Slide 1: Medline Q4 and Full Year 2025 Earnings
Medline Q4 and Full Year 2025 Earnings February 25, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” as defined under the U.S. federal securities laws, including, but not limited to, statements, estimates, and projections relating to our business, goals, targets, activities, efforts, initiatives, plans, and programs,
Slide 3: Agenda
FY 2025 Financial Results Q4 2025 Financial Results Agenda FY 2026 Guidance 3 © 2026 Medline
Slide 4: FY 2025 Financial Results
1 FY 2025 Financial Results
Slide 5: Full year 2025 highlights
Full year 2025 highlights • Strong net sales of $28.4 billion, an increase of 11.5% compared to the prior year • Achieved $2.4 billion of total new customer signings o Several large integrated delivery networks (IDNs) committing to multiple classes of trade o Strategic partnerships with the U.S. Dep
Slide 6: FY 2025 select financial highlights
FY 2025 select financial highlights Net Sales Adjusted EBITDA1 FY 2025 highlights (versus prior year) • Net sales growth of 11.5%; 40bps headwind when adjusting +11.5% +3.2% for one less business day in FY 2025 vs. FY 2024 • Organic Sales1 growth of 10.5% $25.5B $28.4B • Strong net sales growth acro
Slide 7: FY 2025 net sales by segment and channel
FY 2025 net sales by segment and channel FY 2025 vs. FY 2024 Segment Channel $2.0B $13.7B $7.0B International Medline Brand U.S. Non-acute +11.0% +9.6% +11.5% $28.4B $28.4B +11.5% +11.5% $14.7B $19.5B Supply Chain U.S. Acute Solutions +11.5% +13.2% Note: Certain amounts and percentages presented in
Slide 8: Medline Brand
FY 2025 Medline Brand FY 2025 highlights FY net sales FY Segment Adjusted EBITDA1 (versus prior year) • Surgical Solutions net sales +12.7% +9.6% $13.7B +2.0% driven by higher volume for kitting $12.5B $3.3B $3.3B and operating room products and +8.8% contribution from the Ecolab Surgical Solutions
Slide 9: Supply Chain Solutions
FY 2025 Supply Chain Solutions FY 2025 highlights FY net sales FY Segment Adjusted EBITDA1 (versus prior year) +13.2% $14.7B +24.4% $805M • Supply Chain Solutions net sales $13.0B +13.2% driven by growth in Prime Vendor sales, including new $647M customer implementations and growth from existing cus
Slide 10: Cash flow and balance sheet highlights
FY 2025 cash flow and balance sheet highlights Cash and cash equivalents $1.9 billion as of December 31, 2025 Free Cash Flow1 $1.3 billion Strong Free Cash Flow1 driven by sales growth, partially offset by increased trade receivables due to net sales growth, increased inventory including tariffs, le
Slide 11: Q4 2025 Financial Results
2 Q4 2025 Financial Results
Slide 12: Q4 2025 select financial highlights
Q4 2025 select financial highlights Net Sales Adjusted EBITDA1 Q4 2025 highlights (versus prior year) • Net sales growth of 14.8%; 180bps benefit when adjusting +14.8% -0.6% for one more business day in Q4 2025 vs. Q4 2024 • Organic Sales1 growth of 14.4% • Strong growth across segments $810M $805M
Slide 13: Q4 2025 net sales by segment and channel
Q4 2025 net sales by segment and channel Q4 2025 vs. Q4 2024 Segment Channel $0.5B $3.7B International $1.9B Medline Brand +12.3% U.S. Non-acute +11.8% +12.1% $7.8B $7.8B +14.8% +14.8% $4.1B $5.3B Supply Chain U.S. Acute Solutions +16.0% +17.6% Note: Certain amounts and percentages presented in this
Slide 14: Q4 2025 segment results
Q4 2025 segment results Q4 Medline Brand net sales Q4 Medline Brand Adjusted EBITDA1 +11.8% $3.7B -3.8% $3.3B $824M $793M +12.5% +11.3% +12.3% Lab & Diagnostics Front Line Care Surgical Solutions Q4 Supply Chain Solutions net sales Q4 Supply Chain Solutions Adjusted EBITDA1 +17.6% +29.2% $217M $4.1B
Slide 15: FY 2026 Guidance
3 FY 2026 Guidance
Slide 16: FY 2026 guidance
FY 2026 guidance Organic Sales Growth 1 8% to 9% Adjusted EBITDA 1 $3.5 to $3.6 billion Net interest expense Net CapEx Tax distributions Estimated GAAP tax rate $575 to $625 million ~$500 million $250 to $350 million 17.5% to 19.5% Reflecting debt paydown from IPO Capacity expansion in Mexico kittin
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