Slide 1: Q3 2025 Financial Results
Q3 2025 Financial Results Align Technology, Inc. October 29, 2025 ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 1
Slide 2: Safe Harbor and Forward-Looking Statements
Safe Harbor and Forward-Looking Statements This presentation, including the tables below, contains forward-looking statements, including statements of beliefs and expectations regarding our ability to successfully manage our business and operations, drive consumer demand and patient conversion, mana
Slide 3: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures • To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles ("GAAP") in the United States ("U.S. GAAP"), we use the following non-GAAP financial measures: constant curr
Slide 4: Q3 2025 Conference Call Details
Q3 2025 Conference Call Details Conference Call Speakers: Contacts • Joe Hogan, President and CEO Website: http://investor.aligntech.com • John Morici, CFO Email: investorinfo@aligntech.com • Shirley Stacy, VP, Finance, Investor Relations and Corporate Tel: (602) 742-2000 Communications Corporate an
Slide 5: Global Opportunity
GLOBAL OPPORTUNITY Potential +600M patients in GP Dentists +22M Orthodontic starts Making Tooth Movement Standard of Care +2M Doctors ©2025 Align Technology Inc. All rights reserved.
Slide 6: Annual Orthodontic Starts
6M 8M EMEA AMERICAS 8M APAC 22M Annual Orthodontic Starts ©2025 Align Technology Inc. All rights reserved.
Slide 7: Digital Only Way to Treat the Population
DIGITAL Only Way to Treat the Population Prevalence of Malocclusion 75% ©2025 Align Technology Inc. All rights reserved.
Slide 8: Digital Scanner Opportunity
Digital Scanner OPPORTUNITY 2M Doctors It Starts with an iTero scanner at EVERY CHAIR 120K+ active units* ©2025 Align Technology Inc. All rights reserved. *Data on file at Align Technology.
Slide 9: ©2025 Align Technology Inc. All rights reserved.
©2025 Align Technology Inc. All rights reserved.
Slide 10: Q3 2025 CEO Opening Commentary
Q3 2025 CEO Opening Commentary We are pleased to report third quarter revenues, Clear Aligner volumes, and non-GAAP operating margins, all above our outlook. Our Q3 results reflect year-over-year growth in Clear Aligner volumes, driven primarily by the EMEA, APAC, and Latin America regions, as well
Slide 11: Highlights
Q3 2025 Highlights ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 11
Slide 12: Revenues and Operating Margin
Q3 2025 Revenues and Operating Margin TOTAL REVENUES TOTAL SYSTEMS AND SERVICES REVENUES TOTAL CLEAR ALIGNER REVENUES GAAP OPERATING PROFIT / OPERATING MARGIN Q3’25 Q3’25 Q3’25 Q3’25 $995.7M $189.9M $805.8M $96.3M | 9.7% Q/Q (1.7)% Y/Y +1.8% Q/Q (8.6)% Y/Y (0.6)% Q/Q +0.1% Y/Y +2.4% Q/Q (6.4)% pts Y
Slide 13: Clear Aligner Segment
Q3 2025 Clear Aligner segment WW CLEAR ALIGNER METRICS (K) WW Clear Aligner Shipments +4.9% Y/Y +0.5% Q/Q 617.2 644.4 647.8 Q3'24 Q2'25 Q3'25 Total Utilization* Powered by nearly 30 years of experience and now approximately 21.4 million* 7.1 7.5 7.3 patients worldwide, the Invisalign® System leverag
Slide 14: Clear Aligner Shift to International
Clear Aligner Shift to TOTAL CLEAR ALIGNER REVENUES Q3’24 $786.8M TOTAL CLEAR ALIGNER REVENUES Q3’25 $805.8M INTL & AMS MIX International INTL & AMS MIX Total Clear Aligner Revenues & INTL AMS INTL AMS Volume: Intl and AMS Mix 49% 51% 51% 49% International +2pts Y/Y growth VOLUME VOLUME Q3’25 INTL &
Slide 15: Invisalign Smiles
Invisalign® SMILES Invisalign patients treated including ~21.4M* +6.3M* Teens & Kids ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. *As of Q3’25
Slide 16: Teens and Kids Treated
Clear Aligner Shipments +6.3M Teens and Kids treated with the Teens and Kids Invisalign® System, to date (#K) +8.3% Y/Y +14.7% Q/Q • In Q3, +256K teens and growing kids started treatment with Invisalign Clear 256 Aligners, +14.7% Q/Q, primarily due to strength in APAC, North America, and Latin 236 2
Slide 17: ClinCheck Live Plan
ClinCheck® Live Plan A new feature in the Invisalign® digital treatment planning Today we also announced ClinCheck® Live Plan, a new feature in Invisalign® digital treatment planning that automates the generation of initial doctor-ready treatment plans within 15 minutes. This advancement represents
Slide 18: Invisalign Brand Consumer Marketing
Q3 2025 Invisalign® Brand Consumer Marketing AMERICAS EMEA APAC 5.2M 2.5B 6.6M 0.8B 20M 6.8B Website Visitors impressions Website Visitors impressions Website Visitors impressions Social media and influencer marketing Real patient stories. Authentic treatment. Real stories. Real patients shared Teen
Slide 19: Consumer Demand Creation and Digital Tools
Q3 2025 Consumer Demand Creation and Digital Tools Invisalign® is the most trusted brand in the Orthodontic industry globally and it is important we continue to create demand for Invisalign clear aligners, especially given macroeconomic pressures on doctors and their patients. The underlying market
Slide 20: Regional Highlights
Q3 2025 Regional Highlights AMERICAS EMEA APAC 2025 Invisalign GP Summit We See Your Brilliance Campaign 2025 Invisalign China Teen Forum The Invisalign GP Summit is our premier clinical education and The successful We See Your Brilliance campaign continued to The 2025 Invisalign China Teen Forum br
Slide 21: iTero Intraoral Scanners
iTero intraoral scanners Accelerating digital practice transformation The iTero scanner is at the front end of digital dentistry. Today, we have over 120K active units globally or roughly half of the intraoral scanning global market. We have a scanner portfolio that consists of value to premium prod
Slide 22: Systems and Services Segment
Q3 2025 Systems and Services segment IMAGING SYSTEMS AND CAD/CAM SERVICES ($M) Systems and Services Revenues (0.6)% Y/Y (8.6)% Q/Q $207.8 $191.0 $189.9 Q3'24 Q2'25 Q3'25 CAD/CAM and Services revenues represent ~50%* of our Systems and Services business. *Q3’25 ©2025 Align Technology Inc. All rights
Slide 23: iTero Intraoral Scanners
iTero intraoral scanners New series of product innovations for iTero Digital Solutions Today we announced a series of new product innovations for iTero Digital Solutions, a comprehensive ecosystem that includes intraoral scanners and integrated software tools designed to transform dental consultatio
Slide 24: exocad Highlights
Q3 2025 exocad Highlights For exocad, Q3 revenues increased Q/Q and Y/Y. During Q3 we began piloting exocad ART in several countries in Europe, and based on the initial learnings, we expect to expand into more countries in 2026. exocad ART stands for Advanced Restorative Treatment, a module within e
Slide 25: Financial Review
Q3 2025 Financial Review ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 25
Slide 26: Trended Revenues and Volumes
Q3 2025 Trended Revenues and Volumes Q3’25 NET REVENUES Q3’25 CLEAR ALIGNER CASE VOLUME +1.8% Y/Y +4.9% Y/Y (1.7)% Q/Q $M +0.5% Q/Q $1,012.4 (#K) $977.9 $995.2 $979.3 $995.7 $191.0 $200.9 $182.4 $207.8 $189.9 617.2 628.7 642.3 644.4 647.8 $786.8 $794.3 $796.8 $804.6 $805.8 Q3'24 Q4'24 Q1'25 Q2'25 Q3
Slide 27: Financial Summary Commentary
Q3 2025 Financial Summary Commentary • Q3'25 Total revenues were $995.7M, (1.7)% Q/Q and +1.8% Y/Y • Q/Q, Q3'25 revenues were favorably impacted by FX of ~$11.7M or ~1.2%* • Y/Y, Q3'25 revenues were favorably impacted by FX of ~$15.6M or ~1.6%* • Q3'25 Clear Aligners revenues were $805.8M, slightly
Slide 28: Trended GAAP Gross Margins
Q3 2025 Trended GAAP Gross Margins • Overall, Q3'25 gross margin was 64.2%, (5.7) pts Q/Q and (5.5) pts Y/Y primarily due to restructuring and other non-cash charges, impairment on assets held for (5.5)% Y/Y sale, depreciation expense on assets to be disposed of other than by sale and excess invento
Slide 29: Trended GAAP Operating Expense
Q3 2025 Trended GAAP Operating Expense +4.5% Y/Y • Q3'25 Operating expenses were $542.9M, (0.4)% Q/Q and +4.5% Y/Y $M (0.4)% Q/Q • Q/Q, Q3'25 operating expenses $(2.2)M, primarily due to lower consumer marketing spend, partially offset by restructuring costs $552.8 $549.0 $545.1 $542.9 $519.5 • Y/Y,
Slide 30: Operating Margin and Earnings Per Share
Q3 2025 Trended GAAP Operating Margin and Earnings Per Share • Q3'25 Operating income of $96.3M resulting in a Q3'25 operating margin of 9.7%, (6.4) pts Q/Q and (6.9) pts Y/Y due to Q3’25 restructuring and other charges of $36.6M primarily related to post- employment benefits and other non-cash item
Slide 31: Trended Quarterly Financials
Trended Quarterly Financials GAAP Operating Expense ($M) Gross Margin % Operating Margin % & Diluted EPS $519.5 $552.8 $549.0 $545.1 $542.9 69.7% 70.0% 69.5% 69.9% 16.6% 64.2% 14.5% 13.4% 16.1% 9.7% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Diluted Ear
Slide 32: Clear Aligner Revenue Per Case Shipment
Q3 2025 Clear Aligner Revenue Per Case Shipment Clear Aligner Revenue Per Case Shipment $1,400 $1,300 $1,200 $1,100 $1,000 $900 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Worldwide ASP $1,320 $1,320 $1,350 $1,295 $1,275 $1,265 $1,240 $1,250 $1,245 • Average Selling Price (“ASP”): Clear al
Slide 33: Balance Sheet, Cash Flow and Stock
Balance Sheet, Cash Flow & Stock • As of September 30, 2025, cash and cash equivalents were Q3’24 Q2’25 Q3’25 $1,004.6M, up Q/Q $103.4M, and down $37.3M Y/Y. Of the ($ in millions except for DSO) $1,004.6M, $190.8M was held in the U.S. and $813.8M was held by our international entities Accounts Rece
Slide 34: Closing Comments
Closing Comments ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 34
Slide 35: Business Trends Commentary
Business Trends Commentary We’d like to provide the following remarks regarding the UK VAT and U.S. Tariffs as of September 30. UK VAT Update as of September 30, 2025: As previously disclosed in our Q2 earnings release and conference call, on July 30th, 2025, we stopped charging VAT to impacted cust
Slide 36: Q4 and Fiscal 2025 Business Outlook
Q4 and Fiscal 2025 Business Outlook Assuming no circumstances occur beyond our control, such as foreign exchange, macroeconomic conditions, and changes to currently applicable duties, including tariffs or other fees that could impact our business: Q4’25: • We expect Q4’25 worldwide revenues to be in
Slide 37: Q3 2025 Earnings Call CEO Closing Commentary
Q3’25 Earnings Call CEO Closing Commentary In summary, we are pleased with our third quarter results and we are encouraged by the sequential and year-over-year growth in the Clear Aligner segment, as well as the continued expansion of our digital scanning solutions and footprint. While the North Ame
Slide 38: Appendix
Appendix ©2025, ©2025 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 38
Slide 39: Constant Currency Net Revenues
Unaudited GAAP to Non- GAAP Reconciliation Constant Currency Net Revenues Note: 1) We define constant currency net revenues as total net revenues excluding the effect of foreign exchange rate movements and use it to determine the percentage for the constant currency impact on net revenues on a seque
Slide 40: Constant Currency Gross Profit and Margin
Unaudited GAAP to Non- GAAP Reconciliation Constant Currency Gross Profit and Gross Margin Note: 1) We define constant currency gross margin as constant currency gross profit as a percentage of constant currency net revenues. Gross margin constant currency impact is the increase or decrease in const
Slide 41: Constant Currency Income from Operations
Unaudited GAAP to Non- GAAP Reconciliation Constant Currency Income from Operations and Operating Margin Notes: 1) We define constant currency income from operations as GAAP income from operations excluding the effect of foreign exchange rate movements for GAAP net revenues and operating expenses on
Slide 42: Financial Measures Other Than Constant Currency
Unaudited GAAP to Non- GAAP Reconciliation Financial Measures Other Than Constant Currency Notes: (1) Amortization of intangible assets related to certain acquisitions. (2) During the fourth quarter of 2024 and the third quarter of 2025, we initiated restructuring plans to reduce headcount and incre
Slide 43: Q4 2025 Outlook Reconciliation
Q4 2025 Outlook – GAAP to Non-GAAP Reconciliation Notes: (1) Amortization of intangible assets related to certain acquisitions. (2) Legal settlement loss from Q1’25. ©2025 Align Technology Inc. All rights reserved.
Slide 44: Tariff Update as of April 30, 2025
Tariff Update as of April 30, 2025: • Align Technology has Clear Aligner manufacturing operations in Mexico, Poland, and China. For the U.S. domestic market, we currently manufacture Clear Aligners in Mexico prior to shipment to the U.S. • Align does not currently ship Clear Aligners from Poland or
Slide 45: ©2025 Align Technology Inc. All rights reserved.
©2025 Align Technology Inc. All rights reserved.