Envista Holdings Corporation · NYSE:NVST
Envista — Q2 2026 Earnings Presentation
26 slides from Envista's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Results
Update largest photo Q2 2026 Results PaulAugust Keel,5,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 Opening Thoughts Eric Hammes Q2 Financials Paul Keel Closing Thoughts Q&A 3 Second Quarter 2026 Earnings
Slide 4: Q2 2026 Summary
Q2 2026 Summary Dental markets remain resilient despite macro volatility 5.0% topline growth: positive across both reporting segments and all major geographies Margin expansion: Adjusted gross margins +70 bps and adjusted EBITDA margins +230 bps Strong profit growth: Adjusted EBITDA +28%, adjusted E
Slide 5: Q2 Strategic and Operational Highlights
Q2 Strategic and Operational Highlights • Growth driven by ~3% volume and ~2% price Growth • Equipment & Consumables core growth 8.5%, Consumables and Diagnostics both up HSD • Specialty Products and Technologies core growth 3.1%, Spark up DD and Implants up LSD • Continued new product launches, not
Slide 6: Notable New Product Launches in Q2 2026
Notable New Product Launches in Q2 2026 ZenSeal Pro DemiPro Curing Light Ormco Digital Bonding Expansion • All-in-one bioceramic endodontic • Lightweight, ergonomic geometry • Extended digital bonding offering to sealer compatible with all obturation cover entire bracket portfolio techniques • 360O
Slide 7: Q2 2026 | Financial Metrics
Q2 2026 | Financial Metrics Q2 Q2 Summary 2026 2025 vPY Revenue $ 731M $682M +$49M • 5.0% Core Growth o Growth in both reporting segments Core Sales Growth(%) 5.0% 5.6% -60 bps o Growth in all major geographies o Continued, broad-based price performance Adjusted Gross Margin 55.1% 54.4% +70 bps • Ad
Slide 8: Q2 2026 | Reported Revenue
Revenue +7.1% Q2 2026 | Reported Revenue Core Growth +5.0% $4M $731M $5M $11M $12M $17M $682M Q2 Volume Price FX Spark Deferral Acquisition Q2 2025 2026 Core Growth is a non-GAAP measure. See appendix for reconciliation. Second Quarter 2026 Earnings 8
Slide 9: Q2 2026 | Adjusted EBITDA
Adj. EBITDA +28% Q2 2026 | Adjusted EBITDA $5M $11M -$5M $12M $108M -$11M $12M $84M Q2 Price FX Volume & Mix Net Productivity Tariff Costs Investments Q2 2025 2026 Margin Rate 12.4% +1.5% +1.5% +1.0% +0.6% -0.7% -1.6% 14.7% Adj. EBITDA is a non-GAAP measure. See appendix for reconciliation. Second Q
Slide 10: Q2 2026 | Specialty Products & Technologies
Q2 2026 | Specialty Products & Technologies Revenue ($M) Core Growth % Growth Q2 2025 $445.1 4.7% • Spark grew DD (HSD excluding net deferral change) • Brackets & Wires declined against strong 2025 comp Q2 2026 $471.0 3.1% • Implants up LSD, with balanced growth globally Adjusted Operating Profit ($
Slide 11: Q2 2026 | Equipment & Consumables
Q2 2026 | Equipment & Consumables Revenue ($M) Core Growth % Growth Q2 2025 $237.0 7.3% • Consumables up HSD, across geographies • Diagnostics also up HSD, driven by continued share Q2 2026 $259.5 8.5% gains in North America Adjusted Operating Profit ($M) Margin % Profit Q2 2025 $41.5 17.5% • Strong
Slide 12: Q2 2026 Cash Flow
Q2 2026 Cash Flow Q2 2026 Q2 2025 Operating Cash Flow $119.2M $88.7M • 158% FCF Conversion Capital Expenditure, net $14.1M $12.3M • Net Debt / Adj. EBITDA of ~0.7X • 2.4M shares repurchased in Q2 Free Cash Flow $105.1M $76.4M Free Cash Flow and Free Cash Conversion are non-GAAP measures. See appendi
Slide 13: Updating FY 2026 Guidance
Updating FY 2026 Guidance Prior Updated Core Sales Growth 2% to 4% 3.5% to 4.5% Adj. EBITDA Growth 7% to 13% 11% to 14% Adj. EPS $1.35 to $1.45 $1.50 to $1.55 Free Cash Conversion ~100% ~100% These forward-looking estimates do not reflect future gains and charges that are inherently difficult to pre
Slide 14: Investor Day 2026
2026 Investor Day Thursday September 17 9:00 am to Noon EDT In-person and webcast Details at investors.envistaco.com 14
Slide 15: Closing Thoughts
Closing Thoughts • Sustained dental market resilience despite macro volatility • Continued broad-based growth across portfolio • Strong operating leverage converting top line growth into even faster earnings growth • Reinvesting a portion of our gains to support continued future success • Raising 20
Slide 16: Q&A
Q&A © Envista
Slide 17: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations 17
Slide 18: Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin
Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin ($ in Millions) Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Gross Profit $ 407.0 $ 369.9 $ 797.1 $ 705.9 Restructuring costs and asset impairments A 7.3 0.3 10.4 2.2 Fair value adjustment
Slide 19: Reconciliations | Adjusted Operating Profit
Reconciliations | Adjusted Operating Profit ($ in Millions) Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Consolidated Operating Profit $ 80.3 $ 46.3 $ 142.8 $ 85.3 Amortization of acquisition-related and other intangible assets 17.4 19.0 36.2 37.8 Restruc
Slide 20: Reconciliations | Adjusted Net Income
Reconciliations | Adjusted Net Income ($ in Millions) Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net Income $ 53.7 $ 26.4 $ 92.4 $ 44.4 Amortization of acquisition-related and other intangible assets 17.4 19.0 36.2 37.8 Restructuring costs and asset imp
Slide 21: Reconciliations | Adjusted Diluted Earnings Per Share
Reconciliations | Adjusted Diluted Earnings Per Share Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Diluted Earnings Per Share $ 0.33 $ 0.16 $ 0.56 $ 0.26 Amortization of acquisition-related and other intangible assets 0.11 0.11 0.22 0.22 Restructuring cos
Slide 22: Reconciliations | Adjusted EBITDA
Reconciliations | Adjusted EBITDA ($ in Millions) Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net Income $ 53.7 $ 26.4 $ 92.4 $ 44.4 Interest expense, net 8.7 8.0 16.1 17.3 Income tax expense 20.7 14.3 34.2 25.3 Depreciation 10.4 10.8 20.8 19.9 Amortizat
Slide 23: Reconciliations | Core Sales Growth
Reconciliations | Core Sales Growth1 % Change Three Month % Change Six Month Period Period Ended July 3, 2026 vs. Ended July 3, 2026 vs. Consolidated Comparable 2025 Period Comparable 2025 Period Total sales growth 7.1 % 10.5 % Plus the impact of: Acquisitions (0.5)% (0.6)% Currency exchange rates (
Slide 24: Reconciliations | Free Cash Flow
Reconciliations | Free Cash Flow ($ in Millions) Three Months Ended Six Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025 Net operating cash (used in) provided by operating activities $ 119.2 $ 88.7 $ 115.9 $ 89.0 Less: payments for additions to property, plant and equipment (capita
Slide 25: 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 26: 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