Slide 1: Third Quarter Earnings Results
Ud Third Quarter Earnings Results October 28, 2025 Zebra Technologies Ah Nh. ZEBRA
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results may differ from those expressed or impli
Slide 3: Agenda
Agenda Q3 Summary Bill Burns, CEO Q3 Financials and Q4 Outlook Nathan Winters, CFO Advancing Our Vision Bill Burns, CEO Q&A Bill Burns, CEO Nathan Winters, CFO Xb. ZEBRA
Slide 4: Third Quarter 2025 Summary
Third Quarter 2025 Summary ") * Delivered results exceeding our outlook * Sales of $1,320M, reflecting 4.8% organic net sales growth - Solid growth in Asia Pacific, Latin America, North America - Relative outperformance in printing, mobile computing, RFID - Strength in Retail & E-Commerce * Adjusted
Slide 5: Agenda
Agenda Q3 Summary Bill Burns, CEO Q3 Financials and Q4 Outlook Nathan Winters, CFO Advancing Our Vision Bill Burns, CEO Q&A Bill Burns, CEO Nathan Winters, CFO Xb. ZEBRA
Slide 6: Third Quarter P&L Summary
Third Quarter P&L Summary “) In millions, except per share data 3Q25 3Q24 SEGMENT ORGANIC NET SALES GROWTH®) Net Sales $1,320 $1,255 +5.2% * Asset Intelligence & Tracking +10.6% ¢ Enterprise Visibility & Mobility +2.0% Organic Net Sales Growth +4.8% REGIONAL ORGANIC NET SALES Adjusted Gross Profit $
Slide 7: Cash Flow & Balance Sheet
Cash Flow & Balance Sheet ') Cash Flow: YTD 3Q25 Strong Liquidity Position: 3Q25 * Free cash flow of S504M, $162M lower YoY * $1,053M cash & cash equivalents - Timing of inventory purchases . - Higher incentive compensation payments $2.2B balance sheet debt — Prior year interest rate swap settlement
Slide 8: Expect to Substantially Mitigate Tariffs Entering 2026
Expect to Substantially Mitigate Tariffs Entering 2026 Driving an efficient and resilient global supply chain with streamlined product portfolio ~ S24M expected gross profit impact for FY25, net of mitigation, from U.S. import tariffs * Assumes current effective rates along with electronics and USMC
Slide 9: Outlook & Assumptions
Outlook & Assumptions 4Q25 FY25 * Sales growth between 8% and 11% * ~ 8% sales growth (based on Q4 outlook midpoint) — Includes ~ 850 basis point favorable impact from — ~250 basis point favorable impact from acquisitions) and FX acquisitions'® and FX * Adjusted EBITDA margin ~ 24.5% (based on Q4 ou
Slide 10: Agenda
Agenda 03 Q3 Summary Bill Burns, CEO Q3 Financials and Q4 Outlook Nathan Winters, CFO Advancing Our Vision Bill Burns, CEO Q&A Bill Burns, CEO Nathan Winters, CFO Xb. ZEBRA
Slide 11: Zebra's Portfolio of Solutions Provides the Foundation for Intelligent Operations
Zebra’s Portfolio of Solutions Provides the Foundation for Intelligent Operations EXPECT 5-7% ORGANIC SALES GROWTH CAGR IN A >$35 BILLION SERVED ADDRESSABLE MARKET (SAM)! Connected _ Frontline ta] Enterprise Mobile CO k7>|_ Frontline Software Advanced Data Capture 2) Machine Vision Computers 4) 7 P
Slide 12: Retail & E-Commerce and Other End Markets
Retail & Transportation oa Manufacturin Healthcare Other Markets E-Commerce & Logistics 9 Elevated Customer Enhanced Worker Actionable Visibility Patient Safety Supply Chain Experience Productivity Optimized Quality Unified Staff Modernization and Asset imi j Management Optimized Inventory Increased
Slide 13: Zebra Delivers AI for the Frontline
Zebra Delivers Al for the Frontline On-Device Al Suite Al Companion agents Transportation & Logistics customer digitized and Specialty Retail customer utilized Zebra Al Companion to accelerated proof-of-delivery with immediate feedback facilitate product recommendations resulting in better and enhan
Slide 14: Zebra and Elo Deliver Better Customer Experiences Together
Zebra and Elo Deliver Better Customer Experiences Together aS r =» _ Retail Quick Service Restaurant ) Hospitality | Healthcare mye service streamline the tech reduce lines and experience from check-in wayfinding improves flow checkout experience enable personalization to check-ou and reduces wait t
Slide 15: Opportunity Across our End Markets
Opportunity Across our End Markets Market Served Opportunity Retail & E-commerce Transportation & Logistics Manufacturing Healthcare Other Markets * Technology equipped frontline workers to drive productivity and satisfaction * Reimagining point-of-sale, self-service, and solutions to address shrink
Slide 16: Agenda
Agenda Q3 Summary Bill Burns, CEO Q3 Financials and Q4 Outlook Nathan Winters, CFO Advancing Our Vision Bill Burns, CEO Q&A Bill Burns, CEO Nathan Winters, CFO Xb. ZEBRA
Slide 17: Q&A
Slide 18: Appendix
Appendix
Slide 19: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information This presentation contains certain Non-GAAP financial measures, consisting of “Adjusted EBITDA,” “Adjusted EBITDA margin,” “adjusted gross margin,” “adjusted gross profit,” “adjusted net sales,” “adjusted operating expenses,” “EBITDA,” “free cash flow,” “net deb
Slide 20: GAAP to Non-GAAP Organic Net Sales Growth Reconciliation
GAAP to Non-GAAP Organic Net Sales Growth Reconciliation (Unaudited) Three Months Ended ‘September 27, 2025 AIT EVM ‘Consolidated Reported GAAP Consolidated Net sales growth 11.0% 24% 52% Adjustments: Impact of foreign currency translations \") (0.4)% (0.1)% (0.29% Impact of acquisitions ® —% (0.3)%
Slide 21: GAAP to Non-GAAP Regional Organic Net Sales Growth Reconciliation
GAAP to Non-GAAP Regional Organic Net Sales Growth Reconciliation 24 Reported GAAP Regional Net sales growth (decline) Adjustments: Impact of foreign currency translations Impact of acquisitions @) Regional Organic Net sales growth (decline) (Unaudited) ‘Three Months Ended September 27, 2025 North A
Slide 22: GAAP to Non-GAAP Gross Margin Reconciliation
GAAP to Non-GAAP Gross Margin Reconciliation (In millions) (Unaudited) ‘Three Months Ended ‘September 27, 2025 September 28, 2024 AIT EVM Consolidated AIT EVM Consolidated GAAP Reported Net sales $ 455° S$ 865 S$ 1320 $ 410 $ 45 1,255 Reported Gross profit 230 404 634 19 414 613 Gross Margin 50.5 %
Slide 23: (In millions, except share data) (Unaudited)
(In millions, except share data) (Unaudited) (1) Presented on a pre-tax basis. (2) Represents adjustments to GAAP income tax expense commensurate with pre-tax non-GAAP adjustments (including the resulting impacts to U.S. BEAT/GILTI provisions), as well as adjustments to exclude the impacts of certai
Slide 24: GAAP to Non-GAAP EBITDA Reconciliation
GAAP to Non-GAAP EBITDA Reconciliation (In millions) (Unaudited) 24 GAAP Net income Add back: Depreciation (excluding exit and restructuring) Amortization of intangible assets Total Other expense, net Income tax expense EBITDA (Non-GAAP) Adjustments to Cost of sales Share-based compensation Total ad
Slide 25: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non-GAAP Free Cash Flow Reconciliation 25 ($ in Millions) (Unaudited) ine Months Ended September 27, September 28, 2025 2024 Net cash provided by operating activities 3 360. S$ 707 Less: Purchases of property, plant and equipment (56) (41) Free cash flow (Non-GAAP) $s 504 $s 666 (1) Free cas
Slide 26: GAAP to Non-GAAP Net Debt to Adjusted EBITDA Reconciliation
26 GAAP to Non-GAAP Net Debt to Adjusted EBITDA Reconciliation ($ in Millions) (Unaudited) Nine Months Ended September 27, September 28, 2025 2024 Total Debt $ 2,183 $ 2,183 Less: Cash and cash equivalents (1,053) (676) Net Debt (Non-GAAP)") $ 1,130 $ 1,507 Net Debt to Adjusted EBITDA ratio (Non-GAA
Slide 27: About Zebra
About Zebra Zebra provides the foundation for intelligent operations with an award-winning portfolio of connected frontline, asset visibility and automation solutions. Organizations globally across retail, manufacturing, transportation, logistics, healthcare, and other industries rely on us to deliv