in Millions discontinued patch pump GAAP adjustments Adjusted program (1) Gross Profit 158.5 0.1 0.9 (2) 159.5 Research and development expense 4.6 0.9 0.4 (3) 3.3 Selling and administrative
Slide 22: Twelve Months Ended FY 2025 Supplemental Reconciliation
Twelve Months Ended FY 2025 Supplemental Reconciliation Costs associated with September YTD FY 2025 Other Non-GAAP September YTD FY 2025 Dollars in Millions the discontinued patch GAAP adjustments Adjusted pump program (1) Gross Profit 676.8 7.0 3.5 (2) 687.3 Research and development expense 37.3 25
Slide 23: Non-GAAP Free Cash Flow Reconciliation
Non-GAAP Free Cash Flow Reconciliation Three Months Ended Twelve Months Ended Dollars in Millions September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net Cash Provided by Operating Activities $84.0 $26.6 $191.7 $35.7 Less: Capital Expenditures (7.3) — (9.3) (15.8) Non-GAAP Fr
Slide 24: FY 2026 Financial Guidance Assumptions
FY 2026 Financial Guidance Assumptions Dollars in Millions, except percentages Current Interest Expense, Net ~ $93 Adjusted Tax Rate ~ 23% Weighted Average Shares (in millions) 60.0 Foreign Exchange EUR/USD ~ 1.17 USD/YEN ~ 152 USD/CNY ~ 7.10 24