Envista Holdings Corporation · NYSE:NVST
Envista — Investor Day (September 2026)
93 slides from Envista's investor day presentation, September 2026
Slide 1: 2026 Investor Day
2026 Investor Day September Paul Keel,17,CEO 2026
Slide 2: Forward-looking statements/Non-GAAP financial measures
Forward-looking statements/Non-GAAP financial measures FORWARD-LOOKING STATEMENTS Certain statements in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements regarding future financial performance, and the objectives and expec
Slide 3: Agenda
Agenda Paul Keel Value Creation Plan 9:00 – 9:25 Stefan Nilsson Implants 9:25 – 9:45 Veronica Acurio Orthodontics 9:45 – 10:00 Filippo Impieri Consumables 10:00 – 10:15 Robert Befidi Diagnostics 10:15 – 10:35 Eric Hammes Financials 10:35 – 10:50 Q&A 11:00 – 12:00 3
Slide 4: Value Creation Plan
Value Creation Plan Paul Keel Chairman & CEO
Slide 5: Executive Summary
Executive Summary March 2025 Since Then… Next Phase of Performance Communicated a Value Creation Returned Envista to durable Across multiple dimensions, Plan centered on: Growth, broad-based growth Envista is an even stronger Operations, and People Leveraging the Envista company today Medi
Slide 6: Dental market consistently outgrows the broader economy
Supported by a number of structural factors, the dental market consistently outgrows the broader economy US Dental Expenditure vs. GDP (Index 2000 = 100) Structural Factors Driving 350 GFC Covid Consistent Dental Growth 300 • Demographics – aging populations, rising living standards • Clinical – con
Slide 7: Envista participates in some of the most attractive dental categories
Envista participates in some of the most attractive dental categories Envista Segment Sector Size and LT growth Envista Focus Categories Revenues - 2025 Envista Brands Implants $12B Implant components Specialty MSD growth Implantology Prosthetics & digital Products Regeneratives and Technologies $7B
Slide 8: Envista has long been a leader in the global dental market
Envista has long been a leader in the global dental market Company Profile Specialty Products and Technologies 12,000+ 130+ 135 Years 1,500+ Top 3 position Employees Countries of Innovation Issued Patents in most segments where we play Revenue by category Revenue by channel Revenue by geography Diag
Slide 9: We first communicated our Value Creation Plan in March 2025
We first communicated our Value Creation Plan in March 2025 Growth 2025 Medium-term Outlook* We partner Core 2 - 4% Growth with dental Adj. professionals Operational EBITDA 4 - 7% Growth to improve Excellence Adj. EPS Growth 7- 10% patients’ lives FCF Conversion ~100% People *These are not projectio
Slide 10: 2025 Value Creation Plan centered on Growth, Operations, and People
Our 2025 Value Creation Plan centered on three core priorities of Growth, Operations, and People Customer Further leverage developing markets strength Focus Continue DSO and key account penetration Commercial Accelerate Implants growth Growth Execution Spark share gains with improved profitability P
Slide 11: We have made progress in every priority area
We have made progress in every priority area Progress Customer Further leverage developing markets strength Focus Continue DSO and key account penetration Commercial Accelerate Implants growth Growth Execution Spark share gains with improved profitability Portfolio and Extend track record of innovat
Slide 12: We are performing at or above our medium-term outlook
We are performing at or above our medium-term outlook Medium-term Outlook from 2025 CMD 7-10% 4-7% ~100% 2 to 4% Core Adj. EBITDA Adj. EPS FCF Growth Growth Growth Conversion 2025 Actual 6.5% 26% 63% 114% 2026 Guide 3.5 – 4.5% 11-14% 26-30% ~100% These are not projections and do not constitute guida
Slide 13: Envista is now consistently operating at a higher level
Envista is now consistently operating at a higher level 2019-2023 2024-2026 Moving forward Independent Company Building Capabilities Next Phase of Performance • Stood up public company • Refreshed management team • Even deeper and broader EBS • Navigated COVID • Developed new Value Creation • Furthe
Slide 14: Today's strong pipeline is built on 135+ years of innovation
Today’s strong pipeline is built on 135+ years of innovation Nobel S series Kerr Demi-Pro Dexis Imprevo Full Portfolio ODB Dexis IOS DTX and MagicSort AI Xeal and TiUltra ZenSeal Pro Spark clear surfaces ErgoZoom aligners Damon Clear i-CAT seated CaviWipes CBCT NobelGuide EmPro All-on-4TM First cust
Slide 15: Growth: New Product investment and output have both increased
Growth: New Product investment and output have both increased Specialty Products & Technologies Equipment & Consumables Implants Diagnostics R&D % of Revenue 4.2% 4.2% 3.9% Orthodontics Consumables 3.7% 2023 2024 2025 2026 YTD 2026 Investor Day 15
Slide 16: Operations: Even deeper deployment of EBS is driving measurable impact
Operations: Even deeper deployment of EBS is driving measurable impact Focus Area Examples of Operational Initiatives • Shifted sources of supply to mitigate tariff impacts Global Supply • Opened new sites in multiple countries Chain Agility • Manufacturing for all major businesses in 2+ regions • L
Slide 17: People: Investing in our People, advancing our culture
People: Investing in our People, advancing our culture • Broad-based increases in engagement across employee groups Engagement • Enhancing leadership communication and employee growth opportunities • Further strengthening innovation and collaboration through company-wide kaizen • Disciplined approac
Slide 18: Raising our medium-term outlook
Raising our medium-term outlook* Financial Metric March 2025 Plan September 2026 Plan Core Growth 2-4% 2-5% Adjusted EBITDA Growth 4-7% 5-8% Adjusted EPS Growth 7-10% 7-11% Free Cash Flow Conversion ~100% ~100% *These are not projections and do not constitute guidance; they are subject to significan
Slide 19: Value Creation: In Summary
Value Creation: In Summary • In March 2025, we communicated a Value Creation Plan centered on three core priorities: Growth, Operations, and People. • We are continuously improving our capabilities in these areas, resulting in financial performance consistently above the 2025 Plan outlook. • Consist
Slide 20: Implants
Implants Stefan Nilsson President, Implants
Slide 21: Implants Summary
Implants Summary We are building momentum through Clear plan for driving Attractive global implant market innovation and clinical leadership profitable growth • $12B category, growing MSD • Investments have returned our business • Deliver a consistent flow of innovations to growth over the past two
Slide 22: Dental Implants are an attractive $12B market growing MSD
Dental Implants are an attractive $12B market growing MSD >40M * $12B $4B* units Implants $4B Premium MSD Growth Premium ~25% Premium Implant Components Implant Components $2B Implant-based Prosthetics MSD Growth ~50% Prosthetics $5B Challenger and Digital Implants LSD Growth Challenger Challenger R
Slide 23: Implant Return to Growth
Implant Return to Growth Focused investment is rebuilding momentum and strengthening the innovation engine Implant Core Growth $25M increased annual investment Three targeted levers to accelerate sustainable growth Commercial Execution Improved sales territory coverage Revitalize the Nobel Biocare b
Slide 24: Implant Workflow Simplified by the Envista Ecosystem
Implant Workflow Simplified by the Envista Ecosystem A comprehensive ecosystem connecting and simplifying the complete implant treatment workflow 7 workflow stages, fully covered through Envista’s portfolio and partner integrations 4+ clinical pathways orchestrated 1 DTX digital platform connecting
Slide 25: Nobel Biocare: Category Creator, Industry Leader
Nobel Biocare: Category Creator, Industry Leader 2026 EmPro S series “Success is ultimately measured by New zygoma the patient's happiness, safety, and N1, Xeal and TiUltra surfaces confidence in their appearance.” First ASC Prof. Brånemark abutment NobelActive: and bridge first-in-class First multi
Slide 26: Implants innovation pipeline shared in March 2025
Implants innovation pipeline shared in March 2025 Recent and Imminent 2025 Budget / Plan Launches (2024-2025) Future Projects Procera Implant Bridge Esthetic Zirconia Project Harmony Project Solo Full Arch Scanbody Project 3-Peat Project Ultra CAD/CAM and Titanium Abutment ASC1 Project Treasure (Sof
Slide 27: Executing on our New Product Launches
Executing on our New Product Launches Recent and Imminent 2025 Budget / Plan Launches (2024-2025) 2026 Launches Future Projects Procera Implant Bridge Esthetic Zirconia Project Sky (Software) Project Solo Full Arch Scanbody Project Tailor Project Ultra CAD/CAM and Titanium Abutment ASC1 SmileGrid Pr
Slide 28: Advancing our Proven Technologies | S series
Advancing our Proven Technologies | S series One connection across all implant sizes Early commercial success S series builds on decades of evidence • Ahead of plan • The improved design of our platform reduces bone loss and enhances • 18% of Nobel implants sold soft tissue stability in Q2 across No
Slide 29: Advancing our Proven Technologies | EmPro
Advancing our Proven Technologies | EmPro Harmonized emergence profiles 2026 Launch Optimized for better esthetics • Launched in Europe in Q2 • Achieved 58% conversion Based on scientific data rate in 6 mos. • Slimmer and more concave design allows for deeper • Returned a declining implant placement
Slide 30: Advancing our Proven Technologies | Digital workflows
Advancing our Proven Technologies | Designed to connect, customize and scale digital workflows 2026 Launch Custom Patient Journeys Build workflows specific to your practice needs Secure Cloud Access Cloud storage for easy access across your systems and locations Connect and Collaborate Share treatme
Slide 31: New Technology | Versah
New Technology | Versah Osseodensification and the Densah Bur: The Densah Bur technology is based on • Versatile Clinical Solutions a novel biomechanical bone preparation • Designed to support technique called Immediate function osseodensification. • Compatible with multiple major implant systems Un
Slide 32: Expanding our Partnership with Foundation for Oral Rehabilitation
Rapidly Expanding our Partnership with Foundation for Oral Rehabilitation Foundation for Oral Rehabilitation (FOR) • Governed by independent board of trustees Mission: Improve oral healthcare treatment quality • Scientific credibility • Evidence-based education • Ethical practices in surgical, esthe
Slide 33: Delivering Clinical Results through Education
Delivering Clinical Results through Education More clinicians trained. More educational activities. Year-over-year growth, 2023–2025. Clinicians Trained Educational Activities Educational Clinicians Activities EDUCATION IMPACT Trained 160,000 13,000 14,000 More Clinicians 140,000 Clinicians Trained
Slide 34: Leveraging EBS to drive operational and commercial excellence
Leveraging EBS to drive strong operational and commercial excellence EBS Disciplines in Practice Examples of EBS kaizens completed across key business areas CEO Kaizen – Go-to-Market Global Supply Chain Agility Pricing Optimization Challenger and Premium go-to-market Enhanced flexibility and resilie
Slide 35: Delivering complete implant solutions to clinicians and patients
Delivering complete implant solutions to clinicians and patients Category-creating Innovation Implants and Abutments Unparalleled clinical evidence Clinical workflows Brand recognition Custom prosthetics Global clinical education Regenerative biomaterials 2026 Investor Day 35
Slide 36: Implants: In Summary
Implants: In Summary THE CATEGORY • $12B market, growing MSD • Large, unserved population • Digital workflows and solutions expanding clinical capabilities OUR POSITION • Strong brand heritage with a legacy of leadership and innovation • Recent investment driving improved growth across the portfolio
Slide 37: Orthodontics
Orthodontics Veronica Acurio President, Orthodontics
Slide 38: Orthodontics Summary
Orthodontics Summary Strong demand for Distinctively positioned serving Demonstrated track record of Orthodontic treatments Orthodontists profitable growth • $7B category, growing MSD • Brackets & Wires category leadership: • Spark acceleration through geographic MSD growth for Ormco coverage, penet
Slide 39: Orthodontics Market
Orthodontics Market People Patients Treatments Segments 75% LSD ~$5B 600 million ~21 million Wires and Brackets Orthodontists would benefit from ortho only small portion are treatment treated annually 25% HSD ~$2B Aligners General Practitioners $7B category growing MSD 2026 Investor Day 39
Slide 40: Orthodontic category
Orthodontic category Innovation leading to increased patient access B&W Aligners Cases ~16 million ~5 million Demographics 90% Teenagers 90% Adults compliance and social trends as drivers meeting lifestyle and esthetic demands 70% Twin - LSD 70% Advanced Modalities 30% Self-ligating - MSD 30% 'Simpl
Slide 41: Our winning model
Our winning model Education Global Ortho Coverage Innovation focused on digitization Complete portfolio offering Provide “best in class” professional training Deliver superior support and customer Drive clinical efficacy and productivity Providing solutions in both Brackets & Wires experience global
Slide 42: One platform to plan and deliver the best treatment solution
One platform to plan and deliver the best treatment solution ONE PLATFORM, EVERY MODALITY 01 PLAN 02 APPROVE 03 TREAT 04 MONITOR One Digital platform to plan and Review automated 3D Execute the digital treatment Build confidence and select from all modalities for setups and staging via StageRx. plan
Slide 43: Ortho Workflow Simplified by Ormco Ecosystem
Ortho Workflow Simplified by Ormco Ecosystem A comprehensive ecosystem orchestrating and simplifying the entire orthodontic workflow 7 workflow stages, fully covered through Envista’ s portfolio and 4+ treatment modalities orchestrated 1 Ormco DTX Digital Platform supporting wide ecosystem partnersh
Slide 44: Innovation depth and digital leadership
Innovation depth and digital leadership 65 years providing disruptive treatment modalities Track record of driving treatments forward, leading the way with faster, more efficient results and improved outcomes: Accelerated Innovation • Damon Ultima System Ormco • Spark Clear Aligners Ormco Digital Et
Slide 45: Driving Spark growth
Driving Spark growth Primary Case Growth Growth Drivers +1.4 M Expand customer base Smiles improved since • NA/EU sales customer expansion launch • Intensify doctor education • DSO expansion • Introduce Spark to new geographies Increased utilization through new products • Spark 35/One • Spark On Dem
Slide 46: Driving Spark to profitability
Driving Spark to profitability Cost per Aligner Leverage EBS tools to expand margins 40% improvement Operational productivity over the last 12 quarters • Manufacturing automation • Procurement & sourcing savings • Footprint & supply-chain optimization Design Efficiency • Workflow automation • Global
Slide 47: Orthodontics: In Summary
We need a slide somewhere on B&W in Orthodontics: In Summary the deck THE CATEGORY • $7B market, growing MSD • Large, unserved population • Increasing focus on workflows and solutions OUR POSITION • A legacy of leadership and innovation with orthodontists • Providing solutions in both Brackets & Wir
Slide 48: Consumables
Consumables Filippo Impieri President, Consumables
Slide 49: Consumables Summary
Consumables Summary Steady demand for Kerr is a trusted leader Runway for driving sustainable everyday dental treatments in Consumables growth & better outcomes • $10B Consumables TAM • 135-Year heritage with strong track- • Steady innovation cadence record of category-defining innovation strengthen
Slide 50: Consumables Market
Consumables Market Dental Patients Infection Prevention Consumables Market Geographic TAM Breakdown 8.3 billion 1 in 10 patients $10B TAM Market Expansion people opportunities across the portfolio affected by hospital-acquired infections Preventive 3.5 billion suffer from oral diseases Ex-NA NA 2 bi
Slide 51: How we win in Consumables
How we win in Consumables + + = Innovation Training & Education Brands & Partnerships Patient Impact Differentiated clinical solutions Turning solutions into Storied heritage in key Driving clinical excellence clinical confidence consumables' segments Dental Material Know-How and R&D capabilities ab
Slide 52: Market Share
Envista is well positioned in the differentiated segments >70% of Envista Consumables Differentiated Commoditized Private Label <5% Private Label ~10% Market Share* Private Label 2/3 Branded >95% Branded ~90% Branded 1/3 Restorative Surface Disinfection Commoditized Disposables (Adhesives / Cements
Slide 53: Recent new product launches
Recent new product launches Innovation strengthens our portfolio value proposition and premium positioning Infection Prevention Restorative Endodontics Loupes CaviWipes / CaviCide HP Demi Pro ZenSeal Pro ErgoZoom • Hydrogen peroxide innovation • Leading curing performance • Advanced bioceramic chemi
Slide 54: Winning in Consumables with EBS
Winning in Consumables with EBS EBS in Manufacturing EBS in Sales / Marketing EBS in Innovation Problem Statement: Problem Statement: Problem Statement: Optimize manufacturing footprint to drive Improve commercial engine effectiveness to Expand innovation funnel, accelerate pace of factory productiv
Slide 55: Consumables: In Summary
Consumables: In Summary THE CATEGORIES • $10B TAM for dental consumables • Stable demand for everyday dental treatments • Increased focus on infection control in clinical environments OUR POSITION • Leading premium player • Broad portfolio of products with high clinical performance and strong brand
Slide 56: Diagnostics
Diagnostics Robert Befidi President, Diagnostics
Slide 57: Diagnostics Summary
Diagnostics Summary Digital Dentistry adoption is DEXIS is a leader with units Clear plan for driving driving growth in service and innovation profitable growth • ~$3.5B category • Share leader in Dental Imaging in North • Delivering differentiated solutions America through diagnostic confidence, •
Slide 58: Diagnostics Category
Diagnostics Category Solutions 2D/3D Imaging ~$1.5B FLAT growth ~$1B Intraoral Scanners +LSD growth ~$1B Software +HSD & Services growth Source: Management estimates, public reports 2026 Investor Day 58
Slide 59: Diagnostics Business Growth
Diagnostics Business Growth % Global Core Growth by Year • Declining revenue in 2023 and 2024 driven largely by market exits and post-COVID market normalization • Market recovery in imaging starting second half of 2025 and continuing in 2026 • Share gains boosted revenue growth in late 2025 and 2026
Slide 60: Diagnostics Business Overview: Revenue Breakdown
Diagnostics Business Overview by geography by solution by channel Revenue Breakdown 27 23 25% % % 73 77 75% % % North America Other Geographies Hardware Software & Service Distribution Direct Product Families 2026 Investor Day 60
Slide 61: DEXIS powering modern dentistry at scale
+50,000 +150 million dental offices patient cases /yr +450,000 0.5 billion devices and images /yr workstations DEXIS powering +128 ~10,000 modern dentistry countries labs at scale All 3rd party imaging +180 million systems images 2D & 3D AI diagnostics /yr 10+ million Integrated with over specialty
Slide 62: All Dental Procedures Have the Same 3 Steps: Scan, Plan, and Treat
All Dental Procedures Have the Same 3 Steps: Scan, Plan, and Treat DEXIS is a Leader in the First Two, other Envista Businesses are Leaders in the Third 1. SCAN 2. PLAN 3. TREAT Capture and diagnose in one platform AI-assisted treatment planning Deliver with confidence CBCT, IOS and 2D X-Ray in one
Slide 63: Our Playbook
Our Playbook Deliver differentiated diagnostics solutions through diagnostic confidence, productivity and simplicity Growth Best in class imaging and diagnostics ecosystem for clinicians and patients • Build strength on strength through robust hardware new product cadence • Support customers with Tr
Slide 64: DEXIS, the Ecosystem of Choice for Modern Dentistry
DEXIS, the Ecosystem of Choice for Modern Dentistry Our Imaging and Diagnostics Platform Imaging Hardware is the Foundation Every capability in the DEXIS Ecosystem — software, AI, clinical workflows, and treatment planning — depends on the fidelity of our imaging hardware across all modalities of 2D
Slide 65: Robust Cadence of Innovation
Robust Cadence of Innovation 2023 2024 2025 2026 DEXIS IOS Solutions Ti2 Sensor Imprevo CBCT Motion Correction 3800 wired scanner joins the 40% more depth of field, reliable Clears motion artifacts from workflow More durable, IoT and AI built-in Diagnostic with blood CBCT scans Hardware OP 3D EX Cep
Slide 66: Hardware and AI Enabling Clinical Diagnostics Confidence
Hardware and AI Enabling Clinical Diagnostics Confidence The DEXIS Digital Patient Model, Built on Industry-Leading Imaging Hardware High-clinical-fidelity imaging hardware and intelligent software combine CBCT (3D X-ray), 2D imaging, intraoral scans, and AI into one DEXIS Digital Patient Model that
Slide 67: AI-Powered Workflows for Complex Clinical Treatment Planning
AI-Powered Workflows for Complex Clinical Treatment Planning AI-Powered Implant Workflow AI-Powered Endodontic Workflow NEW Scan to Plan in less than 3 minutes with just a few clicks vs. AI Endo Module for DTX StudioTM Clinic 90+ minutes, when using traditional methods ✓ Advanced 3D visualization ✓
Slide 68: EBS Continues to Drive Measurable Impact
EBS Continues to Drive Measurable Impact EBS in R&D EBS in Operations EBS in Commercial Building Better Products, Faster Driving Operational Excellence Turning Strategy into Growth • Fewer parts, more efficient manufacturing, and • Eliminating waste, standardizing processes, and • EBS drives discipl
Slide 69: Diagnostics: In Summary
Diagnostics: In Summary THE CATEGORY • ~$3.5B category, LSD-MSD growth through cycle • Service (+MSD%) and software (+HSD%) outpacing hardware • Customers want fewer vendors and integrated workflows OUR POSITION • Leader in dental imaging in North America • 450,000+ devices across 50,000+ offices in
Slide 70: 70
70
Slide 71: Financial Performance & Outlook
Financial Performance & Outlook Eric Hammes Chief Financial Officer
Slide 72: A Strong Foundation and Performance
A Strong Foundation and Performance Organic Investment Financial Performance Capital Deployment R&D Increased New Credible On or Above Leverage Recently Accretive +DD% Product Introduction CG & Profit Expectations / Qtr. 0.7X M&A Deployment S&M Select Portfolios Adj. EBITDA Improved growth M&A Recen
Slide 73: We are performing at or above our medium-term outlook
We are performing at or above our medium-term outlook Medium-term Outlook from 2025 CMD 7-10% 4-7% ~100% 2 to 4% Core Adj. EBITDA Adj. EPS FCF Growth Growth Growth Conversion 2025 Actual 6.5% 26% 63% 114% 2026 Guide 3.5 – 4.5% 11-14% 26-30% ~100% These are not projections and do not constitute guida
Slide 74: Raising our medium-term outlook
Raising our medium-term outlook Financial Metric March 2025 Plan* September 2026 Plan* Core Growth 2-4% 2-5% Adjusted EBITDA Growth 4-7% 5-8% Adjusted EPS Growth 7-10% 7-11% Free Cash Flow Conversion ~100% ~100% *These are not projections and do not constitute guidance; they are subject to significa
Slide 75: Financial Objectives | Core Growth
Financial Objectives | Core Growth • A resilient dental market • Continued return on R&D and commercial investments • Optimized price execution 2 to 5% 6.5% 3.5 to 4.5% 2 to 5% Core Growth* (1.5%) 2024 2025 2026 Medium Term *These are not projections and do not constitute guidance; they are subject
Slide 76: Core Growth | Market Inflation
Core Growth | Market Inflation US Dental Services Inflation vs CPI 9% Pricing in Dental GFC Covid 8% Dental Services • Dental procedure inflation 7% Inflation consistently outpaces overall CPI 6% • This trend was temporarily Annual inflation rate 5% interrupted after Covid 4% CPI 3% • Envista’s hist
Slide 77: Core Growth | Pricing Execution
Core Growth | Pricing Execution Looking Back Looking Forward • Operating discipline and EBS focus ~$100M • ~$100M of price over the last 3 years Durable Contributor to of price execution • Responsive to macro and inflationary events over the last 3 years Core Growth • Reflecting the high value of ou
Slide 78: Financial Objectives | Adj. EBITDA Growth
Financial Objectives | Adj. EBITDA Growth • 2 to 5% Core Growth*, at strong gross margins 6 to 9% 5 to 8% • Envista Business System (EBS) delivering improvement • Manufacturing productivity and automation • Continued G&A efficiency & leverage • Improved procurement for cost benefits Adj. EBITDA Grow
Slide 79: Adj. EBITDA | Procurement Initiative
Adj. EBITDA | Procurement Initiative Looking Back Looking Forward • Started building capability in H2 2025 • Estimated $10M in savings in 2026 Pipeline of ~$10M • Recent leadership & organization appointments Opportunity in in savings in 2026 Indirect and • Prioritizing Indirect benefits in the shor
Slide 80: Financial Objectives | EPS Growth
Financial Objectives | EPS Growth 8 to 11% 7 to 11% • 5 to 8% adjusted EBITDA growth* • Further tax rate reduction opportunities • Recently authorized share repurchases of $300M through 2028 • Capital allocation strengthened by longer / diversified debt Adj. EPS Growth* T*hese are not projections an
Slide 81: EPS | Tax Rate
EPS | Tax Rate Looking Back Looking Forward • US earnings improvement Opportunities (13) pt • Intercompany loan / structure recently resolved in geographic rate benefit in past mix while 2 years from US • Additional tax planning opportunities improving income and tax access to planning • Simplifying
Slide 82: EPS | Debt and Interest Expense
EPS | Debt and Interest Expense $1.4B Debt Convert $495M Balance Sheet Priorities Benefits / Outcomes EUR Term Loan $400M • Lengthen duration • Available capital • Diversify instruments • Business growth • Staggered maturity • Interest increase USD Term Loan $430M Revolver $115M Current 0.7X Leverag
Slide 83: Financial Objectives | FCF Conversion
Financial Objectives | FCF Conversion • Efficient CAPEX model with high return on investment • Near term investment in MFG footprint optimization • Best-in-industry working capital turns ~100% Working Capital Average ~100% FCF Turns ~5x >$250M conversion* annual FCF* FCF Conversion * From 2023-2026
Slide 84: Envista is well positioned for continued success
Envista is well positioned for continued success … Sources Uses Core Growth CASH FCF Leverage CAPEX Over $1B of Annual cash Strong balance = M&A beginning cash generation sheet flexibility Capital Return …and continued shareholder value creation 2026 Investor Day 84
Slide 85: 2026 Investor Day Q&A
2026 Investor Day Q&A
Slide 86: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables ~100% 2026 Investor Day 86
Slide 87: Adjusted Net Income
Adjusted Net Income For the year ended December 31, 2025 Net Income $ 47.0 Amortization of acquisition-related and other intangible assets 75.9 Restructuring costs and asset impairments A 32.5 ~100% Fair value adjustment of acquisition-related inventory B 2.0 Litigation settlement C 0.8 Loss on equi
Slide 88: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share For the year ended December 31, 2025 Diluted Earnings Per Share $ 0.28 Amortization of acquisition-related and other intangible assets 0.45 Restructuring costs and asset impairments A 0.19 ~100% Fair value adjustment of acquisition-related inventory B 0.01 Litigat
Slide 89: Adjusted EBITDA
Adjusted EBITDA For the year ended December 31, 2025 Net Income $ 47.0 Interest expense, net 36.6 Income tax expense 130.2 Depreciation 40.1 ~100% Amortization of acquisition-related and other intangible assets 75.9 Restructuring costs and asset impairments A 32.5 Fair value adjustment of acquisitio
Slide 90: Core Sales Growth
Core Sales Growth 1 % Change Twelve Month Period Ended % Change Twelve Month Period Ended December 31, 2025 vs. Comparable December 31, 2024 vs. Comparable Consolidated 2024 Period 2023 Period Total sales growth 8.3 % (2.2)% Plus the impact of: Acquisitions (0.2)% ~100%Currency exchange rates (1.6)%
Slide 91: Free Cash Flows and Free Cash Flow Conversion
Free Cash Flows and Free Cash Flow Conversion For the years ended December 31, 2025 December 31, 2024 December 31, 2023 Net Operating Cash Provided by Operating Activities $ 275.7 $ 336.5 $ 275.7 Less: payments for additions to property, plant and equipment (45.3) (33.8) (58.2) (capital expenditures
Slide 92: Notes to Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Notes to Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) A We exclude impairment of certain long-lived assets, executive transition costs, and cost incurred pursuant to discrete restructuring plans. B Represents the fair value adjustment related to inventory acquired in connection
Slide 93: Statement Regarding Non-GAAP Measures
Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes t