Enovis Corporation · NYSE:ENOV
Enovis — Q4 2025 Earnings Presentation
26 slides from Enovis's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results February 26, 2026
Slide 2: Forward-looking Statements Non-GAAP Financial Information
Forward-looking Statements Non-GAAP Financial Information This presentation includes forward-looking statements, including forward-looking statements Enovis has provided in this presentation financial information that has not been prepared in accordance with within the meaning of the U.S. Private Se
Slide 3: Highlights
Highlights Q4 2025 Key Growth Initiatives Drove Execution in 2025 • +3% reported sales growth, +2% organic Q4 included ~400 basis points negative impact from fewer selling days vs. prior year • Nebula stem and OrthoDrive Surgical • Generated >$30M of Free Cash Flow Impactor in Hip • Augmented Reve
Slide 4: Q4 Reconstructive Segment Sales Performance
Q4 Reconstructive Segment Sales Performance Reconstructive Q4 Sales • WW Organic growth of +3% • +7% organic growth in Extremities, flat organic growth in Growth: +7% Y/Y, +3% organic Hip/Knee • Q4 included ~400 basis points impact from fewer selling days vs prior year • U.S. organic growth of +2% Q
Slide 5: Q4 Prevention & Recovery Segment Sales Performance
Q4 Prevention & Recovery Segment Sales Performance P&R Q4 Sales • WW organic growth of 0% Growth: -1% Y/Y, +0% organic • Global Bracing -1% • Q4 included ~400 basis points impact from fewer selling days vs prior year • Expanded Adjusted Gross Margin by +150bps Recovery Sciences inclusive of tariff i
Slide 6: P&L Performance
P&L Performance millions Q4 2024 Q4 2025 millions FY 2024 FY 2025 Net Sales $561 $576 Net Sales $2,108 $2,248 Adj. Gross Profit $337 $354 Adj. Gross Profit $1,250 $1,371 Margin 60.1% 61.4% Margin 59.3% 61.0% Adj. EBITDA $113 $112 Adj. EBITDA $377 $403 Margin 20.1% 19.4% Margin 17.9% 17.9% Adj. EPS $
Slide 7: Full Year 2025 Performance
Full Year 2025 Performance February May August November Actual Reported Revenue $2.19-$2.22B $2.22-$2.25B $2.245-$2.275B $2.24-$2.27B $2.248B aEBITDA $405-$415M $385-$395M $392-$402M $395-$405M $403M Depreciation $125-$130M $120-$125M $120-$125M $120-$125M $118M Interest Expense $42-$46M $38-$42M $3
Slide 8: Full Year Sales Growth
Full Year Sales Growth Sales growth vs. 2024 (%) Recon P&R • Selling days and Dr. Comfort divestiture impact offset by FX Reported Growth 6.7 10.0 3.6 tailwind FX Benefit 1.4 1.8 1.1 • Recon – Growth driven by NPI and focused commercial execution – Acq/Divest 0.6 1.2 despite capital sales headwinds
Slide 9: Recon Business Durable and Growing Above Market
Recon Business Durable and Growing Above Market US EXTREMITIES Q1 Q2 Q3 Q4 FY Organic Growth 12% 10% 13% 5% 10% Selling Days Impact -4% 2% -1% 4% 1% Growth, Days adj. 8% 12% 12% 9% 10% • Quarterly growth volatility in 2025 driven by accounting calendar US HIP/KNEE Q1 Q2 Q3 Q4 FY Organic Growth 10% 0
Slide 10: Full Year 2025 aEBITDA Progression
Full Year 2025 aEBITDA Progression aEBITDA Margin Bridge vs. 2024 (%) • Business mix, product mix, cost synergies, and operational efficiency programs (EGX) are driving underlying margin performance 1.0 1.2 17.9 17.9 • Continued investments in innovation 0.4 and NPI with a focus on increased R&D 0.2
Slide 11: Focused Capital Allocation
Focused Capital Allocation FCF Conversion Net Leverage Debt Focus: $1.3B as of 12/31/25 • Increase FCF 10% 4.3X conversion 1.8% blended interest rate* Re-financed TLA/Revolver in 4Q25 3.4X Covenant Light • Continue to reduce 3.1X leverage Liquidity • Support organic growth through CAPEX and R&D inve
Slide 12: Full Year 2026 Outlook
Full Year 2026 Outlook 2025 Results 2026 Outlook Comments • Global markets grow in line with historical Revenue $2.25B $2.31-$2.37B averages • ~4.0-6.0% organic growth aEBITDA $403M $425-$435M • 0.5-1.5% FX tailwind at current rates • HSD Recon growth, LSD P&R Depreciation $118M $118-$122M • Dr. Com
Slide 13: Summary
Summary • Encouraging execution in 2025 against a dynamic operating environment - demonstrating the power of the global diversified portfolio • Above market growth in both segments fueled by recent launches and commercial execution • Multi-year roadmap of new product launches supports continued grow
Slide 14: Appendix
Appendix enovis. Creating Better Together”
Slide 15: QTD Sales Bridge
QTD Sales Bridge Net Sales Prevention & Recovery Reconstruction Total Enovis $ Change % $ Change % $ Change % For the three months ended December 31, 2024 $ 286.9 $ 274.0 $ 561.0 Components of Change: Existing Businesses(1) 1.4 0.5 % 8.9 3.3 % 10.3 1.8 % Acquisitions(2) 1.4 0.5 % — —% 1.4 0.2 % Dive
Slide 16: YTD Sales Bridge
YTD Sales Bridge Net Sales Prevention & Recovery Reconstruction Total Enovis $ Change % $ Change % $ Change % For the year ended December 31, 2024 $ 1,098.0 $ 1,009.7 $ 2,107.6 Components of Change: Existing Businesses(1) 40.3 3.7 % 83.1 8.2 % 123.5 5.9 % Acquisitions(2) 4.2 0.4 % — —% 4.2 0.2 % Div
Slide 17: QTD Adjusted EPS Reconciliation
QTD Adjusted EPS Three Months Ended Year Ended Reconciliation December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Adjusted Net Income and Adjusted Net Income Per Share Net Loss (GAAP) $ (520.5) $ (703.2) $ (1,183.6) $ (824.8) Net loss margin (GAAP) (90.4)% (125.4)% (52.7)% (39.1)
Slide 18: QTD Adjusted EPS Reconciliation
(1) Net income (loss) from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net income (loss) QTD from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes. (2) Restru
Slide 19: QTD Adjusted EBITDA Reconciliation
QTD (1) Restructuring and other charges includes $3.6 million and $5.3 million of expense classified as Cost of Adjusted EBITDA sales on our Consolidated Statements of Operations for the three months and year ended December 31, 2025, respectively, and $15.2 million and $17.9 million of expense class
Slide 20: QTD Adjusted Gross Margin Reconciliation (Unaudited)
QTD Adjusted Gross Margin Reconciliation (Unaudited) Three Months Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net sales $ 575.8 $ 561.0 $ 2,248.0 $ 2,107.6 Gross profit $ 349.4 $ 307.5 $ 1,345.3 $ 1,180.8 Gross Margin (GAAP) 60.7 % 54.8 % 59.8 % 56.0 % Gr
Slide 21: Q4'25 GAAP to Adjusted Non-GAAP Financial Measures
Q4’25 GAAP to Adjusted Non-GAAP Financial Measures Dollars in millions (Unaudited) Enovis Acquisition- Restructuring & Continuing Related Non- Other Other Income Tax Cash Adjustmentsc Adjustmentd Adjusted Operations Adjustmentsb Adjustmentsa Net sales $ 575.8 $ — $ — $ — $ — $ 575.8 Cost of goods so
Slide 22: Q4'24 GAAP to Adjusted Non-GAAP Financial Measures
Q4’24 GAAP to Adjusted Non-GAAP Financial Measures Dollars in millions (Unaudited) Enovis Acquisition- Restructuring & Continuing Related Non- Other Other Income Tax Cash Adjustmentsc Adjustmentd Adjusted Operations Adjustmentsb Adjustmentsa Net sales $ 561.0 $ — $ — $ — $ — $ 561.0 Cost of goods so
Slide 23: Full Year 2025 GAAP to Adjusted Non-GAAP Financial Measures
Full Year 2025 GAAP to Adjusted Non-GAAP Financial Measures Dollars in millions (Unaudited) Enovis Acquisition- Restructuring & Continuing Related Non- Other Other Income Tax Cash Adjustmentsc Adjustmentd Adjusted Operations Adjustmentsb Adjustmentsa Net sales $ 2,248.0 $ — $ — $ — $ — $ 2,248.0 Cos
Slide 24: Full Year 2024 GAAP to Adjusted Non-GAAP Financial Measures
Full Year 2024 GAAP to Adjusted Non-GAAP Financial Measures Dollars in millions (Unaudited) Enovis Acquisition- Restructuring & Continuing Related Non- Other Other Income Tax Cash Adjustmentsc Adjustmentd Adjusted Operations Adjustmentsb Adjustmentsa Net sales $ 2,107.6 $ — $ — $ — $ — $ 2,107.6 Cos
Slide 25: Free Cash Flow Conversion and Net Leverage Ratio
Free Cash Flow Conversion and Net Leverage Ratio Year Ended December 31, 2025 December 31, 2024 (In millions) Free Cash Flow Conversion Cash Flow from Operations $ 217.3 $ 113.5 Purchases of PPE/Intangibles (197.4) (180.7) Free Cash Flow 19.9 (67.2) Adjusted net income from continuing operations (no
Slide 26: enovis. Creating Better Together
enovis. Creating Better Together” © 2026 Enovis Corporstion