Slide 1: First Quarter 2012 Financial Review and Analysis
Exhibit 99.2 AVERY First (preliminary, Supplemental UnlessQuarter otherwise DENNISON 2012 unaudited) Presentation indicated, FinancialMaterials the Review discussion April and Analysis of 25,the 2012 company’s results is focused on its continuing operations
Slide 2: Forward-looking statements
Certain looking factors, customer to changes sustainable integration technologies impairment rates; regulations; The (2) pricing, For February update achieve the acompany more fluctuations degree these statements including statements expansion in27, order and tax of detailed or of changes statements
Slide 3: Use of non-GAAP financial measures
Use limitations document. financial costs, of non-GAAP excluded The •other deferred requirements debt This Adjusted Organic Free certain company’s company of reductions, presentation document items, items; asset cash Non-GAAP charges, measures, from sales assets operating tax EPS (See associated flo
Slide 4: First Quarter Overview
»First Increasing •capital 4No Sales Operating Free Repurchased Maintaining Excluding change Quarter quarter AVERY cash levels First return to flow, margin costs results Overview consistent Quarter guidance strong DENNISON2.4including of associated mil. improved in cash balance 2012 line shares for
Slide 5: First Quarter P&L Summary
First Quarter Sales Operating Excluding Interest Effective Reported 5Adjusted AVERYdeclined expense First tax EPS net margin costs rate sales P&L Quarter (non-GAAP, DENNISON(consolidated) (continuing 0.9% associated up increased of improved Summary declined slightly 29% on2012 organic operations) wi
Slide 6: Sales Trend
Sales Trend 1Q11 Organic Product Reported 6*Totals AVERY 2Q11 may Line Sales First Sales 3Q11 Analysis not Divestiture Quarter Change DENNISONChange* sum 4Q11due 2012 8.9% 1Q12 9.3% —— to Financial rounding. (1.5%) (0.2%) 3.5%(0.8%) 5.0% Review (0.4%) (0.5%) 0.7% Currency and(0.9%) Analysis (2.8%)0.
Slide 7: Operating Margin
Margin 1Q12 As Adjusted Gross Operating Pressure-sensitive 76.1% Reported AVERY5.5% 1Q11 Profit Analysis First Margin: 1Q12 Margin (Non-GAAP) Quarter DENNISON 1Q11 Materials (total 2012Company) Financial 8.8% 8.3%Review 26.1% 9.0%26.2% and 8.6%Analysis Retail Branding | April 25,and 2012 Information
Slide 8: First Quarter Segment Overview: Pressure-Sensitive Materials
First Quarter PRESSURE-SENSITIVE Reported Sales Label Graphics Operating 8improved AVERYflat andDENNISON First and sales on 40 Packaging margin organic basis Segment Reflective Quarter of $990 improved points. basis Materials 2012 Overview mil., Solutions MATERIALS Financial 50 down basis sales sale
Slide 9: First Quarter Segment Overview (continued)
First RETAIL Operating initiatives. OTHER Reported Sales Despite associated 9AVERY First Quarter down up Quarter lower DENNISON SPECIALTY 1% BRANDING sales margin with Excluding approx. excluding Segment volume of 2012 restructuring, $357 $136 declined 4% Financial costs and CONVERTING Overview AND
Slide 10: Contributing Factors
Contributing Factors Organic Currency EBIT Tax Restructuring Capital Pension Estimated Average 10 AVERY First rate vs.expenditures as Quarter contributions sales DENNISON in shares 2011 translation net of lowJanuary Factors growth costs proceeds negative to outstanding 2012 mid-thirty and (assuming
Slide 11: 2012 Financial Guidance
2012 Reported Add Estimated Adjusted Free 2Q12 11 AVERY First Back: Cash EPS EPSQuarter DENNISON EPS and Restructuring Flow expected (non-GAAP) $1.65—$2.00 Free $275—$325 2012 Cash toFinancial beCosts Flow 25% $1.80—$2.15 mil. and Guidance to Review 30% Other ofand (Continuing Items fullAnalysis yea