Slide 1: First Quarter 2026 Financial Review and Analysis
First Quarter 2026 Financial Review and Analysis (preliminary, unaudited) April 28, 2026 Supplemental Presentation Materials Unless otherwise indicated, comparisons are to the same period in the prior year. April 28, 2026 Preliminary & unaudited, Q1 2026 financial review and analysis Classification: A
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements contained in this document are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, and financial or other business targets, a
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures as defined by SEC rules. We report our financial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using cert
Slide 4: Delivered strong earnings growth and cash flow in dynamic quarter
Delivered strong earnings growth and cash flow in dynamic quarter Strong Q1 Results Strength & Durability of Franchise Adj. EPS (non-GAAP) of $2.47, above midpoint of ● Base categories organic sales up LSD with strong growth in guidance and up 7% base labels partially offset by softer apparel ● High-
Slide 5: Net sales of $2.3 bil. Reported EPS of $2.18
First quarter 2026 financial review Reported operating income of $272 mil. Net sales of $2.3 bil. ● Adj. EBITDA margin of 16.4%, comparable to prior year ● Adj. operating margin (non-GAAP) of 12.6%, down 20 bps Sales change ex. currency (non-GAAP) up 2.3% Sales on an organic basis (non-GAAP) up 1.1%
Slide 6: Materials Group Q1 2026 Results
First Quarter 2026 Results Materials Group 2025 Sales by Product Product Category Reported sales increased 11.4% to $1.6 bil. Label Materials Sales up 1.9% organically High-value Graphics & Reflectives ● MSD volume/mix growth partially offset by Categories Performance Materials deflation-related price
Slide 7: Solutions Group Q1 2026 Results
First Quarter 2026 Results Solutions Group 2025 Sales by Product Product Category Reported sales decreased 2.8% to $649 mil. Base Solutions Sales down 0.9% organically High-value Intelligent Labels ● High-value categories up LSD Categories Vestcom ○ Embelex and Vestcom up MSD; 60% Embelex Intelligen
Slide 8: Enterprise-wide Intelligent Labels
Enterprise-wide Intelligent Labels 2025 Sales by category Overall Results: ● Q1 sales down LSD on organic basis ○ Apparel and general retail up LSD on apparel program expansions ○ Food and logistics down LDD on soft logistics customer demand ● Increased investment in Wiliot to expand intelligent lab
Slide 9: Q2 2026 EPS Guidance
Q2 2026 EPS Guidance Low High Reported EPS $2.21 $2.31 Est. other items & restructuring costs ~$0.22 ~$0.22 Adjusted EPS $2.43 $2.53 In Q2 2026, anticipate adj. EPS of $2.43-$2.53 ● Reported sales growth of 2-4% and organic sales growth of 0-2% ○ ~1% tailwind from currency translation at recent rate
Slide 10: Appendix
Appendix Summary Information & Reconciliation of Non-GAAP Financial Measures from GAAP September 18, 2024 Avery Dennison 2024 Investor Day 10
Slide 11: Economic Conditions Dashboard
Economic Conditions Dashboard Change in FY’26 Forecast (Apr vs. Jan forecast) Global Avg. PE price & WTI Price Global Avg PE Apr +33% vs Feb WTI Price Apr +40% vs Feb Source: S&P Global Market Intelligence Source: S&P Global Market Intelligence, IHS U.S. Consumer Sentiment U.S. Apparel Inventory-to-
Slide 12: First quarter 2026 sales change
First quarter 2026 sales change Total Materials Solutions Company Group Group Net sales change 7.0% 11.4% (2.8)% Reclass. of sales between segments - (1.4)% 3.1% Foreign currency translation (4.7)% (6.5)% (1.1)% Sales change ex. currency(1) 2.3% 3.6% (0.9)% Acquisitions (1.2)% (1.6)% - Organic sales
Slide 13: Quarterly sales trend analysis
Quarterly sales trend analysis 1Q25 2Q25 3Q25 4Q25 1Q26 Net sales change (0.1)% (0.7)% 1.5% 3.9% 7.0% Foreign currency translation 2.5% (0.3)% (1.7)% (1.7)% (4.7)% Impact of extra days - - - (1.5)% - Sales change ex. currency (1) 2.3% (1.0)% (0.2)% 0.6% 2.3% Acquisitions - - - (0.8)% (1.2)% Organic
Slide 14: First quarter 2026 margin comparisons
First quarter 2026 margin comparisons Reported Adjusted Adjusted Operating Margin Operating Margin EBITDA Margin 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 Materials Group 14.9% 15.3% 15.4% 15.6% 17.8% 17.7% Solutions Group 7.5% 8.7% 9.0% 10.2% 16.4% 17.2% Total Company 11.8% 11.9% 12.6% 12.8% 16.4% 16.4% April
Slide 15: Broad exposure to diverse markets across portfolio
Broad exposure to diverse markets across portfolio Est. 2025 Sales by End Market 2025 Sales by Manufacturing Location Latin Industrial/ Am. Durable Other U.S. & Asia-Pac Canada Non- durable 60%+ Goods Staples Apparel $8.9B China NA ME Logistics Western Europe EE April 28, 2026 Preliminary & unaudite
Slide 16: averydennison.com #MakingPossible
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