Medline Inc. · NASDAQ:MDLN

Medline — Q2 2026 Earnings Presentation

20 slides from Medline's earnings presentation, Aug 5, 2026

  1. Slide 1: Medline Q2 2026 Earnings

    Medline Q2 2026 Earnings August 5, 2026

  2. Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures

    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,

  3. Slide 3: Agenda

    Q2 2026 Financial Results YTD 2026 Financial Results Agenda FY 2026 Guidance 3 © 2026 Medline

  4. Slide 4: Q2 2026 Financial Results

    1 Q2 2026 Financial Results

  5. Slide 5: Q2 2026 highlights

    Q2 2026 highlights • Strong net sales of $7.7 billion, an increase of 11.6% compared to the prior period • Delivered double-digit net sales growth in U.S. Acute and Supply Chain Solutions • Achieved $659 million of total new customer signings1 in 1H'26, or over 65% of our $1 billion annual goal ◦ PV

  6. Slide 6: Q2 2026 select financial highlights

    Q2 2026 select financial highlights Net Sales Adjusted EBITDA1 Highlights (versus prior year) Represents accrued customer repayments Represents net IEEPA tariff refund benefits associated with IEEPA tariff refunds • Net sales growth of 11.6%; +11.6% +13.4% accrued customer repayments $7.7B $1,060M a

  7. Slide 7: Q2 2026 net sales by segment and channel

    Q2 2026 net sales by segment and channel Q2 2026 vs. Q2 2025 Segment Channel $0.5B $3.5B $1.7B International Medline Brand U.S. Non-acute +9.4% +6.6% +3.7% $7.7B $7.7B +11.6% Headwind from IEEPA +11.6% customer repayments: $4.1B Medline net sales: 1.3% $5.4B Supply Chain Medline Brand: 2.7% U.S. Acu

  8. Slide 8: Q2 2026 Medline Brand

    Q2 2026 Medline Brand Highlights Q2 Net Sales Q2 Segment Adjusted EBITDA1 (versus prior year) +6.6% $3.5B +19.9% • Surgical Solutions net sales +8.7% $3.3B $1,067M primarily driven by growth in kitting and +12.2% operating room products $890M • Front Line Care net sales +3.8% primarily driven by gro

  9. Slide 9: Q2 2026 Supply Chain Solutions

    Q2 2026 Supply Chain Solutions Highlights Q2 Net Sales Q2 Segment Adjusted EBITDA1 (versus prior year) • Supply Chain Solutions net sales +16.3% +1.5% +16.3% primarily driven by $4.1B $201M $204M growth in Prime Vendor sales, including new customer $3.6B implementations and existing customer growth

  10. Slide 10: YTD 2026 Financial Results

    2 YTD 2026 Financial Results

  11. Slide 11: YTD 2026 select financial highlights

    YTD 2026 select financial highlights Net Sales Adjusted EBITDA1 Highlights (versus prior year) Represents accrued customer repayments Represents net IEEPA tariff refund benefits associated with IEEPA tariff refunds • Net sales growth of 11.1%; +11.1% +1.9% accrued customer repayments $15.0B -$89M $1

  12. Slide 12: YTD 2026 net sales by segment and channel

    YTD 2026 net sales by segment and channel YTD 2026 vs. YTD 2025 Segment Channel $1.0B $7.0B $3.5B International Medline Brand U.S. Non-acute +9.7% +6.4% +5.2% $15.0B $15.0B +11.1% Headwind from IEEPA +11.1% IEEPA tariffrepayments: customer refund $10.5B customer repayments: U.S. Acute $8.0B Medline

  13. Slide 13: YTD 2026 Medline Brand

    YTD 2026 Medline Brand Highlights YTD Net Sales YTD Segment Adjusted EBITDA1 (versus prior year) +6.4% +6.5% • Surgical Solutions net sales +8.1% $7.0B $1.8B primarily driven by higher volume for $6.6B $1.7B kitting and operating room products +5.7% • Front Line Care net sales +4.9% primarily driven

  14. Slide 14: YTD 2026 Supply Chain Solutions

    YTD 2026 Supply Chain Solutions Highlights YTD Net Sales YTD Segment Adjusted EBITDA1 (versus prior year) • Supply Chain Solutions net sales +15.7% +2.1% +15.7% primarily driven by growth in Prime Vendor sales, $8.0B $391M $383M including new customer $6.9B implementations and existing customer grow

  15. Slide 15: YTD 2026 cash flow and balance sheet highlights

    YTD 2026 cash flow and balance sheet highlights Cash and cash equivalents Short term investments $2.3 billion $350 million Free Cash Flow1 $920 million Strong Free Cash Flow driven by net income, excluding the impact of non-cash items, partially offset by changes in working capital and investments i

  16. Slide 16: FY 2026 Guidance

    3 FY 2026 Guidance

  17. Slide 17: FY 2026 guidance

    FY 2026 guidance Prior Current (May 6, 2026) (August 5, 2026) Organic Sales1 Growth 8.5% to 9.5% 9.0% to 10.0% 8.5% to 9.5% Adjusted EBITDA1 $3.5 to $3.6 billion $3.3 to $3.4 billion (does not reflect the benefit of tariff refunds) Net interest expense Net CapEx Tax distributions Estimated GAAP tax

  18. Slide 18: Summary of tariff-related impacts

    Summary of tariff-related impacts Tariff costs IEEPA tariff refunds • Net tariff impacts totaled $230 million YTD 2026, including $110 million in Q2 2026 • Expect total recoveries of approximately $507 • FY 2026 net tariff impacts expected to be million approximately $350 million1 • Recognized $332

  19. Slide 19: Adjusted EBITDA guidance change

    Adjusted EBITDA1 guidance change Primary drivers of updated Adjusted EBITDA1 factors Adjusted EBITDA1 guidance • Expect slightly elevated costs due to Prior guidance Updated guidance Middle East inflation; deliberate ~$200M incremental2 decision to not burden customers $3.5–$3.6B $3.3–$3.4B Componen

  20. Slide 20: Slide 20

Medline — Q2 2026 Earnings Presentation on 6ix