Slide 1: Q4 and Full Year 2025 Financial Results
Q4 and Full Year 2025 Financial Results Align Technology, Inc. February 4, 2026 ©2026, ©2026 Align Technology Align Technology Inc. Inc. AllAll rights rights reserved. reserved. 1
Slide 2: Q4 2025 Conference Call Details
Q4 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 3: 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 our current intentions, beliefs and expectations regarding our ability to deliver growth and value in 2026 and beyond, actively manage our business,
Slide 4: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures • To supplement our 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 currency net r
Slide 5: 2025 Milestones
2025 Milestones • Full year fiscal 2025, total record revenues of +$4.0 billion, record Clear Aligner volumes of 2.6 million cases, up 4.7% Y/Y, and we delivered fiscal 2025 GAAP operating margin of 13.5%, and non-GAAP operating margin of 22.7%* • Repurchased $465.9M of Align common stock • ~22.1M I
Slide 6: Global Opportunity
GLOBAL OPPORTUNITY Potential +600M patients in GP Dentists +22M Orthodontic starts Making Tooth Movement Standard of Care +2M Doctors ©2026 Align Technology Inc. All rights reserved.
Slide 7: Annual Orthodontic Starts
6M 8M EMEA AMERICAS 8M APAC 22M Annual Orthodontic Starts ©2026 Align Technology Inc. All rights reserved.
Slide 8: Digital Only Way to Treat the Population
DIGITAL Only Way to Treat the Population Prevalence of Malocclusion 75% ©2026 Align Technology Inc. All rights reserved.
Slide 9: Digital Scanner Opportunity
Digital Scanner OPPORTUNITY 2M Doctors It Starts with an iTero scanner at EVERY CHAIR 121K+ active units* ©2026 Align Technology Inc. All rights reserved. ©2025 *Data on file at Align Technology.
Slide 10: ©2026 Align Technology Inc. All rights reserved.
©2026 Align Technology Inc. All rights reserved.
Slide 11: Q4 2025 CEO Opening Commentary
Q4 2025 CEO Opening Commentary We are pleased to report fourth quarter results and better than expected revenues and Clear Aligner volumes, as well as non-GAAP gross margin and non-GAAP operating margin — both above our outlook. For Q4, total revenues were a record $1,047.6 million, an increase of 5
Slide 12: Q4 2025 & Fiscal 2025 Highlights
Q4 2025 & Fiscal 2025 Highlights ©2026,Align ©2026 Align Technology Technology Inc.Inc. All rights All rights reserved. reserved. 12
Slide 13: FY2025 Revenues and Operating Margin
FY2025 Revenues and Operating Margin TOTAL REVENUES TOTAL SYSTEMS AND SERVICES REVENUES TOTAL CLEAR ALIGNER REVENUES GAAP OPERATING PROFIT / OPERATING MARGIN 2025 2025 2025 2025 $4,035.0M $789.6M $3,245.4M $545.8M | 13.5% Y/Y +0.9% Y/Y +2.7% Y/Y +0.5% Y/Y (1.7)% pts 2024 2024 2024 2024 $3,999.0M $76
Slide 14: Q4 2025 Revenues and Operating Margin
Q4 2025 Revenues and Operating Margin TOTAL REVENUES TOTAL SYSTEMS AND SERVICES REVENUES TOTAL CLEAR ALIGNER REVENUES GAAP OPERATING PROFIT / OPERATING MARGIN Q4’25 Q4’25 Q4’25 Q4’25 $1,047.6M $209.4M $838.1M $155.3M | 14.8% Q/Q +5.2% Y/Y +5.3% Q/Q +10.3% Y/Y +4.2% Q/Q +4.0% Y/Y +5.5% Q/Q +5.2% pts
Slide 15: FY2025 Clear Aligner segment
FY2025 Clear Aligner segment WW CLEAR ALIGNER METRICS (K) WW Clear Aligner Shipments +4.7% Y/Y 2,493.7 2,611.3 2,408.5 2023 2024 2025 The Invisalign® System is the most researched clear aligner Total Utilization* system in the orthodontic industry** and is the #1 doctor trusted 19.1 19.1 20.1 brand
Slide 16: Q4 2025 Clear Aligner segment
Q4 2025 Clear Aligner segment WW CLEAR ALIGNER METRICS (K) WW Clear Aligner Shipments +7.7% Y/Y +4.5% Q/Q 647.8 676.9 628.7 Q4'24 Q3'25 Q4'25 Powered by nearly 30 years of experience and now Total Utilization* approximately 22.1 million* patients worldwide, the Invisalign® System leverages more data
Slide 17: Clear Aligner Shift to International
Clear Aligner Shift to TOTAL CLEAR ALIGNER REVENUES Q4’24 $794.3M TOTAL CLEAR ALIGNER REVENUES Q4’25 $838.1M INTL & AMS MIX International INTL & AMS MIX Total Clear Aligner Revenues & INTL AMS INTL AMS 49% 47% Volume: Intl and AMS Mix 51% 53% International +2pts Y/Y growth VOLUME VOLUME Q4’25 INTL &
Slide 18: Invisalign SMILES
Invisalign® SMILES Invisalign patients treated including ~22.1M* +6.5M* Teens and Kids ©2026, ©2026 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. *As of Q4’25
Slide 19: Q4 2025 Clear Aligner Shipments by Patient Segment
Q4 2025 Clear Aligner Shipments by Patient Segment • In Q4, over 230K teens and growing kids started treatment with Invisalign® Clear Aligners, an increase of 6.9% Y/Y. This growth was driven by strong performance in APAC—led by China—along with EMEA and Latin America, partially offset by continued
Slide 20: Teens and Kids treated with the Invisalign System
+6.5M* Teens and Kids treated with the Invisalign® System, to date Total Year Clear Aligner Shipments Teens and Kids (K) +7.8% Y/Y 936 868 806 746 2022 2023 2024 2025 Teens and Kids *Data on file at Align Technology. © 2026 Align Technology, Inc. All rights reserved. 20
Slide 21: Q4 2025 Invisalign Brand Consumer Marketing
Q4 2025 Invisalign® Brand Consumer Marketing AMERICAS EMEA APAC 4M 1.8B 6.3M 1.3B 23.4M 4.9B Website Visitors impressions Website Visitors impressions Website Visitors impressions Social media and influencer marketing New market launch in KSA with consumer media activity Real stories. Real patients
Slide 22: Q4 2025 Consumer Demand Creation and Digital Tools
Q4 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 macro-economic pressures on doctors and their patients. The underlying market
Slide 23: Q4 2025 Regional Highlights
Q4 2025 Regional Highlights AMERICAS EMEA APAC Members of Align’s Attended Greater New York Dental Meeting executive and senior Participated in the with clinical education sessions and leadership connected 24th Annual mainstage presentation with hands-on with doctors and DSO Meeting of the demos of
Slide 24: 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 121K 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 25: Q4 and FY2025 Systems and Services segment
Q4 and FY2025 Systems and Services segment IMAGING SYSTEMS AND CAD/CAM SERVICES ($M) Systems and Services Revenues +4.2% Y/Y +2.7% Y/Y +10.3% Q/Q $200.9 $209.4 $768.9 $789.6 $189.9 $662.9 Q4'24 Q3'25 Q4'25 2023 2024 2025 CAD/CAM and Services revenues represent +46%* of our Systems and Services busin
Slide 26: Q4 2025 exocad Highlights
Attractive ULTIMATE TRADE-UP OFFER Q4 2025 exocad Highlights exocad launches DentalCAD 3.3 Chemnitz New software release provides vastly improved implant workflows and access to advanced AI services to empower dental professionals to do their best work—faster, easier, and with greater joy Upgraded I
Slide 27: Q4 2025 Financial Review
Q4 2025 Financial Review ©2026, Align ©2026 Align Technology Technology Inc.Inc. All rights All rights reserved. reserved. 27
Slide 28: Q4 2025 Trended Revenues and Volumes
Q4 2025 Trended Revenues and Volumes Q4’25 NET REVENUES Q4’25 CLEAR ALIGNER CASE VOLUME +5.3% Y/Y +7.7% Y/Y +5.2% Q/Q $M +4.5% Q/Q $1,047.6 (#K) $995.2 $979.3 $1,012.4 $995.7 $207.8 $209.4 $200.9 $182.4 $189.9 647.8 676.9 628.7 642.3 644.4 $794.3 $796.8 $804.6 $805.8 $838.1 Q4'24 Q1'25 Q2'25 Q3'25 Q
Slide 29: Q4 2025 Financial Summary Commentary
Q4 2025 Financial Summary Commentary • Q4'25 Total revenues were $1,047.6M, +5.2% Q/Q and +5.3% Y/Y • Q/Q, Q4'25 revenues were unfavorably impacted by FX of ~$3.0M or ~0.3%* • Y/Y, Q4'25 revenues were favorably impacted by FX of ~$14.8M or ~1.4%* • Q4'25 Clear Aligners revenues were $838.1M, +4.0% Q
Slide 30: Q4 2025 Trended GAAP Gross Margins
Q4 2025 Trended GAAP Gross Margins • Overall, Q4'25 gross margin was 65.3%, +1.1 pts Q/Q primarily due to operational efficiencies, impairment on assets held for sale in the third quarter, excess inventory write-off in the third quarter, and lower restructuring and other charges, partially offset by
Slide 31: Q4 2025 Trended GAAP Operating Expense
Q4 2025 Trended GAAP Operating Expense (4.4)% Y/Y • Q4'25 Operating expenses were $528.3M, (2.7)% Q/Q and (4.4)% Y/Y $M (2.7)% Q/Q • Q/Q, Q4'25 operating expenses was ($14.6)M, due primarily to lower restructuring costs, partially offset by slightly higher advertising and marketing $552.8 $549.0 $54
Slide 32: Q4 2025 Trended GAAP Operating Margin and Earnings Per Share
Q4 2025 Trended GAAP Operating Margin and Earnings Per Share • • Q4'25 Operating income of $155.3M resulting in a Q4'25 operating margin of 14.8%, +5.2 pts Q/Q and +0.3 pts Y/Y Q4’25 Operating margin was unfavorably impacted from FX by ~0.3 pts Q/Q and favorably impacted by ~0.2 pts Y/Y* • Q4'25 non
Slide 33: Trended Quarterly Financials
Trended Quarterly Financials GAAP Operating Expense ($M) Gross Margin % Operating Margin % & Diluted EPS $552.8 $549.0 $545.1 $542.9 $528.3 70.0% 69.5% 69.9% 65.3% 64.2% 14.5% 13.4% 16.1% 14.8% 9.7% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Diluted Ear
Slide 34: Q4 2025 Clear Aligner Revenue Per Case Shipment
Q4 2025 Clear Aligner Revenue Per Case Shipment Clear Aligner Revenue Per Case Shipment $1,400 $1,300 $1,200 $1,100 $1,000 $900 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Worldwide ASP $1,320 $1,350 $1,295 $1,275 $1,265 $1,240 $1,250 $1,245 $1,240 • Average Selling Price (“ASP”): Clear al
Slide 35: Balance Sheet, Cash Flow & Stock
Balance Sheet, Cash Flow & Stock • As of December 31, 2025, cash and cash equivalents were Q4’24 Q3’25 Q4’25 $1,094.9M, up Q/Q $90.3M, and up $51.0M Y/Y. Of the $1,094.9M, ($ in millions except for DSO) $166.3M was held in the U.S. and $928.6M was held by our international entities Accounts Receivab
Slide 36: 2025 Financial Review
2025 Financial Review ©2025, ©2026 AlignAlign Technology Technology Inc. All Inc. rightsAllreserved. rights reserved. 36
Slide 37: 2025 Financial Highlights
2025 Financial Highlights • Q4 was a good finish to the year, with results that came in better GAAP 2025 YoY than expected and reflect the continued strength of our business fundamentals. As we enter 2026, we’re executing with focus and Total Net Revenues $4,035.0M +0.9% discipline, and we’re encour
Slide 38: 2025 Trended Financials
2025 Trended Financials GAAP Gross Margin % Operating Expense ($M) Operating Margin % & EPS $2,063.5 $2,191.5 $2,165.3 16.7% 70.1% 70.0% 15.2% 13.5% 67.2% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Diluted Earnings $5.81 $5.62 $5.65 Per Share Non-GAAP Gross Margin % Operating Expense ($M) Operatin
Slide 39: 2025 Balance Sheet and Cash Flow Highlights
2025 Balance Sheet and Cash Flow Highlights 2024 2025 ($ in millions except for DSO) Accounts Receivables, net $995.7 $1,101.8 DSO 90 days 94 days Cash, Cash Equivalents, and Short-Term and Long-Term Marketable Securities $1,043.9 $1,094.9 Cash Flow from Operations $738.2 $593.2 Capital Expenditures
Slide 40: Closing Comments
Closing Comments ©2026, Align ©2026 Align Technology Technology Inc.Inc. All rights All rights reserved. reserved. 40
Slide 41: Business Trends Commentary
Business Trends Commentary We’d like to provide the following remarks regarding U.S. Tariffs as of December 31, 2025 Currently, we do not expect a material change to our operations as a consequence of the latest U.S. tariff actions, and we refer you to our Q1’25 press release and earnings materials,
Slide 42: Fiscal 2026 Business Outlook
Fiscal 2026 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: Q1’26 • We expect Q1’26 worldwide revenues to be in the ran
Slide 43: Q4 and Fiscal 2025 Earnings Call CEO Closing Commentary
Q4 and Fiscal 2025 Earnings Call CEO Closing Commentary In summary, we’re pleased with our fourth-quarter results and strong finish to 2025. We delivered sequential and year-over-year growth in Clear Aligners, saw improved stability in North America, and delivered solid performance in Imaging System
Slide 44: Appendix
Appendix ©2026, Align ©2026 Align Technology Technology Inc.Inc. All rights All rights reserved. reserved. 44
Slide 45: Unaudited GAAP to Non-GAAP Reconciliation 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 46: Constant Currency Gross Profit and Gross 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 47: Constant Currency Income from Operations and Operating Margin
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 48: 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 49: Q1 2026 and Fiscal 2026 Outlook – GAAP to Non-GAAP Reconciliation
Q1 2026 and Fiscal 2026 Outlook – GAAP to Non-GAAP Reconciliation Notes: (1) Amortization of intangible assets related to certain acquisitions. ©2026 Align Technology Inc. All rights reserved.
Slide 50: 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 51: ©2026 Align Technology Inc. All rights reserved.
©2026 Align Technology Inc. All rights reserved.