Avery Dennison Corporation · NYSE:AVY
Avery Dennison — Investor Day (September 2026)
62 slides from Avery Dennison's investor day presentation, Sep 23, 2026
Slide 1: High-Value Category (HVC) Investor Showcase
September 23, 2026 High-Value Category (HVC) Investor Showcase Avery Dennison Corporate Headquarters Mentor, Ohio, USA High-Value Category Investor Showcase 2026 1
Slide 2: Welcome
Welcome William Gilchrist Vice President, Investor Relations High-Value Category Investor Showcase 2026 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this document are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, and financial or other business targe
Slide 4: Agenda
Agenda 8:30 a.m. Registration and Breakfast — 9:30 a.m. Welcome William Gilchrist, VP, Investor Relations 9:35 a.m. Strategic Overview Deon Stander, President & CEO 9:50 a.m. HVC Spotlights Performance Materials Danny Allouche, President, Materials Group Specialty/Durables Labels Mariana Rodriguez,
Slide 5: Strategic Overview
Strategic Overview Deon Stander President & CEO High-Value Category Investor Showcase 2026 5
Slide 6: Avery Dennison at a glance
2025 Net Sales Avery Dennison at a glance $8.9 Billion ● Recognized industry leader ● Global materials science and digital identification solutions company Intelligent Sales by Materials Group Labels Segment Solutions Group ● Provider of a wide range of branding and information solutions that optimiz
Slide 7: Broad exposure to diverse markets, with increasing portfolio strength
Broad exposure to diverse markets, with increasing portfolio strength Sales by End Market(1) Sales by Geography(1) Sales by Category(1) Latin Ind Am. Specialty u Fo Du stria Other & Durable od rab l/ Labels le Asia-Pac s& p hic e a U.S. & Base Gr ectiv ~45% fl HPC Re ~60% China ~30% Canada Performanc
Slide 8: Executing key strategies to deliver GDP+ growth and top quartile returns
Executing key strategies, with proven business resilience, to deliver GDP+ growth and top quartile returns across cycles 1 Drive outsized growth in high-value categories through market-driven innovation 2 Grow profitably in our base businesses 3 Lead at the intersection of the physical and digital 4
Slide 9: Materials Group at a glance
Materials Group at a glance Leader in growing self-adhesive label materials industry 2025 Net Sales of $6.1 Billion (~2.5X next largest competitor) Other Perform. Materials Clear and lasting competitive advantages Graphics & Base ● Global scale with 10,000+ converting partners Reflective HVC Labels ●
Slide 10: Solutions Group at a glance
Solutions Group at a glance Leader in global branding and identification solutions that help 2025 Net Sales of $2.8 Billion address key industry challenges Intelligent Labels Base Demonstrated competitive advantages HVC ● Global scale and footprint; vertically integrated ● Innovation leader in high-v
Slide 11: Delivering outsized growth in high-value categories, supported by secular trends
Delivering outsized growth in high-value categories, supported by secular trends Materials Group High-value categories Solutions Group High-value Categories (1) across both segments have: High-value Categories(1) Intel Labels Strong secular tailwinds Performance Digitization Sustainability Personali
Slide 12: High-value Category percentage of sales
Expanding high-value category exposure is a key contributor to driving outsized sales growth and margin expansion over the long term Sales growth(1) mid-teens High-value Category percentage of sales ~6x GDP ~60% Sales growth(1) MSD ~2.5x GDP Sales growth(1) MSD ~1.5x GDP(2) ~45% ~38% ~38% ~34% ~35%
Slide 13: High-Value Category Spotlight - Performance Materials
High-Value Category Spotlight - Performance Materials Danny Allouche President, Materials Group High-Value Category Investor Showcase 2026 13
Slide 14: Performance Materials leverages materials science differentiation to drive profitable growth
Performance Materials leverages Category Overview Performance Materials are highly engineered products and solutions that materials science differentiation to deliver critical functionality, including bonding, sealing, protection, thermal drive profitable growth management, damping and conductivity i
Slide 15: Expanding market opportunity driven by solving critical industry challenges
Expanding market opportunity driven by solving critical industry challenges Addressable Market Competitive Landscape Regional & Industry Key Customer & TAM of ~$20 bil., Market structure: Highly fragmented ● Market size balanced between Industry Challenges growing MSD, driven by: overall developed &
Slide 16: Strong competitive position and clear strategy to drive profitable growth
Strong competitive position and clear strategy to drive profitable growth Competitive Position Strategy Technology specialists offering a wide range of custom and semi-custom Drive profitable growth and margin expansion; leverage our competitive application based solutions advantages to deliver innova
Slide 17: Capturing new growth opportunities using materials science innovation
Capturing new growth opportunities using materials science innovation Taylor Adhesives Strategic Market Expansion: Terrain™ Turf Adhesive Differentiated solution penetrating a strong secular growth and premium margin market Replaces labor-intensive two-part adhesives Eliminates on-site mixing Terrai
Slide 18: Materials Group well positioned to leverage competitive differentiation
Materials Group well positioned to leverage competitive differentiation to drive strong growth and superior returns Exposure To Attractive Growth Markets ● Premium growth end markets with higher margin opportunities Leveraging Key Competitive Advantages ● Continuous Innovation ● Vertical Integration
Slide 19: High-Value Category Spotlight - Specialty & Durable Labels
High-Value Category Spotlight - Specialty & Durable Labels Mariana Rodriguez Vice President & General Manager, Materials Group EMENA High-Value Category Investor Showcase 2026 19
Slide 20: Specialty & durable labels meet complex specifications and withstand demanding environments
Specialty & durable labels meet Category Overview Specialty labels address specific customer needs or cross-industry complex specifications and withstand functional and compliance requirements, while durable labels are high-end, demanding environments frequently certified, labels built to last a produc
Slide 21: Sizeable and growing addressable markets with numerous secular tailwinds
Sizeable and growing addressable markets with numerous secular tailwinds Addressable Market Competitive Landscape Regional & Industry Key Customer & TAM of ~$3 bil., growing Market structure: Fairly ● Market size is similar across Industry Challenges low-to-mid single digits, driven by concentrated
Slide 22: Differentiated competitive advantages positioning us to drive profitable growth
Differentiated competitive advantages positioning us to drive profitable growth Competitive Position Strategy Industry leader with advanced materials science capability Drive profitable growth and margin expansion; leverage our competitive advantages and deep customer access to deliver innovative, mar
Slide 23: Strategic partner network, services and innovation deliver engineered solutions
Strategic partner network, services and innovation deliver engineered solutions Customer Customer Innovation Technical services Brands' and OEM network Engineered Solutions Bus. Develop. & Tech Sales End-user Customer collaboration Investing in application specific Business development and creates pu
Slide 24: High-Value Category Spotlight - Graphics & Reflective
High-Value Category Spotlight - Graphics & Reflective Bethany Nock General Manager, Graphics Solutions North America High-Value Category Investor Showcase 2026 24
Slide 25: Graphics & Reflective solutions transform aesthetics and elevate roadway safety
Graphics & Reflective solutions Category Overview Graphics Solutions delivers decorative and functional films that enable transform aesthetics and elevate personalization & customization in the automotive and architecture roadway safety segments. Reflective Solutions provides highly engineered, advance
Slide 26: Secular trends and infrastructure expansion powering a large and growing addressable market
Secular trends, infrastructure expansion, and solutions to industry challenges is powering a large and growing addressable market Addressable Market Competitive Landscape Regional & Industry Key Customer & TAM of ~$4.5 bil., growing MSD, Market structure: Graphics ● Addressable market weighted to In
Slide 27: Driving profitable growth leveraging materials science, scale, and service
Driving profitable growth leveraging materials science, scale, and service Competitive Position Strategy #2 position in both Graphics & Reflective markets Drive profitable growth and margin expansion; leverage our competitive advantages to deliver innovative, differentiated products in key growth areas
Slide 28: Graphics opportunity in automotive market driven by secular themes
Graphics opportunity in automotive market driven by secular themes Automotive OEM & Aftermarket Core Growth Color Paint Protection Film Verticals Color Change Aftermarket OEM Partnerships Next-generation vehicle surface Customization & Personalization Market Trends Investment Protection & Drivers La
Slide 29: Leading the reflective industry shift to digital printing
Leading the reflective industry shift to digital printing driving profitable growth End-user challenges Our Solutions New Opportunities + = Road sign life & quality End-to-end ecosystem Expand DOT spec with TrafficJet Rising compliance Unmatched Reliability Provide sustainability & workflow automation S
Slide 30: High-Value Category Spotlight - Intelligent Labels
High-Value Category Spotlight - Intelligent Labels Francisco Melo President, IL Technologies & Digital Solutions High-Value Category Investor Showcase 2026 30
Slide 31: Intelligent labels remains the greatest growth opportunity
Intelligent labels remains the greatest Category Overview Intelligent labels digitize physical products to enhance operations and feed growth opportunity AI; enabling full-lifecycle traceability, authentication, and engagement from factory to product end of life Financial Profile Sales by Key End Mar
Slide 32: Unlocking large, expanding, untapped and attractive end markets
Unlocking large, expanding, untapped and attractive end markets Addressable Market Competitive Landscape Regional & Industry Key Customer & TAM of ~350 bil. units, currently Market structure: Leading position in ● Apparel remains the majority of Industry Challenges low-teens penetrated with mid teen
Slide 33: Leveraging innovative leadership to position Intelligent Labels for strong growth
Leveraging innovative leadership to position Intelligent Labels for strong growth Competitive Position Strategy Innovative leader in large and growing market Expanding in apparel and general merchandise while scaling food and logistics. Driving innovation to broaden use cases, sharpen differentiatio
Slide 34: Capturing the growth opportunity in food
Capturing the growth opportunity in food Growing Industry Demand Growth Opportunity: Rising demand for item/case-level freshness and condition monitoring Intelligent Labels Role: AD IdentiFresh™ RFID and Wiliot portfolios enable full supply chain visibility Competitive Advantage: First mover, innova
Slide 35: High-Value Category Spotlight - Vestcom
High-Value Category Spotlight - Vestcom Ned Peverley Vice President & General Manager, Vestcom High-Value Category Investor Showcase 2026 35
Slide 36: Vestcom: Market-leading shelf-edge productivity, data, and media solutions provider
Vestcom: Market-leading shelf-edge Category Overview Vestcom provides market-leading productivity and media solutions for the productivity, data, and media retail shelf-edge, enabled by strong data composition capabilities. solutions provider Financial Profile Sales by Key End Markets Key Application
Slide 37: Shelf edge & in-store media solutions solving rising retailer challenges
Shelf edge & in-store media solutions solving rising retailer challenges Addressable Market Competitive Landscape Regional & Industry Key Customer & TAM of over $2 bil., growing LSD, Market structure: ESL ● U.S. retailers digitization to close Industry Challenges driven by key secular trends: hardwa
Slide 38: Leveraging U.S. market leadership to scale digital shelf solutions
Leveraging U.S. market leadership to scale digital shelf solutions Competitive Position Strategy Market leader in U.S. for shelf-edge solutions Vestcom is an "omnichannel provider"; the only player delivering the data management capabilities to offer physical and digital shelf-edge solutions. Compet
Slide 39: Retailers adopting digitization technology to drive revenue, productivity and profits
Retailers adopting digitization technology to drive revenue, productivity and profits Electronic Shelf Labels (ESLs) In-store Digital Media Market: Adoption of ESLs rising at U.S. large-format retailers Market: Forecasted to grow at a low teens CAGR Vestcom Role: StoreLinkTM is the “one source of tru
Slide 40: High-Value Category Spotlight - Embelex
High-Value Category Spotlight - Embelex Michael Barton Senior Vice President & General Manager, Apparel Solutions High-Value Category Investor Showcase 2026 40
Slide 41: Embelex: helping brands, consumers, and work forces better connect
Embelex: helping brands, consumers, Category Overview Embelex unites creativity, materials science and digital experiences to create and work forces better connect embellishment solutions which elevate apparel and help brands showcase their identity, fans show their belonging, and professionals expr
Slide 42: Sizeable embellishment market with strong growth tailwinds and ready for innovation
Sizeable embellishment market with strong growth tailwinds and ready for innovation Addressable Market Competitive Landscape Regional & Industry Key Customer & TAM of >$3 bil., growing MSD Market structure: Highly fragmented Balanced Regional Footprint Industry Challenges driven by: Customer key cri
Slide 43: Aligning competitive advantages with strategy to drive profitable growth
Aligning competitive advantages with strategy to drive profitable growth Competitive Position Strategy Leader in a large, fragmented market, leveraging innovation, broad product Drive growth by scaling innovation-driven solutions across Brand, Fan, and range, and deep customer service Professional ID
Slide 44: Custom Studio unlocks market leadership and growth in the Fan Identity market
Click here for Custom StudioTM video Custom StudioTM unlocks market leadership and growth in the Fan Identity market Custom StudioTM Makes it possible A significant majority of fans expressed interest in purchasing customized Turnkey Solution merchandise b o Speed and Efficiency gains l A majority of
Slide 45: Financial Review
Financial Review Greg Lovins SVP & CFO High-Value Category Investor Showcase 2026 45
Slide 46: Our balanced strategy is creating value for shareholders
Our balanced strategy is creating value for shareholders Sales Growth Adjusted EBITDA Margin (non-GAAP) Sales growth ex. currency (non-GAAP) Organic sales growth (non-GAAP) 16.4% Global GDP(1) 5.7% 15.3% 5.1% Global retail volumes(1) 12.5% 3.9% 4.1% 3.7% 2.4% 2.5% 1.9% 1.6% ‘15-’20 ‘20-’25 2015 2020
Slide 47: Our long-term financial framework
Our long-term financial framework — continuing to deliver superior value creation 5%+ 17%+ Sales Growth Ex. Adj. EBITDA Margin Long-term Currency in 2028 financial framework Top 10% Quartile(1) Adj. EPS Growth ROTC Note: Long-term targets are annualized and represent a 5-year horizon through 2028. (1)
Slide 48: Progress against our algorithm to deliver outsized growth
Progress against our algorithm to deliver outsized growth Acquisitions 5%+ Sales Growth (accelerate our strategies) 1.5+ pts. ~15%+ growth in Intelligent ~2 pts. Labels ex. Currency outsized growth in ~1 pt. high-value categories LT Growth grow profitably M&A Algorithm in the base Intelligent Labels
Slide 49: Outsized HVC growth will deliver positive sales mix and margin expansion
Outsized HVC growth will deliver positive sales mix and margin expansion High-value categories % of sales 2020 2025 2030 (est.) HVC HVC HVC Base Base Base ~35% ~45% ~50% HVC HVC HVC High-Value Category Investor Showcase 2026 49
Slide 50: Balance sheet strength provides ability to accelerate strategic HVC shift
Balance sheet strength provides ability to accelerate strategic HVC shift Balance Sheet & Capacity Disciplined M&A & Partnership Available Investment Capacity ~$8 bil. over next 5 years Strategic HVC Shift Acceleration Strong balance sheet with target leverage ratio of ~2.3x(1) that provides ● Targe
Slide 51: Q&A Panel
Q&A Panel FACILITATOR Deon Stander Greg Lovins Danny Allouche Francisco Melo President & CEO SVP & CFO President President, IL Materials Group Technologies and Digital Solutions William Gilchrist VP, Investor Relations Mariana Rodriguez Bethany Nock Ned Peverley Michael Barton Vice President & Gener
Slide 52: Thank You
Thank You High-Value Category Investor Showcase 2026 52
Slide 53: Appendix
Appendix Reconciliation of Non-GAAP Financial Measures from GAAP High-Value Category Investor Showcase 2026 53
Slide 54: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures as defined by SEC rules. We report our financial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using cert
Slide 55: Sales Change Ex. Currency and Organic Sales Change – Avery Dennison
Sales Change Ex. Currency and Organic Sales Change – Avery Dennison ($ in millions, except %) 2015-2020 2020-2025 Total Company 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5-Yr CAGR 5-Yr CAGR Net sales $ 5,966.9 $ 6,086.5 $ 6,613.8 $ 7,159.0 $ 7,070.1 $ 6,971.5 $ 8,408.3 $ 9,039.3 $ 8,364
Slide 56: Sales Change Ex. Currency and Organic Sales Change – Materials Group
Sales Change Ex. Currency and Organic Sales Change – Materials Group ($ in millions, except %) 2020-2025 Materials Group 2019 2020 2021 2022 2023 2024 2025 5-Yr CAGR Net sales $ 5,419.8 $ 5,340.6 $ 6,206.5 $ 6,495.1 $ 5,811.3 $ 6,013.0 $ 6,093.3 Net sales change (2.3)% (1.5)% 16.2% 4.6% (10.5)% 3.5%
Slide 57: Sales Change Ex. Currency and Organic Sales Change – Solutions Group
Sales Change Ex. Currency and Organic Sales Change – Solutions Group ($ in millions, except %) 2020-2025 Solutions Group 2019 2020 2021 2022 2023 2024 2025 5-Yr CAGR Net sales $ 1,650.3 $ 1,630.9 $ 2,201.8 $ 2,544.2 $ 2,553.0 $ 2,742.7 $ 2,762.2 Net sales change 2.3% (1.2)% 35.0% 15.6% 0.3% 7.4% 0.7
Slide 58: Adjusted Operating Margin and EBITDA — Avery Dennison
Adjusted Operating Margin and EBITDA — Avery Dennison ($ in millions, except %) 2015 2020 2021 2022 2023 2024 2025 Net sales $ 5,966.9 $ 6,971.5 $ 8,408.3 $ 9,039.3 $ 8,364.3 $ 8,755.7 $ 8,855.5 Reconciliation of adjusted EBITDA from GAAP: Net income $ 274.3 $ 555.9 $ 740.1 $ 757.1 $ 503.0 $ 704.9 $
Slide 59: Adjusted Operating Margin and EBITDA — Materials Group
Adjusted Operating Margin and EBITDA — Materials Group ($ in millions, except %) 2015 2020 2021 2022 2023 2024 2025 Net sales $ 4,523.5 $ 5,340.6 $ 6,206.5 $ 6,495.1 $ 5,811.3 $ 6,013.0 $ 6,093.3 Operating income before interest expense, other non-operating expense (income) and $ 524.2 $ 747.0 $ 883
Slide 60: Adjusted Operating Margin and EBITDA — Solutions Group
Adjusted Operating Margin and EBITDA — Solutions Group ($ in millions, except %) 2015 2020 2021 2022 2023 2024 2025 Net sales $ 1,443.4 $ 1,630.9 $ 2,201.8 $ 2,544.2 $ 2,553.0 $ 2,742.7 $ 2,762.2 Operating income before interest expense, other non-operating expense (income) and $ 59.2 $ 144.7 $ 257.
Slide 61: Adjusted EPS – Avery Dennison
Adjusted EPS – Avery Dennison 2015 2020 2021 2022 2023 2024 2025 Net income per common share, assuming dilution $ 2.95 $ 6.61 $ 8.83 $ 9.21 $ 6.20 $ 8.73 $ 8.79 Non-GAAP adjustments per common share: Restructuring charges and other items(1) $ 0.49 $ 0.48 $ 0.05 $ (0.06) $ 1.85 $ 0.75 $ 0.75 Argentin
Slide 62: averydennison.com #MakingPossible
averydennison.com #MakingPossible © 2026 Avery Dennison Corporation. All rights reserved. The “Making Possible” tagline, Avery Dennison and all other Avery Dennison brands, product names and codes are trademarks of Avery Dennison Corporation. All other brands or product names are trademarks of their